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Military Finances
Buying a car when I leave base
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True or false: You should apply to as many lenders as possible to get the best possible terms on your car loan.



While it’s good to try a few options to get a better rate, multiple inquires over an extended period of time may actually hurt your credit score.

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What does your car budget include?


All of the above

Your budget doesn’t just include the cost of the car. Factor in gas, maintenance, insurance and even the registration fee when determining your budget

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Key Takeaways

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There’s a lot to consider when buying a car. Taking the time to do research upfront and form a clear budget will help you drive off with the best purchase.

  • Do the necessary planning to determine whether you should get a new or used car
  • Sometimes leasing is a better fit; weigh the pros and cons of buying vs. leasing before you decide
  • You shouldn’t spend more than 16% of your gross annual income on a car
  • Always be skeptical of deals and offers that sound good, but might draw you into a purchase you can’t afford
  • Extending the terms of your loan will reduce the monthly payment, but you’ll end up paying significantly more for your car as a result