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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 decisions by offering you interactive tools and financial calculators that provide objective and original content. This allows you to conduct research and evaluate information for free – so that you can make your financial decisions 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 products that appear on this website come from companies that compensate us. This compensation can affect the way and where products are displayed on this website, for example, for example, the order in which they may appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. However, this compensation will affect the information we publish, or the reviews that you read on this site. We do not include the universe of companies or financial offers that may be open 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 prior to that as a digital content strategist. Since then, she’s published in numerous prestigious financial media outlets, including 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 late 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing concise, well-researched and well-organized data that digests otherwise complicated topics into bite-sized pieces.
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In the case of buying a car, U.S. military members benefit. A lot of lenders offer military-specific auto loans that function similarly to normal auto loans but with better loan terms. If you’re in the military or retired from active duty, there’s a good chance you can get a military car loan with the right terms . Six benefits from military vehicle loans The benefits of military car loans are better than conventional car loans in many ways. They are easier to get approved. Car loans are generally available even for service members who have credit scores to qualify for conventional car loans. The approval process is typically faster as well. Lower rates of interest. Most lenders will offer lower interest rates or military car loans for example, the discount in the range of 0.25 percent up to 0.50 percent off their standard rates. A lower rate can help you save a lot of money in interest payments for the duration that you take out the loan. No prepayment penalty. If you repay a military car loan in advance, your lender does not have to charge you the same penalty, as one that is included with regular car loans. Reduced down the amount of payment. You can pay less money in advance to get military car loans as well as certain programs that offer no-money-down loans. That makes it easier to save enough money for a purchase, though having less money upfront means you’ll have to pay higher interest in the long haul. Longer repayment period. Regular auto loans generally include 36-, 48or 60-month terms with shorter-term loans that offer lower interest rates. Military auto loans offer even longer options in terms of repayment. Legal security include: The Servicemembers Civil Relief Act (SCRA) provides active-duty service members security for installment contracts, like auto loans. The SCRA also prohibits creditors from restraining a vehicle for 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 the time you joined the service. The drawbacks of military auto loans The same risks that are present in any auto loans are applicable to military auto loans the most significant of which is the possibility that you will not be able make the installment payments. In defaulting on your loan could affect your credit score and make it more difficult for you to get loans at a later date. The ease with which military members can get an auto loan is why it’s even more important to be cautious and carefully consider your purchase. The loan may be less costly due to your status as a military member, but the other costs associated with owning a vehicle — maintenance and insurance, parking charges and fuel — likely aren’t much less. What do you need to know to be eligible for a military car loan Every lender has their own set of criteria for qualifying. However, you’ll generally need the following to be qualified for a military vehicle loan: Proof of your military status like your active-duty military identification card and discharge documents if are a retired service member. Contact information, such as a local address for the location where you are currently stationed. Contact information for family members that will be able to manage matters pertaining to your loan if you are deployed overseas. The bottom line Military car loans come with a variety of advantages, such as lower interest rates, lower down payment requirements and federal protections. However, even with a military loan however, the same risk of borrowing exist, such that you may not be able to make the payments. For this reason, it is advisable to shop around when you’re ready to make an application for an auto loan to ensure you receive the best deal to meet your needs. Take a look at rates offered by military credit unions, such as and , since they provide automobile loans with competitive terms to active 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 featured in a variety of top financial media outlets 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 late 2021. They are passionate about helping readers feel confident to take control of their finances by providing concise, well-studied and well-researched content that break down complex topics into digestible chunks.
Auto loans editor
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