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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 mission is to help you make better financial decisions by offering you interactive financial calculators and tools that provide objective and original content. This allows users to conduct research and compare information at no cost – so you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will affect the information we publish, or the reviews you see on this site. We do not cover the entire universe of businesses or financial offerings that could be available to you.
2 min read Published 19 July 2022
Written by Allison Martin Written by
Allison Martin’s career began more than 10 years prior to that as a digital content strategist, and she’s since published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing precise, well-studied facts that break down complicated topics into bite-sized pieces.
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When it comes to purchasing a car, U.S. military members benefit. Many lenders offer military-specific auto loans that function similarly to regular auto loans, but with better loan conditions. If you’re in the military or have retired from active duty, there’s an opportunity to be eligible for a military auto loan with the right terms . Six benefits that come with military auto loans Military car loans are superior to conventional car loans in several ways. They are easier to get approved. Car loans are usually available to service members with credit scores for normal car loans. The approval process is typically quicker as well. Lower interest rates. Most lenders will offer lower interest rates or military car loans, such as a discount that ranges from 0.25 percent to 0.50 percent from their normal rates. A lower rate can save you a great deal of money in interest payments for the duration that you take out the loan. No prepayment penalty. If you pay off an military vehicle loan earlier, your lender will not charge the same penalty, as one that can come in regular auto loans. Lower down the amount of payment. It is possible to pay less in advance for military auto loans, with some programs offering no-money-down loans. This allows you to save enough money for a purchase, though the lower cost upfront means that you’ll have to pay more interest in the long run. Longer repayment period. Regular auto loans tend to have 36-, 48or 60-month terms with shorter-term loans that offer low interest. Military auto loans provide longer options for repayment periods. Legal security: The Servicemembers Civil Relief Act (SCRA) offers active-duty service members security for installment contracts, such as auto loans. These protections include prohibiting creditors from restraining a vehicle in case of breach of contract, without the approval of a court. The SCRA also limits 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 on military automobile loans and, most important the possibility that you might not be able make payments on your installment payments. Defaulting on your loan could affect your credit score and make it more difficult for you to borrow money later on. The ease in the ability of military personnel to get an auto loan can make it more important to be cautious and carefully consider your purchase. The loan could be more affordable because of your military status however, the other expenses of owning a car- maintenance and insurance, parking charges and fuel aren’t much less. How to qualify for a military car loan Each lender has its specific set of qualifications. However, you’ll generally require the following in order to be qualified for a military vehicle loan proof of your military status, like your active-duty military identification card or military and discharge documents if you are a retired military service member. Contact information for you, which includes an address in the local area for the location where you are currently stationed. Contact information for family members who are able to handle issues related to your loan in the event that you are abroad. The main point Military car loans offer a range of benefits, including low interest costs, less down payment requirements, as well as federal security. However, even with a military loan, the same dangers of borrowing are present, including the possibility that you won’t be able to make the payments. Therefore, it is advisable to shop around when you’re ready to take out the auto loan to ensure you receive the best rate for your needs. Take a look at rates offered by military credit unions like and also, since they offer the best auto loans with competitive rates to current and retired soldiers.
Allison Martin’s work began over 10 years ago as a digital media strategist, and she’s since been published in numerous prestigious financial media 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 the end of 2021. They are committed to helping readers feel confident to take control of their finances through providing concise, well-studied and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.
Auto loans editor
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