What To Know About Financing For Veterans

April 4, 2022 | Emma Frost

financing for veterans

 

Adjusting to life after the military can sometimes be a challenge. This is especially true if you were in the military for a long time. Emergency expenses will inevitably pop up and you have to know how to handle them. When you are faced with these expenses, you need a plan for financing. But when it comes to financing, what is there to know? Here is some information about financing for veterans.

Financing Basics

The first thing you need to know about financing for veterans is what it actually is. Financing is when you acquire funds to make a purchase. This can be for a business, a household expense, or some other investment opportunity.

The difference between funding and financing is that funding is money given by a government or organization that is intended for a specific purpose. Funding does not necessarily have to be a purchase. It could be rent or payroll expenses.

There are a few different types of financing that are available. There is debt financing, equity financing, or you can look for a combination of these. Debt financing typically comes in the form of money from banks, government loans, or individuals who give you a loan.

Why Do Veterans Need Financing?

Veterans need financing for a lot of reasons. Adjusting to life after the military can be difficult. If you served in the military, you probably knew a lot of young soldiers, sailors, or airmen who spent a lot of money during their first enlistment because they thought they could afford it.

Combined with the fact that the military is not a high-paying career field, this kind of risky spending can create a pattern of long-term financial instability. This becomes a bigger problem when veterans leave the military. Many veterans struggle to find a steady job when they leave the military. This is especially true if they go into the infantry.

Serving in the military can be a valuable experience, but it does not necessarily teach you a lot of transferable job skills that you might have learned if you had chosen a different profession. Leaving the military is hard. Many people who served struggle with mental illnesses like anxiety, PTSD, and depression.

This is especially true for those who have combat experience and risked their lives dodging sniper and artillery rounds. The Department of Veterans Affairs does provide some options for disability and health benefits. However, the VA is also famous for the problems associated with it including bureaucracy, red tape, and denying service to the veterans that they are supposed to help.

Additionally, VA benefits expire in most cases. In some cases, veterans are eligible for free healthcare for life, but in most cases, VA benefits expire after five years. Your family also does not have access to this healthcare when you leave the military. If you have a family, the burden of paying for their healthcare when you leave the military will create an additional strain on your finances.

You also have to find a place to live. While you are in the military you can live on base for free or get a housing allowance to live off base. When you leave the military, you lose this. While buying a house is usually a convenient option, there is a very good chance that you will not have enough money to do this right away. This is why financing for veterans is such an important issue.

 

veteran with money

 

What Are The Options Available?

If you are a veteran who needs financing for veterans for a major purchase such as a home, business, vehicle, or an investment opportunity, you can consult the Department of Veterans Affairs. They can help you see what options are available for financing for veterans.

You also might find yourself short on cash for an unexpected emergency expense. Because your finances are likely already limited, this can create a lot of stress for you. One option that you can consider is getting a car title loan from Wisconsin Auto Title Loans, Inc. to help you out. You don’t even need to show proof of employment to qualify.

This is a loan that allows you to use your vehicle’s lien-free title as collateral for money. This is not meant to be used for the major purchases that you may need financing for. Instead, This loan is for when you have a short-term financial emergency such as an unexpected bill or vehicle repair. And the best part is you can qualify even if you have poor credit.

How Do You Get A Car Title Loan?

The good thing about getting a car title loan with us is our simple and quick process. In fact, you can get the in-person appointment finished in 30 minutes – and you will find out then and there if you’ve been approved and for how much. And if you do qualify, you could get up to $15,000.

And all you have to do to get started is fill in the online form found on our website. We will give you a call and confirm you have the required items – which are just three simple things you need. In order to apply for a car title loan with Wisconsin Auto Title Loans, Inc., there are just a few things that you need to bring with you:

  • You need your driver’s license or another valid government-issued photo ID. This is so that you can verify your identity and prove that you are at least 18 years old or older. Minors are not allowed to apply for car title loans here in Wisconsin.
  • You need the lien-free title to your vehicle. If you do not own the vehicle outright, you cannot use it to apply for a car title loan. If the vehicle is not in your name, you have to go to the DMV and have it transferred to you before you can apply for a title loan.
  • You need the vehicle itself for a quick inspection. The inspection is so that one of our loan representatives can determine its condition and resale value. The condition and resale value of your vehicle helps us determine how much you could get.

Once you have those items, it is just a matter of setting up the appointment. This appointment can either happen at our nearest Wisconsin auto title loan locations or you can have our representative come to you instead. Either way, they will inspect your vehicle, assess your information, and determine if you qualify for approval.

Get The Money You Need

As you can see, when it comes to financing for veterans, it is important you understand it so you know where to find help when you need it. Leaving the military is a difficult experience but there is help available for your needs. And if you decide a car title loan can help you out the most, fill out the online form on our website to get started.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.