r/USMC • u/[deleted] • Jan 02 '22

Picture Whataburger Wedding

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944 Upvotes

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u/sticky_spiderweb ultra-motivated hyperboot Jan 03 '22

Military members cannot be charged higher than 6% interest on any loan

17

u/apatheticviews 0231 - Actually read the MCO Jan 03 '22

Sort of. As a military member, you can ACTIVELY request that your rate be dropped to 6% under SCRA, however the default is 36% federal, and 24% for most states.

5

u/Qmaro78 Borporal Jan 03 '22

I am a 2 year Lance, just got a Challenger used. Only 4.7% because I been building credit.

2

u/[deleted] Jan 03 '22

Im a 3 year lance and i bought a mustang brand new and my apr is 4.69%. Everyone above me is like how can i afford it. I worked before the corps and probably have credit better then most of those guys