Military loans to buy a car?

DO NOT USE TSP. Stop now. Go get yourself an IRA that is not attached to the military. I served 5 years active duty and I have seen and heard more TSP horror stories than I have time to share. Your money is frozen, and next to impossible to get out or transfer if you need to in an emergency.

Next, don't buy a freaking car. I had so many E-1's that walk in with their fancy new car. Two weeks into the month and that car sits there because they cannot afford gas to drive it. You have no credit, your payments will be retarded. I am 26, married, have exceptional credit, and a pretty decent financial standing. You know what I drive? A car i bought for 5500 bucks off of craigslist. Runs perfectly and I have had no problems over the past 3 years with it.

Find a cheap, (nice) car and stick with it. You are going to be making next to nothing as an E-1. Likewise, you could be gone for a long time. I spent two years in Japan, ten months in Afghanistan, and another year in other places all over the country and the world. Don't buy a car so that it can sit and collect rust while you are gone somewhere.

Yeah it sucks to watch a private drive by in his mercedes while I drive a car with paint falling off the side, but then I remember I can feed my family, and buy them nice things whenever I want. Drive your car until it falls apart or it costs more to fix it than its worth. Please, please, please do not be stupid and buy a car. Especially a 35,000 dollar one. This is probably the dumbest logic I have ever read. You are going to be paying this car off for the next 20 years.

Finally, do not ever use military money. Don't take a military loan, don't fall for the military deal at a car place. They will tell you all the bells and whistles but in reality, they are having you sign a piece of paper that says, "I have the right to take this dumbasses direct deposit from the military, even if he is starving to death." DO NOT BUY A CAR YOU CANNOT AFFORD.

/r/personalfinance Thread