car loan

[phil413ru]

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Hi--
I am currently and ROTC senior student who will be attending med school in August. However, unless I go to USUHS (no word to date), I will be going to LECOM or COMP. These schools require students to have a vehicle. I do not currently have a vechicle (other than bicycle). I do not have cosigner. I don't have enough income to sign on own. And, since I will be Army Reserve while in Med school (HPSP--compared to Active duty), I cannot get a loan with military bank. Any suggestions? A vechicle is a requirement. Yet, I have no means to finance, and I want something reliable enough. I live on west coast, and will need to go cross country to east coast, and thus need something reliable. Any ideas or suggestions? I already had to put school deposit on credit card.

 

[mpp]

Is a car a requirement even for first year? You can try and see if you can rent a car to move yourself across country (there are even vehicle transfer services were you drive someone's car that is moving to where you are moving). Then see what the options are for transportation. You may be able to afford an inexpensive car with financial aid money. Best of luck.

 

[cdreed]

phil-

see if you can start what the military calls an allotment with your stipend payment. if so, go to a bank and explain to them that you will open an account just for the car payment in which the allotment will be deposited by the government each month for four years. most banks will be open to a loan if they know they will be repaid on time each payment. with an allotment this is a definite. once financing is secure, go find a reliable vehicle. i would suggest checking around the military installations close to you... someone is always trying to sell a vehicle due to deployment or change of stations.