Newly Commissioned Deals

[webmaster]

During the Normal Day topic, Jeff brought up the USAA car loan deal for 4.9% for newly commissioned officers. Well, I thought it might be a good idea to post another of the deals out there, and if you guys know of any others, to post them also. Seems like they throw everything in the world at you when you get commissioned, but there are some good deals out there.

Really going off of memory here, but most numbers are in the ball park, and I am sure you can find out more when you ask around...

USAA - Has an auto loan for 4.9%, plus you can get cash with it also on top of the purchase price if you want to buy anything else. I took this deal to buy a car when I got commissioned. At the time they also had zero interest and no payments for 6 months. Requirements: you need to do your banking through them for the term of the loan with your direct deposit to their bank. Of course, the details may have changed by now, but might be something to look into.

NAVY MUTAL AID ASSOCIATION - NMAA has a low interest rate loan ?? 1% (can't remember exactly) for up to $5000, that you pay back in 36 months. Requirements: set up allotment with them to pay for the loan, take out a minimum insurance policy with them for the life of the loan ~$4 a month or so.

 

[Jeff29]

An update to John's post: The USAA loan is for a maximum of $20K of which $15K must be used for a car (you can use the other $5K for anything). There is no longer a 6 month no interest/no payment period (this info is about 6 months old).

The Navy mutual loan (as of 16 months ago) was at 1.5% for 30 months. Including the $4 for insurance, this is about $175 a month. This is a no brainer if you've got credit card or student loan debt.

Speaking of student loans, I had heard rumors that military personnel could defer their student loans for up to three years. After quite a bit of research, I have found that this is only true for loans taken out before 1993.

--Jeff