For military personnel, buying or leasing a car is a bigger deal than it is for others. As people in the military are frequently deployed from one location to another, they may often find themselves in a difficult situation wondering what to do with the newly purchased car, once they receive deployment. A majority of military officers in the Middle East are between 18-30 years of age and some of them lack knowledge about credit and how to prevent taking too much debt. Hence, they are susceptible to scams and tricks by car dealers, as a result of which they come under heavy debts with no way of paying them. So, you may ask if it is wise for a military officer to buy or lease a car. We have some answers to clear your doubts and offer car buying tips for military personnel.
Leasing:
If you have a penchant for driving new cars and are willing to make monthly installments without any constraints, then leasing a car may be the best option for you. Moreover, companies which provide military auto loans in the Arab states work nationwide, making it easier for you to take your car with you when you are relocated to a new location.
Buying:
If you have a bad credit history and are unable to get a car on lease, you still have the option to finance your own car. Most sellers and dealers facilitate those with bad credits and help them finance their cars with the assistance of finance experts. Moreover, having a military background means you can avail low-interest rates and reasonable monthly payments.
Budget:
You should know that buying a car is a huge investment and you have to be certain how much expense you are ready to incur and for that you need to set a budget for the car. While making the budget, keep track of additional costs such as registration, maintenance, insurance, petrol etc.
Exploring options:
It is always wise to explore various options before making the final decision. Always survey offers from different dealership and compare various financing options to determine the best one for you. An informed buyer is less likely to be manipulated by a car dealer, so make sure you know your credit history.
Negotiation:
You also need to be a good negotiator when you purchase the car and should settle for a monthly payment which is feasible for you. While deciding the monthly payment, the dealer may extend the term of the loan making you pay less every month, but more in the long run. Do not be deceived by such tricks, as you will end up paying for a car for a longer period than normal.
Apart from the abovementioned tips, it is also advisable that you explore cars and dealerships by reading online reviews and seeking out reputed car dealerships. Furthermore, being well informed about financial matters and showing some extra vigilance will only work to your advantage when you decide to buy or lease a car.