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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 providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare data at no cost – so you can make financial decisions without a doubt. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website come from companies that pay us. This compensation can affect the way and where products appear on this website, for example, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. However, this compensation will not influence the information we publish, or the reviews that you read on this site. We do not include the vast array of companies or financial offerings that could be open to you.
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2 min read . Published July 19, 2022
Written by Allison Martin Written by
Allison Martin’s work began over 10 years ago as a digital media strategist, and she’s since been published in several leading financial publications, 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 late 2021. They are enthusiastic about helping readers gain confidence to control their finances with precise, well-studied data that digests otherwise complex topics into manageable bites.
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In the case of buying cars, U.S. military members benefit. There are many lenders that provide special military auto loans which function just like regular auto loans however with more favorable loan terms. If you’re serving in the military or have retired from service, there is an excellent chance that you will get a military car loan with the right terms . Six advantages of military car loans Military car loans are superior to conventional car loans in a variety of ways. It is easier to be approved. Car loans are usually available to service members with credit scores to qualify for conventional car loans. The approval process is usually quicker, too. Lower rates of interest. The majority of lenders offer lower interest rates, or military-related car loans like discounts of 0.25 percent up to 0.50 percentage off of their normal rates. A lower interest rate could help you save a lot of interest throughout the duration time of your loan. No prepayment penalty. If you pay off the military car loan in advance, your lender will not charge an interest, like the one that can come with regular car loans. Lower down the amount of payment. You’ll pay less in advance for military auto loans and certain programs that offer no-money-down loans. That makes it easier to save enough money for a purchase, though having less money upfront means you’ll pay more interest in the long term. Longer repayment period. Regular auto loans tend to include 36-, 48or 60-month terms with shorter-term loans with less interest. Military auto loans offer even longer options in terms of repayment. Legal protections: The Servicemembers Civil Relief Act (SCRA) offers active-duty service members protections under installment contracts, such as auto loans. These protections include prohibiting the repossession of a vehicle by creditors due to breach of contract without a court order. The SCRA also limits the interest rates that are charged on auto loans which were issued prior to joining the service. The drawbacks of military auto loans The same risks that apply to all auto loans apply for military car loans — most importantly the possibility that you may not be able to make payments on your installment payments. Defaulting on your loan could affect your credit score, making it difficult to get loans at a later date. The ease at the ability of military personnel to get an auto loan is why it’s even more crucial to be careful and consider the purchase. The loan might be cheaper due to your status as a military member, but the other costs of owning a car- maintenance as well as insurance, parking costs and fuel won’t be cheaper. How to qualify for a military car loan Every lender has their own set of qualification criteria. But, generally speaking, you’ll require the following documents to be qualified for a car loan proof of your military status, like your active-duty military identification card or military or discharge papers if are a retired service member. Your contact information, including your local address of the place you are currently stationed. Contact details for family members who can handle matters related to the loan if you are deployed abroad. The main point Military car loans come with a variety of benefits, including low interest costs, less down payment requirements, as well as federal security. But remember that even with a military loan, the same dangers of borrowing are present, including the possibility that you won’t be capable of making the repayments. Therefore, you must still research when you’re ready to apply for the auto loan to ensure you get the most favorable rate for your requirements. Consider checking your rates with military credit unions, like and also, since they offer automobile loans with competitive rates to veterans and current members of the military.
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Written by
Allison Martin’s work started over 10 years ago as a digital content strategist. Since then, she’s been featured in a variety of top financial publications, 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 their readers feel confident to take control of their finances through providing concise, well-studied and well-researched content that break down complex topics into manageable bites.
Auto loans editor
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