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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 providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and evaluate information at no cost – so you can make your financial decisions without a doubt. Bankrate has partnerships with issuers, including but not restricted 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 compensate us. This compensation may impact how and where products are displayed on this website, for example for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. But this compensation does affect the information we provide, or the reviews you read on this site. We do not include the vast array of companies or financial offers that may be available to you.
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2 min read Published July 19, 2022
Written by Allison Martin Written by
Allison Martin’s work began over 10 years prior to that as a digital content strategist, and she’s since been featured in a variety of top financial publications 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 late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing precise, well-studied facts that break down otherwise complicated topics into bite-sized pieces.
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When it comes to buying automobiles, U.S. military members benefit. A lot of lenders offer special military auto loans that function similarly to regular auto loans but with better loan terms. If you’re a member of the military or have retired from military service, there’s an opportunity to be eligible for a military auto loan with a . Six advantages that come with military auto loans Car loans for military loans are more advantageous than traditional car loans in a variety of ways. It is easier to be approved. Military car loans are usually available to service members with credit scores for regular car loans. The approval process can be quicker, too. Lower interest rates. Most lenders will offer lower interest rates or military car loans for example, discounts in the range of 0.25 percent to 0.50 percent off their standard rates. A lower rate could save you a great deal of money in interest payments throughout the duration time of your loan. No prepayment penalty. If you repay the military car loan earlier, your lender does not have to charge you a , such as the one that is included in regular auto loans. A lower down the amount of payment. You’ll pay less up front to get military car loans as well as some programs offering no-money-down loans. This makes it simpler to save enough funds for a purchase, though having less money upfront means you’ll be paying more interest in the long term. Longer repayment period. Regular auto loans typically come with 36-, 48-or 60-month terms with shorter term loans that offer lower interest rates. Military auto loans provide longer options in terms of repayment. Legal protections include: The Servicemembers Civil Relief Act (SCRA) provides active-duty service members security for installment contracts, such as auto loans. This includes preventing creditors from repossessing a vehicle due to breach of contract without a court order. The SCRA also limits the rates of interest charged for auto loans that were made prior to joining the service. The drawbacks of military auto loans The same dangers that affect any auto loans apply on military automobile loans — most importantly the possibility that you will not be able to make your installment payments. If you default on your loan could affect your credit score, making it harder for you to get loans at a later date. The ease with which military members can get a car loan is why it’s even more imperative to be cautious and carefully consider your purchase. Your loan might be cheaper because of your military status, but the other costs associated with owning a vehicle — maintenance, insurance, parking fees and fuel — likely aren’t much less. How to qualify for a military car loan Every lender has their own set of qualification criteria. However, you’ll generally require the following in order to be eligible for a military car loan Documentation of your military status, for example, your active duty military identification card or military documents for discharge if are a former service member. Contact information, such as a local address of the place 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 bottom line Military car loans have a wide range of advantages, such as reduced interest charges, less down payment requirements, and federal protections. However, even with a military loan, the same risks of borrowing apply including the possibility that you won’t be in a position to pay the loan. This is why you must still research before you take out an auto loan to ensure you receive the best deal for your requirements. Take a look at rates offered by military credit unions, such as and also, since 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 work began over 10 years prior to that as a digital content strategist. She’s been published in several leading 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 committed to helping readers to control their finances through providing concise, well-studied and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.
Auto loans editor
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