Sunday, October 23, 2011

Need Some Help.

I made it here to Norfolk this past Thursday. It's kind of dull so far. That's probably due to the fact that I'm staying in what's called the "barge." That's basically a tiny, cramped ass compartment with coffin-sized bed spaces and equally small showers and bathrooms. There's no one else in there with me, except a girl who's on restricted duty and is getting kicked out of the military for coming into work hungover. This housing is supposed to be temporary until I get assigned to barracks or off-base housing, but it's still low-key depressing, especially since I don't know anyone here yet.

Which brings me to my next point. Everyone has been telling me that I NEED a car. I had already planned on getting one, but I wanted to wait it out a couple months until I had money saved up for a decent down payment and such. The thing is, being here, I don't think I can make it for a couple months with no transportation (the "shuttles" I was told about seemingly don't exist). I can apply through my credit union for a car loan but I'm hesitant to do that. I don't have too many bills except for a couple credit cards and my phone bill but I know a car means a car payment, gas, insurance, etc, etc. And I'm afraid. I've been super, duper, ridiculously broke before and I don't ever want to go back there.

I need some advice. My mom and my friends are telling me to just go for it. But I don't want to "just go for it" and end up in a bigger hole than what I already am. If there are any finance/car savvy folks out in the blogger world, a little advice would be most appreciated.


LakiSwirl said...

Oooh ooh, I got this one. Navy Fed or USAA is there specifically for this type of stuff for you. Get a loan through them. It's pretty much guaranteed they'll give you one, and the interest rate will also be the lowest you'll find anywhere. When you shop for a car, DO NOT go into a car lot that advertises heavily for the military... Those suckers prey on newly enlisted kids. I cannot tell you how many kids I've seen get screwed by them. If you're not savvy with haggling, check out Carmax. Their prices are competitive and they're a "no haggle" dealership, meaning, what you see on the sticker is what you pay. Also, get their extended warranty. I bought my first post-military car through them and it worked out great 'cause they're a nationwide dealership, so whenever my ride was in a different state and I was having problems with it, I took it into one of their locations and they keep all your info on file so you can go into any Carmax and they have it all there already. I'm not sure if Navy Fed offers car insurance, but I know USAA does; I have mine through them. Again, they're in the business for military, so they'll offer you the lowest rates. They're very convenient and very easy to use if you ever get into an accident---again, I know from experience. Wherever you get your car from, don't let them know you already have financing through someone else. That way, if you go to a place where you do have to haggle, you can haggle a lot 'cause they'll think they got you in the end with their higher interest rates. Then once you get the down to the price you want, you let them know you won't be going through their bank. Just make sure you have the loan authorization letter in your hand before you go to the lot. Take someone with you if you can so you don't jump on the first car you see; use them as your second voice. The military will really help you out, as far as personal finances go. I always say being in the military was the best thing that happened to me as far as personal wealth because they have so many people and programs to help you navigate things like this. Whoever you go to for your financing, Navy Fed, USAA, or another military credit union, will have a financial adviser you can speak with to help you determine what you should be spending every month on a car. They won't let you take out a loan you can't afford. Make sure you speak with them and ask as many questions as you can think up; they've literally helped thousands of people in your situation. Once you get approved for whatever sized loan, you'll know what you have to work with as far as what car you'll be able to get, which will also come in real handy when you get to the lot and you get some commission starved sales person trying to get you in a Hummer. You'll be fine; you have a lot of tools at your disposal that not many people in your age group have.

On another note: Yay for Norfolk!! I hope you have a great time there!! I seriously always wanted to go there, I'm jealous.

DianaBoss said...

Laki did a great job. I consign what she said abbot USAA I use them for Everything! Car loan. Insurance. Banking. You name it!

UglyCleanBroke87 said...

Yayyy thank you so much Laki I appreciate all the info sooo much! I think I'll just print your comment and take it with me to refer to when I'm out car shopping.

And DBB, I've heard USAA is good for banking too. I'm thinking I may open a second savings account with them.

LakiSwirl said...

USAA is a great bank. I've been using them for almost everything since 03; insurance, loans, banking, and investments. Start off with the insurance, and if you like them, they make it real easy to open more accounts. And their financial advisors are real good with helping you get started on investing.

Anonymous said...

"There's no one else in there with me, except a girl who's on restricted duty and is getting kicked out of the military for coming into work hungover."


Just droppin by to check on my blogger buddy. *waves*

UglyCleanBroke87 said...

Hey Alee! *waves back*

Yes girl...they got me mingling with the troublemakers already. I hardly stay there anymore though.

How you been though? Im trying to stay on top of blogging but I'm still getting settled and what not.