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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 smarter financial decisions by offering you interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and evaluate information at no cost — so you can make decisions about your finances with confidence. 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 come from companies who pay us. This compensation may impact how and where products appear on this site, including for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. This compensation, however, does affect the information we provide, or the reviews that appear on this website. We do not cover the entire universe of businesses or financial deals 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 career began more than 10 years ago as a digital media 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 editing and writing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain confidence to control their finances through providing clear, well-researched data that digests otherwise complex subjects into digestible pieces.
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When it comes to purchasing automobiles, U.S. military members have an advantage. There are many lenders that offer special military auto loans that work just like normal auto loans but with better loan conditions. If you’re serving in the military or have retired from military service, there’s an opportunity to get a military car loan with the right terms . Six advantages that come with military auto loans Military car loans are better than conventional car loans in several ways. It is easier to be approved. Car loans generally are available to service members with credit scores for normal car loans. The approval process is usually quicker, too. Lower interest rates. Most lenders will offer lower interest rates, or military-related car loans like a discount that ranges from 0.25 percent up to 0.50 percent from their standard rates. A lower interest rate could help you save a lot of money 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 does not have to charge you an interest, like the one that can come when you take out regular vehicle loans. A lower down the amount of payment. It is possible to pay less upfront for military auto loans and certain programs that offer no-money-down loans. That makes it easier to save enough money to buy a vehicle, however paying less upfront means you’ll be paying higher interest in the long haul. Longer repayment period. Regular auto loans typically include 36-, 48or 60-month terms with shorter term loans offering less interest. Military auto loans have longer terms in terms of repayment. Legal protections: The Servicemembers Civil Relief Act (SCRA) offers 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 an order from a court. The SCRA also restricts the interest rates that are charged on auto loans that were opened prior to joining the service. The drawbacks of military auto loans The same risks that are present in all auto loans apply for military car loans — most importantly the chance that you may not be able to make payments on your installment payments. Defaulting on your loan could affect your credit score, making it harder for you to obtain loans later on. The ease with that military personnel can obtain an auto loan is why it’s even more imperative to be cautious and carefully consider your purchase. Your loan could be more affordable because of your military status however the other costs of owning a car maintenance and insurance, parking charges and fuel aren’t much less. What do you need to know to be eligible for a military car loan Every lender has its specific set of qualifications. But, generally speaking, you’ll need the following to be qualified for a car loan: Proof of your military status, for example, your active duty military identification card or military or discharge papers if are a retired military service member. Contact information for you, which includes a local address for the location where you currently reside. Contact information for family members that are able to handle issues related to the loan if you are deployed abroad. The bottom line Military car loans come with a variety of benefits, including low interest costs, lower down payment requirements, as well as federal protections. However that, even with a federal loan there are risks of borrowing apply including the possibility of not being able to make the payments. For this reason, you should still shop around when you’re ready to take out an auto loan to ensure that you get the most favorable rate for your needs. You should consider checking rates with military credit unions like and , as they offer auto loans with competitive rates to current and retired members of the military.
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Written by
Allison Martin’s work started over 10 years prior to that as a digital content strategist. She’s been published in several leading 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 passionate about helping readers feel confident to manage their finances through providing precise, well-studied information that breaks down complicated topics into digestible chunks.
Auto loans editor
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