Buying a Car. Do you think that I will be able to afford a Scion FRS when I first join the military?
I would've barely started my credit and the pay for a soldier just starting is at around 1700 a month. and the car is at around 26000 basic. so can anybody tell me around how much my payment will be
- ElGrandeLv 78 years agoFavourite answer
Harry and Old Man are 100% correct.
One of the BIGGEST mistakes most new military recruits make is going out and buying things they cannot afford. $1700 a month is BEFORE taxes, and you'll notice that amount drop quickly afterward.
Most lenders will not loan someone an amount that's above what they make in a year. You're looking at a $26K vehicle, and you'll be making way less than that per year. It won't happen.
As mentioned, you're leaving out insurance (on a two-door coupe you'll see it skyrocket for someone under 25, military or not). I've counseled military couples on financial matters, and I've seen the extremes. My cousin (two tours in Iraq, then stationed at Ft Bliss, TX) saved up $5000 and paid for a car in cash. Now, he has enough saved up to carry him through college for his expenses. I also counseled a couple who were both in the military, and went out and bought a $75K SUV. They were so cash-strapped, they could never leave their house to go out and have some sort of fun. Once they sold that "money anchor", they were able to live a little.
Don't fall into that trap that a good chunk of your comrades will see... you'll see guys with Camaros and Corvettes, flaunting them. They won't have them in a few years when they get out into the real world and have expenses.
- Old Man DirtLv 78 years ago
What the payments will be will depend on the down payment.
Now, it will be several months to a year into your enlistment before you should consider buying a car. I was in the service almost a year before I got to my first permanent command (9 months). Often lending institutions will not write a loan until military personnel have completed one year after that.
Just file this away-
Wait at least long enough to find out where you will be stationed before looking into purchasing a car. At that point you will have a better idea about deployment status. There is no reason to buy a car if you will be deployed over seas or stationed overseas. It is not nice making payments on a car that is state side if you are in the deserts in the middle east.
- HarryLv 78 years ago
look at a used car bubb. i am an old vet. all you fellas that ran out and bought new cars because you could could not afford to drive them, so they sat.
car dealers know 1 call to your c.o. and they get their money, as well as banks, so they are all in a hurry to loan you money you can barely afford to pay back.
$1700 is cool beans, i think my base pay back in the 90's was like $640 or something close to that. when i joined, i was making $500 a week driving forklift or working on a production line.
my son just joined the army dep and he says the same, around $1700.
my best advice is to buy used cars, keep em and fix em till the wheels fall off. all that money your car didnt drop in value and you saved, put into a savings account for when you either get out or retire.
- 8 years ago
Probably almost $500 a month without any kind of down payment on a 5 year loan. Just a guess