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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 better financial choices by offering you interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare information at no cost — so you can make decisions about your finances without a doubt. Bankrate has agreements with issuers such as, 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 compensate us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other products for home loans. This compensation, however, does not influence the information we provide, or the reviews that you see on this site. We do not contain the vast array of companies or financial offers that may be available to you.

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2 minutes 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. She’s been published in several leading financial publications, 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 since late 2021. They are enthusiastic about helping readers gain confidence to manage their finances through providing concise, well-researched and well-organized data that digests complicated topics into bite-sized pieces.

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In the case of buying automobiles, U.S. military members benefit. A lot of lenders provide special military auto loans that function similarly to regular auto loans however with more favorable loan conditions. If you’re in the military or have retired from active duty, there’s a good chance you can qualify for a military car loan with a . Six advantages that come with military auto loans Military car loans are superior to conventional car loans in many ways. It is easier to be approved. Military car loans are usually available to those with credit scores for conventional car loans. The approval process can be quicker as well. Lower rates of interest. Lenders usually offer reduced interest rates or military car loans for example, the discount in the range of 0.25 percent to 0.50 percent off their normal rates. A lower rate could save you a great deal of money in interest payments for the duration of the loan. No prepayment penalty. If you pay off the military car loan in advance, your lender will not be charged the same penalty, as one that is included when you take out regular vehicle loans. Lower down the amount of payment. You can pay less money in advance when you take out military automobile loans as well as some programs offering no-money-down loans. This makes it simpler to save up enough for a purchase, though paying less upfront means you’ll have to pay more interest in the long haul. Longer repayment period. Regular auto loans generally come with 36-, 48— or 60-month terms, with shorter term loans offering low interest. Military auto loans offer even longer options in terms of repayment. Legal security include: The Servicemembers Civil Relief Act (SCRA) gives active-duty military personnel security for installment contracts, like auto loans. These protections include prohibiting creditors from repossessing a vehicle due to breach of contract without a court order. The SCRA also limits the interest rates charged on auto loans that were opened prior to joining the service. The drawbacks of military auto loans The same dangers that affect any auto loans are applicable to military auto loans and, most important, the risk that you might not be able make the installment payments. If you default on your loan could hurt your credit score and make it harder for you to borrow money at a later date. The ease with which military members can get an auto loan makes it even more imperative to be cautious and think through the purchase. Your loan might be cheaper due to your status as a military member, but the other costs of owning a car- maintenance, insurance, parking fees and fuel — likely aren’t much less. What do you need to know to be eligible for a military-owned car loan Every lender has their own set of qualification criteria. You’ll typically require the following in order to be qualified for a car loan: Proof of your military status for example, your active duty military identification card documents for discharge if you are a former service member. Contact information, such as an address in the local area of the place you are currently stationed. Contact details for family members who will be able to manage matters pertaining to your loan in the event that you are abroad. The main point Military car loans offer a range of advantages, such as lower interest rates, lower down payment requirements, as well as federal security. However that, even with a federal loan however, the same risks of borrowing apply including the possibility that you won’t be in a position to pay the loan. For this reason, it is advisable to shop around before you take out an auto loan to ensure you receive the best rate to meet your needs. Take a look at rates offered by military credit unions like and , as they offer the best auto loans with competitive terms for active and retired members of the military.

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Written by

Allison Martin’s career began more than 10 years prior to that as a digital content strategist. She’s been published in numerous prestigious financial publications, 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 editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to manage their finances with concise, well-studied and well-researched content that break down complex subjects into bite-sized pieces.

Auto loans editor

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