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Military car loans: Drive away with a deal Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive tools and financial calculators, publishing original and objective content. This allows users to conduct research and evaluate information at no cost – so you can make decisions about your finances with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation can affect the way and where products are displayed on the site, such as, for example, the order in which they be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other home loan products. However, this compensation will affect the content we publish or the reviews that you see on this site. We do not include the universe of companies or financial deals that may be available to you.
2 minutes read published 19 July 2022
Written by Allison Martin Written by
Allison Martin’s work started over 10 years ago as a digital content strategist, and she’s since been published in several leading financial outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances with clear, well-researched data that digests otherwise complicated topics into bite-sized pieces.
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When it comes to purchasing a car, U.S. military members have an advantage. A lot of lenders provide special military auto loans that work just like normal auto loans, but with better loan conditions. If you’re a member of the military or have retired from military service, there’s an opportunity to be eligible for a military auto loan with the right terms . Six benefits of military car loans Car loans for military loans are more advantageous than traditional car loans in several ways: Easier to get approved. Military car loans generally are available to those with credit scores that are acceptable for regular car loans. The approval process can be quicker as well. Lower rates of interest. Lenders usually offer reduced interest rates, or military-related car loans, such as discounts in the range of 0.25 percent up to 0.50 percent off their usual rates. A lower interest rate could make a huge difference of cash in interest payments for the duration that you take out the loan. No prepayment penalty. If you repay an military vehicle loan in advance, your lender will not charge the same penalty, as one that can come in regular auto loans. Lower down payment. You can pay less money upfront to get military car loans and some programs offering no-money-down loans. This allows you to save up enough for a purchase, though the lower cost upfront means that you’ll pay more interest in the long run. Longer repayment period. Regular auto loans tend to have 36-, 48- or 60-month terms, with shorter term loans offering less interest. Military auto loans provide longer options for repayment terms. Legal protections include: The Servicemembers Civil Relief Act (SCRA) provides active-duty service members protections for installment contracts, including auto loans. The SCRA also prohibits the repossession of a vehicle by creditors in case of breach of contract, without an order from a court. The SCRA also restricts the rates of interest charged for auto loans which were issued prior to the time you joined the service. The drawbacks of military auto loans The same risks that are present in all auto loans are applicable for military car loans and, most important the possibility that you might not be able to make the installment payments. If you default on your loan could hurt your credit score, making it harder for you to borrow money at a later date. The ease at that military personnel can obtain a car loan can make it more important to be cautious and carefully consider your purchase. Your loan could be more affordable because of your military status, but the other costs of owning a car — maintenance, insurance, parking fees and fuel — likely won’t be cheaper. What do you need to know to be eligible for a military car loan Every lender has its own set of qualification criteria. However, you’ll generally require the following documents to be qualified for a car loan: Proof of your military status like your active-duty military identification card and discharge documents if are a former service member. Contact information, such as your local address of the place you are currently stationed. Contact details for family members who can handle matters related to your loan when you are overseas. The final word Military car loans have a wide range of benefits, including low interest costs, less down payment requirements, as well as federal protections. However that even with a military loan, the same risk of borrowing exist, such the possibility that you won’t be in a position to pay the loan. This is why it is advisable to shop around when you’re ready to apply for the auto loan to ensure you receive the best deal to meet your needs. Consider checking your rates with military credit unions, like and also, since they offer auto loans with competitive rates to veterans and current members of the military.
Allison Martin’s career began more than 10 years ago as a digital media strategist, and she’s since been featured in a variety of top financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers feel confident to control their finances by providing concise, well-studied and well-researched content that breaks down complicated topics into digestible chunks.
Auto loans editor
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