Qualifying for Military Loans with Bad Credit

Getting a military loan with bad credit isn't impossible. If you have bad credit, or a credit history that is less than stellar, you still may be able to obtain a military loan. Here are some points to consider.

Some Lenders Offer Military Loans to Individuals with Bad Credit

While not every lender will approve military loans to individuals to bad credit, there are many that will. Search out the ones who do take the risk.

Military Loans Can Improve Your Credit History

No matter where you are going to apply for a military loan, your lender will do a credit check. If you have problematic items on your credit report, like a history of missed or late payments, this may jeopardize your chances of getting a military loan. If at all possible, you should allow yourself 6 months to repair and rebuild your credit. If you can do so, lenders will likely look at your loan application in a more favorable light, and your chances of obtaining your military loan will be improved.

Obtain Free Copies of Your Credit Report

Obtain copies of your credit report from all three credit reporting agencies. Carefully review the reports and contact the respective credit agency to correct any errors. It's important to get all three of your credit reports, as they may contain different information. By carefully examining your reports, you'll find what you need to fix.

What to Do to Improve Your Credit

What lenders look for is a track record of on-time payments, every month, over a period of time. Do everything you can to make your payments count. This may mean setting up online bill pay, automatic deductions from your checking or savings account, so that you never miss a payment. This is the single most important step you can take to repair your credit.

What's Next? Apply For Your Military Loan

After you've repaired or improved your credit history, apply for your military loan. If you don't have six months to repair your bad credit history, you can still apply, but be prepared to pay higher interest rates if you are approved.

Need Cash Now? Get a Cash Advance