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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 aim is to assist you make better financial choices by offering you interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and evaluate 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 Make money The products that appear on this website are provided by companies that pay us. This compensation can affect the way and where products are displayed on this website, for example such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews that you see on this site. We do not include the vast array of companies or financial offers that may be accessible to you.
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2 min read Published July 19, 2022
Written by Allison Martin Written by
Allison Martin’s work started over 10 years ago as a digital media strategist. She’s been featured in a variety of top 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 dedicated to helping readers gain confidence to control their finances with precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
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When it comes to purchasing automobiles, U.S. military members have an advantage. There are many lenders that provide special military auto loans that function similarly to normal auto loans but with better loan terms. If you’re a member of the military or retired from military service, there’s an excellent chance that you will qualify for a military car loan with the right terms . Six benefits of military car loans Military car loans are more advantageous than traditional car loans in a variety of ways. It is easier to be approved. Military car loans generally are available to those with credit scores that are acceptable for normal car loans. The approval process is typically quicker, too. Lower rates of interest. Most lenders will offer lower interest rates for military loans, such as a discount that ranges from 0.25 per cent to 0.50 percent off their normal rates. A lower rate could save you a great deal of cash in interest payments over the length 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 you pay for with regular car loans. A lower down payment. You’ll pay less upfront for military auto loans and certain programs that offer no-money-down loans. This allows you to save enough money to buy a vehicle, however paying less upfront means you’ll be paying more interest over the long haul. Longer repayment period. Regular auto loans typically come with 36-, 48– or 60-month terms, with shorter term loans with lower interest rates. Military auto loans provide longer options for repayment periods. Legal security include: The Servicemembers Civil Relief Act (SCRA) provides active-duty service members protections under installment contracts, including auto loans. This includes preventing creditors from repossessing a vehicle due to breach of contract without a court order. The SCRA also limits the rates of interest charged for auto loans that were opened prior to joining the service. There are a few disadvantages to military car loans The same risks that are present in all auto loans apply to military auto loans and, most important, the risk that you may not be able make your installment payments. In defaulting on your loan could affect your credit score and make it difficult to obtain loans in the future. The ease in the ability of military personnel to get a car loan is why it’s even more crucial to be careful and carefully consider your purchase. Your loan could be more affordable because of your military status however, the other expenses of owning a car maintenance, insurance, parking fees and fuel — likely will not be less expensive. How to qualify for a military car loan Each lender has their own set of qualification criteria. However, you’ll generally need the following to be qualified for a military vehicle loan: Proof of your status as a military member, like your active-duty military identification card or discharge papers if you are a former service member. Contact information, such as your local address of the place you currently reside. Contact information for family members who are able to handle issues related to the loan when you are abroad. The bottom line Military car loans come with a variety of advantages, such as reduced interest charges, lower down payment requirements and federal security. However that even with a military loan there are 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 an auto loan to ensure you get the best rate for your requirements. Consider checking your rates with military credit unions like and also, since they offer automobile loans with competitive terms to veterans and current members of the military.
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Written by
Allison Martin’s work began over 10 years ago as a digital content strategist. Since then, she’s been published in numerous prestigious 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 gain the confidence to manage their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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