Raptor2216
Registered User
I had no idea that all this was even available to me already. I just started an account with USAA and i'll probably do my banking with NFCU. I hope it's all as good as everyone has made it out to be.
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Navy Federal vs. Marine Federal
- Thread starter motiv8r
- Start date
This what i got from a friend about USAA loans:
The USAA loan is available 18 months prior to commisioning date. It ranges from2500 to $25,000 and has a flat 3.59% interest rate. Payment is deferred iether 90 days after commisioning or 18 months after you take yout the loan, whichever one is quicker. You get the money directly into your account within a day or so of applying for it over the phone. The only thing is that you have to have your direct deposit transferred over to USAA for payment purposes. They have 2.5% interest on their savings account and another on their checking..that you get back..a lot better than other banks...Transferring direct deposit to them isn't necesserily a bad thing. Its a good deal and a lot better than paying the 11% apr from the dealership or other banks
The USAA loan is available 18 months prior to commisioning date. It ranges from2500 to $25,000 and has a flat 3.59% interest rate. Payment is deferred iether 90 days after commisioning or 18 months after you take yout the loan, whichever one is quicker. You get the money directly into your account within a day or so of applying for it over the phone. The only thing is that you have to have your direct deposit transferred over to USAA for payment purposes. They have 2.5% interest on their savings account and another on their checking..that you get back..a lot better than other banks...Transferring direct deposit to them isn't necesserily a bad thing. Its a good deal and a lot better than paying the 11% apr from the dealership or other banks
When I talked to USAA, they told me I could get it one year before I was commissioned, and you can defer payments up to one year after you take it. 20K of the loan must be for a secured loan (automobile only) and 5K may be an unsecured loan. You can use up to 25K for a car, or any combination in between. One of my buddies has a friend at West Point, and they call it the cow loan, b/c all the cows (juniors) get it May of their junior year, get a car, and then start paying it as soon as they get their bars.
It can go to more then just an automobile. I know a guy who used the loan to buy his plane.
Raptor2216
Registered User
Can you also take out this loan after commissioning?
That'd be pretty sweet, how long ago was it? A couple of weeks ago they told me car only. I think you can get it up to a year after commissioning. Call them on Monday 888-306-6683.
It was a about 2 years ago... Another person i know recently (like Aug/sep) was looking to purchase a cub kit, originally he was told auto only, but after some checking they said it was possible as well. You probably just have to get the right person when you call them up... If you don't like what your hearing from them, press them to do some research for you, or just call back and try dealing with a different person.
Raptor2216
Registered User
What an awesome company. I just called today and within a few mins they gave me a $25,000 loan at 2% for 5 years. It's better to pay off the student loans with this loan and pay this at a lower interest rate. Anyway..."i'm rich b%a@ch!"