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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 smarter financial decisions by offering you interactive financial calculators and tools that provide objective and original content. This allows 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 Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation can affect the way and where products are displayed on this site, including for instance, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews you read on this site. We do not contain the vast array of companies 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 ago as a digital media strategist. She’s 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 writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-studied information that breaks down complex topics into manageable bites.
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When it comes to purchasing cars, U.S. military members have an advantage. A lot of lenders provide special military auto loans that work just like normal auto loans however with more favorable loan terms. If you’re a member of the military or have retired from military service, there’s a good chance you can qualify for a military car loan with a . Six advantages that come with military auto loans The benefits of military car loans are better than conventional car loans in many ways: Easier to get approved. Car loans generally are available to service members with credit scores to qualify for normal car loans. The approval process can be faster as well. Lower interest rates. Lenders usually offer reduced interest rates or military car loans like the discount in the range of 0.25 percent to 0.50 percentage off of their normal rates. A lower rate could save you a great deal of cash in interest payments for the duration time of your loan. No prepayment penalty. If you repay the military car loan early your lender will not charge an interest, like the one that can come when you take out regular vehicle loans. Reduced down payment. You’ll pay less up front to get military car loans and some programs offering no-money-down loans. This makes it simpler to save up enough to purchase a car, but paying less upfront means you’ll be paying more interest in the long run. Longer repayment period. Regular auto loans typically include 36-, 48or 60-month terms with shorter-term loans that offer low interest. Military auto loans have longer terms for repayment terms. Legal security include: The Servicemembers Civil Relief Act (SCRA) provides active-duty service members protections for installment contracts, like 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 interest rates charged on auto loans which were issued prior to the time you joined the service. There are a few disadvantages to military car loans The same risks that apply to all auto loans are applicable to military auto loans the most significant of which is, the risk that you will not be able make your installment payments. If you default on your loan could affect your credit score, making it harder for you to obtain loans later on. The ease at that military personnel can obtain a car loan is why it’s even more imperative to be cautious and carefully consider your purchase. Your loan might be cheaper due to your status as a military member however the other costs associated with owning a vehicle – maintenance as well as insurance, parking costs and fuel aren’t much less. What do you need to know to be eligible for a military-owned car loan Every lender has its own set of criteria for qualifying. However, you’ll generally need the following to be qualified for a car loan: Proof of your military status for example, your active duty military identification card and discharge documents if you are a former service member. Contact information for you, which includes a local address for the place where you currently reside. Contact information for family members who are able to handle issues related to the loan when you are abroad. The main point Military car loans come with a variety of advantages, such as lower interest rates, lower down payment requirements, and federal security. However that even with a military loan however, the same dangers of borrowing are present, including that you may not be able to make the payments. This is why it is advisable to shop around when you’re ready to apply for the auto loan to ensure you receive the most favorable rate to meet your needs. Take a look at rates offered by military credit unions, such as and , since they provide auto loans with competitive terms for active and retired members of the armed forces.
Allison Martin’s work started over 10 years ago as a digital media strategist, and she’s since been published in several leading financial publications such as 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 their readers gain the confidence to take control of their finances with concise, well-studied and well-researched content that break down complex topics into digestible chunks.
Auto loans editor
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