Anyone know about any loan laws that make it so active military cannot be over-charged interest for auto loans?
I'm US Army, and while i was on leave back home, i bought a car. it was about 8,000 dollars, and I even with 5000 down, and a military paycheck, which is more consistant than any right now, I still had distress getting a loan. i fought for the whole week i was on leave and on the last day, they finally got me the loan. i mostly wanted the loan to start gaining my own credit, but it was nearly impossible. I had a 638 credit score. Not fantastic, but certainly not horrible. I got the loan at 30 percent interest though for 15 months, and that's over double my down payment. I heard there is a law that makes it so that Military cannot be charged more than 6 or 7 percent interest? Is this right?
If it is, or not, what is the best advice for maybe relieving this huge financial burden.
i'm talking about a loan that I already got for a car. i have a laaon for about 3,000 dollars at 30 percent interest. i'm trying to down size this loan. i'm wondering if that is even a legal percentage for military members?
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Tags: 15 months, avalon, betrayal, credit card debt, credit crisis, credit score, credit scores, Debt Consolidation, fathers day, financial burden, financial responsibility, getting a loan, home baby, how to improve credit score, immigrants, loan with bad credit, Military Loans, military members, nzis, paycheck, Payday Loan, us armyTags: 15 months, avalon, betrayal, credit card debt, credit crisis, credit score, credit scores, Debt Consolidation, fathers day, financial burden, financial responsibility, getting a loan, home baby, how to improve credit score, immigrants, loan with bad credit, military members, nzis, paycheck, Payday Loan, us army
The government had a successful campaign against people who were scamming soldiers; Insurance policies, payday loans, and a few others who were allowed on-base to sell their products.
If they started limiting interest rates on automobiles, many dealerships would stop selling to soldiers. Buying a car is part of American free enterprise. An adult soldier does not need any "protection" when negotiating an interest rate or a buy price on a car.
So there is no such law..
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