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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 mission is to help you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing original and impartial content. We also allow users to conduct research and compare data without cost, 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 deals that are displayed on this website are provided by companies that compensate us. This compensation could affect how and where products appear on this website, for example, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other products for home loans. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not cover the universe 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 prior to that as a digital content strategist. Since then, she's published in numerous prestigious financial 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 from late 2021. They are enthusiastic about helping readers gain the confidence to control their finances with clear, well-researched data that digests complex subjects into digestible pieces.
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When it comes to buying a car, U.S. military members have an advantage. A lot of lenders offer military-specific auto loans which function just like regular auto loans but with better loan terms. If you're a member of the military or have retired from active duty, there's a good chance you can qualify for 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 a variety of ways. It is easier to be approved. Car loans are usually available to service members with credit scores for regular car loans. The approval process is usually quicker, too. Lower interest rates. The majority of lenders offer lower interest rates, or military-related car loans like the discount that ranges from 0.25 percent to 0.50 percent from their usual rates. A lower rate can help you save a lot of interest throughout the duration that you take out the loan. No prepayment penalty. If you pay off the military car loan early your lender will not be charged an interest, like the one you pay for when you take out regular vehicle loans. Lower down cost. You'll pay less up front for military auto loans and some programs offering no-money-down loans. This makes it simpler to save enough money for a purchase, though the lower cost upfront means that you'll be paying more interest over the long run. Longer repayment period. Regular auto loans typically come with 36-, 48-or 60-month terms with shorter term loans with low interest. Military auto loans offer even longer options for repayment periods. Legal protections: The Servicemembers Civil Relief Act (SCRA) gives active-duty military personnel protections under installment contracts, such as auto loans. The SCRA also prohibits the repossession of a vehicle by creditors for breach of contract without an order from a court. The SCRA also limits the interest rates that are charged on auto loans which were issued prior to joining the service. There are a few disadvantages to military car loans The same risks that are present in all auto loans are applicable on military automobile loans and, most important the chance that you may not be able to make payments on your installment payments. Defaulting on your loan could hurt your credit score and make it more difficult for you to get loans later on. The ease at that military personnel can obtain an auto loan makes it even more important to be cautious and consider the purchase. Your loan might be cheaper because of your military status however the other costs associated with owning a vehicle - maintenance as well as insurance, parking costs and fuel -- likely 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 require the following in order to be qualified for a car loan Documentation of your status as a military member, for example, your active duty military identification card or military or discharge papers if you are a retired military service member. Contact information, such as a local address for the location where you currently reside. Contact information for family members who are able to handle issues related to your loan when you are abroad. The bottom line Military car loans have a wide range of advantages, such as low interest costs, less down payment requirements, and federal protections. However that even with a military loan, the same risks of borrowing apply including that you may not be in a position to pay the loan. For this reason, you must still research before you apply for the auto loan to ensure you receive the most favorable rate for your requirements. Take a look at rates offered by military credit unions, such as and , as they offer the best auto loans with competitive rates to veterans and current soldiers.
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Written by
Allison Martin's work began over 10 years ago as a digital media strategist. Since then, she's been featured in a variety of top financial 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 from late 2021. They are committed to helping readers to take control of their finances through providing clear, well-researched information that break down complex subjects into bite-sized pieces.
Auto loans editor
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