Do military discounts on new car leases reduce the down payment?
Ford and Chrysler offer a $500 military discount. Does this come off the total cost of the lease or the down payment?
Total cost of the lease, discounts have no effect on the required down payments.
You're 19, maybe 20 by now. At your age, and with your credit/credit history, you're NOT getting approved for a lease. It takes a MUCH higher credit score, and years of auto credit to even be considered for a lease. On a purchase, you are NOT getting approved for a vehicle that costs more than you make in a year. A base Silverado Regular Cab 1500 4x2 (work truck) has an MSRP of $27,300. An E-4 in the Army under two years makes $2019.60 per month ($24,235.20 per year), and over 2 years make $2122.80 per month ($25,473.60 per year).
You need to understand that it's not just the payment you need to worry about. A truck for a single male, under 25, is going to kill you on your full-coverage insurance. There's maintenance, upkeep, and gas as well. Be smart, man. Don't be one of the young dumb soldiers who buys a car, and parks it on base, but can't afford to drive it unless someone buys gas. Think about what would happen if you wen't overseas. They're not going to ship your car, so you're stuck paying storage fees as well.
Buy a beater, put liability insurance on it, and drive it until the wheels fall off.
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