Army Loan?

[Ezmartini]

Hey, does anyone know the specifics of the Army loan that many MSIVs use to buy cars? Namely things like eligibility, financing, amount, etc.

I'm interested in it but I don't really know anything about it, thought maybe you all would.

[Girex]

hey buddy...

go to usaa.com click on officer, then look under start up loan...

Basically as a jr you can take this 25000 loan at 3.4ish percent(lower than any loan you can possibly find) buy a car or just let it sit in their savings account and turn it into around 27-28000 by the time you graduate..

This does not gain interest untill you commission its a great start up loan the rate is almost as low as inflation, they are definatly loosing money to gain you as a customer.

If you dont already i would highly suggest you use them as an insurance company too.

if you have any more questions just call usaa they are very helpful

-McQ

[Ezmartini]

Thanks man (and post a real intro, for crap's sake!)

[Girex]

ok done

[PRM16Tiddle]

it's really easy to get. I called, and had 25k in my account about 2 days later.

[Associate289]

yeah i did it, you can get it as early as a year before you commission up to a year after you commission, and you can delay payments for a while... just call up usaa and ask them about the pre commissioning loan, they actually have competent people working there

[Un4given]

I have it too... 3.59APR and dont have to pay on it until I commission. I just have my car (lil thing I took out about $8200 on) and a $5000 non-secured loan, so I'm only about $13000 in debt because of it but it's a GREAT deal.

I have my insurance through them (GREAT RATES!!!) and my banking... Banking is a pain because I still bring in pay CHECKS so I have to mail them in.... However I get free ATMs whereever I want, they cover any surcharges due to ATMs. It's geared for the military with direct deposit.

Most competent people you'll ever meet

[Cerebroden]

wow, from reading all of these, I'd have to say USAA sounds like it's the one thing our goverment got right

[Aries]

yeah. between them and NFCU I am set for life. only thing about their insurance from what I have heard from people who have it, one accident and you are dropped.

[Aries]

and w/ insurance, Geico gives a good discount to military as well.

USAA also offers free checks along with they will mail u deposit envelopes. I have to do the same with NFCU cuz there is no bank anywhere near where I am.

[armynurseboy]

I don't know if these loans are still around, but when I was an LT, Bank of America offered a low interst loan to all cadets during their senior year. Also, there was an insurance company (not USAA) that also offered a low interest loan to LT's while in their first year of service. For the life of me, I can't think of the name....

[neo]

BOA loans are still around.

If 3.4% was the rate of inflation our economy would be destoryed there Mr. Girex.

Geico tends to give better rates. When I was a Cadet I got Geico for $200 less per 6 months than USAA.

[Un4given]

Well you're just homo.

USAA > *

[Sammy Sandbag]

Yep, I used the USAA $25k loan to buy my truck, got it after being commissioned. I believe the rate was around 3.4%, regular loans through the same company were closer to 6%. I also bank and insure through them.

[armynurseboy]

I don't know if these loans are still around, but when I was an LT, Bank of America offered a low interst loan to all cadets during their senior year. Also, there was an insurance company (not USAA) that also offered a low interest loan to LT's while in their first year of service. For the life of me, I can't think of the name....

I remember now.... It was the Army, Air Force Relief Fund....

[Associate289]

wow, from reading all of these, I'd have to say USAA sounds like it's the one thing our goverment got right

usaa is a private company

[Aries]

im happy for ROTC that USAA finally unfucked themselves on the loan. USMA gets like a 28K at 1% or some shit like that. it used to be that ROTC could get a loan, but like 19K or someshit had to be for a car, and the rest was for whatever you wanted.

[Ezmartini]

Ok, I'm having trouble finding info about it on the site. I registered and am eligible, so what now?

Basically I just don't know what to look for, as I don't know the official name of the loan.

[PRM16Tiddle]

the easiest way to do it is just to call...it takes about 10 minutes.

[Associate289]

just call up usaa and ask them about the pre commissioning loan, they actually have competent people working there

[cbmoreh]

The APR for the loan went down to 2%, so it's even better than before, and you can get it 18 months before commissioning

[Aries]

now its just like the USMA loan

[ceryiorlan]

Close, I got 30K at 1%, no payments for 17 months.

[Ezmartini]

I got it, what it really is is up to 25,000 with an APR of 1.9846%. cbmoreh is correct, you are eligible 18 months before your commission date, to 12 months beyond it. Payments start 3 months after your commission date if you get it early.

[Associate289]

I got 150k with a -4.523532322359872395% interest. they pay me to take their money

[airjun]

damn didnt think about taking it out and putting it in a savings account. Im going to take that loan out tomororw

[GIJared]

damn didnt think about taking it out and putting it in a savings account. Im going to take that loan out tomororw

savings accounts typically don't earn as much as the interest rate, although i think usaa has one thats 2.5%.

either way, you're 25 grand in debt.

[Ezmartini]

Yeah, no point in taking out a loan just to break even.

[Sammy Sandbag]

The APR for the loan went down to 2%, so it's even better than before, and you can get it 18 months before commissioning

Damn you youngins! Mine was around 3.5% or so.

[spaceCADETzoom]

hey, i've been eyeing the loan since the end of my ms-2 year. Just last year it was still 3.59% and you had to have collateral tied to it (i.e. a new car). Just checked it and right now, as most have said, its at 2% and best yet, NO COLLATERAL REQUIRED. You can sign up for it online, if you already have a usaa account, just go to the home page and click one of the "becoming an officer" links, or somesuch thing.

I'm gonna use it to pay off my student loans. that, or I'll just be irresponsible and help pay for a corvette. I'm leaning towards irresponsiblity...when else can I get away with it, right? certainly not later on in life...

I think I'll call and see if I can get more than $25k...

[Aries]

its a set amount i believe. wanna be really smart? take that 25K and put it into a 1 year USAA Certificate of deposit. those things are returning like 5% right now. its not a high yield but it will get u some money for nothing.