Advice on Navy Federal Career Kickoff Loan

[retardedchristianknight]

Hey all,

I’m going to Navy OCS in about a month. I’m already “active duty” through a collegiate program and I have a Navy Federal account.

Anyone know how difficult it is to get approved for this loan? I think my credit is pretty good… I know these apps aren’t “official” credit reports but this is what I have.

My car loan is at 4.45% with ~$19,000 so I’ll put most towards that. I’ll probably put the rest towards uniforms and any moving expenses.

Can I get the loan before I go to OCS? The website makes it sound like you can:

“Officer Candidate School (OCS), Officer Training School (OTS), and Navy Select Limited Duty Officer (LDO) members within 4 months of commissioning or within 12 months after commissioning”

Any experience/advice with this loan would be appreciated!

 

[rightking]

@retardedchristianknight I’d wait until you have your commissioning documents in hand. You never know what will happen at OCS.

 

[retardedchristianknight]

@rightking True.

 

[resjudicata]

@retardedchristianknight To get it before you commission you would have to see if your recruiter can get you what’s called a “statement of service”. NFCU will want either that, or your commissioning documents (which you don’t have yet).

 

[mjhulen]

@retardedchristianknight

My car loan is at 4.45% with ~$19,000 so I’ll put most towards that. I’ll probably put the rest towards uniforms and any moving expenses

WTF NO!

1) You're better off just refinancing the car loan, but 4.45% is not awful. Definitely not worth paying down quickly.

2) You can pay for uniforms with your salary. I can understand some moving expenses but you want the military to pay for as much of it as humanly possible.

3) If you can secure a $25k loan at 2.99%, You can invest the entire thing, let it ride, and pay it down as slowly as possible. This is GOOD debt!