MARINE CORPS AIR STATION MIRAMAR, Calif. -- Tricky salesmen, high interest rates and beat-up cars are common pitfalls for Marines buying their first car, but with the correct information, they can avoid these problems.
Marine Corps Community Services offers resources such as financial planners and auto brokers to help service members purchase a car that is affordable and reliable.
By following certain steps, Marines can educate themselves on how to get the best deal while buying a car.
The first step is to determine what you can afford, explained Craig Hughes, an accredited financial manager with Marine Corps Community Services. Hughes helps service members assess their financial situations.
The monthly payments on a car loan, combined with monthly insurance, gas and other personal monthly expenses should not exceed 20 percent of an individual’s net income, commented Hughes.
Most banks and credit unions offer auto loans. Credit history and income are the determining factors for the interest rate and amount of money the bank will lend to a borrower, explained Hughes.
“A pre-approved loan gives a buyer the ability to negotiate as if they had cash,” said Hughes. “It is better to know what you are approved for prior to the selection of a vehicle, so you know what your monthly payments will be.”
An auto broker can use their expertise to find a specific car, research the car’s background and history, compare prices and negotiate deals for a consumer.
“I provide a service to military personnel to keep them out of harm’s way when shopping for a car,” said Doug E. Bishop, an auto broker contracted through MCCS. “Many do not know where to start and need information.”
Many Web sites offer the book trade-in and re-sale values and history reports for cars. It is recommended to use these tools when selecting a vehicle, commented Bishop.
Service members can also contact Craig Hughes at 858-577-9802 to attend a car-buying class.
With the aid of MCCS, service members at Miramar can use the resources available to them to ensure that the right decision is made when they purchase vehicles.