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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 financial calculators and tools as well as publishing original and impartial content. This allows you to conduct your own research and compare information 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 site are from companies that pay us. This compensation can affect the way and where products are displayed on the site, such as for instance, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other home lending products. But this compensation does not influence the content we publish or the reviews appear on this website. We do not include the universe of companies or financial offerings that could be accessible to you.
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2 min read . Published 19 July 2022
Written by Allison Martin Written by
Allison Martin’s work started over 10 years prior to that as a digital content strategist. Since then, she’s published in numerous prestigious financial media outlets such as 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 enthusiastic about 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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In the case of buying a car, U.S. military members have an advantage. A lot of lenders provide special military auto loans which function just like regular auto loans but with better loan conditions. If you’re serving in the military or retired from active duty, there’s an excellent chance that you will get a military car loan with the right terms . 6 benefits of military car loans The benefits of military car loans are better than conventional car loans in several ways: Easier to get approved. Car loans are generally available even for service members who have credit scores for normal car loans. The approval process is typically quicker, too. Lower rates of interest. Lenders usually offer reduced interest rates, or military-related car loans like discounts that ranges from 0.25 percent to 0.50 percent off their standard rates. A lower rate could help you save a lot of cash in interest payments for the duration that you take out the loan. No prepayment penalty. If you pay off a military car loan earlier, your lender does not have to charge you a , such as the one that is included with regular car loans. A lower down payment. You can pay less money up front for military auto loans, with certain programs that offer no-money-down loans. This makes it simpler to save up enough to purchase a car, but the lower cost upfront means that you’ll have to pay higher interest in the long haul. Longer repayment period. Regular auto loans tend to include 36-, 48- or 60-month terms, with shorter term loans with low interest. Military auto loans have longer terms in terms of repayment. Legal security include: The Servicemembers Civil Relief Act (SCRA) provides active-duty service members protections under installment contracts, like auto loans. The SCRA also prohibits the repossession of a vehicle by creditors due to breach of contract without the approval of a court. The SCRA also regulates the interest rates charged on auto loans which were issued prior to joining the service. The drawbacks of military auto loans The same dangers that affect any auto loans are applicable for military car loans — most importantly the chance that you may not be able to make your installment payments. Defaulting on your loan could hurt your credit score and make it harder for you to borrow money in the future. The ease at the ability of military personnel to get a car loan can make it more important to be cautious and consider the purchase. The loan might be cheaper because of your military status however the other costs of owning a car — maintenance, insurance, parking fees and fuel — likely will not be less expensive. How to qualify for a military car loan Every lender has their own set of criteria for qualifying. However, you’ll generally require the following in order to be qualified for a military vehicle loan Documentation of your status as a military member, such as your active-duty military identification card documents for discharge if are a retired service member. Contact information, such as a local address for the place where you are currently stationed. Contact information for family members who are able to handle issues related to the loan in the event that you are overseas. The final word Military car loans have a wide range of benefits, including low interest costs, lower down payment requirements, as well as federal protections. But remember that even with a military loan, the same risks of borrowing apply including the possibility that you won’t be able to make the payments. Therefore, you should still shop around before you apply for the auto loan to ensure you receive the most favorable rate for your needs. Consider checking your rates with military credit unions, such as and , since they provide auto loans with competitive rates to current and retired soldiers.
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Written by
Allison Martin’s career began more than 10 years prior to that 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 the end of 2021. They are dedicated to helping their readers to manage their finances by providing precise, well-studied information that breaks down otherwise complex topics into digestible chunks.
Auto loans editor
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