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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 decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows users to conduct research and evaluate information for free – so that you can make decisions about your finances without a doubt. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website come from companies that pay us. This compensation may impact how and where products are displayed on this site, including for instance, the order in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews you read on this site. We do not contain the vast array of companies or financial deals that may be accessible to you.
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2 min read Published 19 July 2022
Written by Allison Martin Written by
Allison Martin’s career began more than 10 years ago as a digital content strategist. Since then, she’s been featured in a variety of top financial outlets, 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 writing and editing for Bankrate since late 2021. They are enthusiastic about helping readers gain confidence to manage their finances through providing precise, well-studied data that digests otherwise complex subjects into digestible pieces.
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When it comes to purchasing a car, U.S. military members have an advantage. Many lenders provide special military auto loans which function just like regular auto loans however with more favorable loan terms. If you’re a member of the military or retired from active duty, there’s a good chance you can 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 many ways: Easier to get approved. Car loans are generally available even to service members with credit scores that are acceptable for conventional car loans. The approval process can be quicker, too. Lower rates of interest. The majority of lenders offer lower interest rates or military car loans for example, the discount of 0.25 per cent to 0.50 percentage off of their usual rates. A lower interest 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 the military car loan earlier, your lender will not be charged the same penalty, as one that can come when you take out regular vehicle loans. Lower down the amount of payment. You’ll pay less in advance for military auto loans, with some programs offering no-money-down loans. That makes it easier to save enough funds to buy a vehicle, however having less money upfront means you’ll be paying more interest over the long run. Longer repayment period. Regular auto loans typically have 36-, 48- or 60-month terms, with shorter term loans with low interest. Military auto loans offer even longer options for repayment terms. Legal protections: The Servicemembers Civil Relief Act (SCRA) gives active-duty military personnel security for installment contracts, like auto loans. These protections include prohibiting creditors from restraining a vehicle for breach of contract without a court order. The SCRA also regulates the interest rates charged on auto loans which were issued prior to the time you joined the service. Drawbacks of military car loans The same risks that are present in all auto loans are applicable on military automobile loans — most importantly, the risk that you will not be able to pay your installment payments. In defaulting on your loan can affect your credit score and make it harder for you to obtain loans at a later date. The ease with that military personnel can obtain a car loan can make it more important to be cautious and consider the purchase. Your loan might be cheaper because of your military status however the other costs of owning a car – maintenance, insurance, parking fees and fuel will not be less expensive. What are the requirements to be eligible for a military-owned car loan Each lender has its own set of qualification criteria. But, generally speaking, you’ll need the following to be eligible for a military car loan proof of your military status, like your active-duty military identification card documents for discharge if are a retired service member. Your contact information, including your local address for the location where you currently reside. Contact information for family members who can handle matters related to your loan in the event that you are abroad. The final word Military car loans offer a range of advantages, such as reduced interest charges, less down payment requirements and federal security. However, even with a military loan, the same dangers of borrowing are present, including that you may not be able to make the payments. For this reason, it is advisable to shop around before you take out the auto loan to ensure you receive the best rate for your requirements. Consider checking your rates with military credit unions like and also, since they offer auto loans with competitive terms to active and retired soldiers.
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Written by
Allison Martin’s work began over 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 dedicated to helping their readers feel confident to manage their finances by providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.
Auto loans editor
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