Hey folks, I'm planning on enlisting into the military after I graduate. I have a car loan that I'm currently paying off. Does being deployed affect how I pay off my car? Do I still have to make payments while I'm deployed?
Sure, I can help clarify this for you. When you're active-duty military, and especially when you're deployed, you're still responsible for your financial obligations including car payments. However, the Service members Civil Relief Act (SCRA) can give you certain protections, like potentially reducing your interest rate to 6% during your term of active-duty military service.
To utilize these benefits, you need to inform your creditors that you're in active service, and provide them with a copy of your military orders. It's essential to do this as soon as possible to ensure the benefits take effect while you're on active duty.
That being said, being deployed doesn’t absolve you from your loan responsibilities. You have to continue making payments; however, automatic payments or allotments might be an option to consider to ensure these payments are made on time while you're deployed.
Lastly, I'd advise contacting your loan provider directly, as they may have specific policies in place for service members. They can help walk you through any adjustments that may need to be made while you're on active duty.
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