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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 choices by providing you with interactive tools and financial calculators as well as publishing original and impartial content. We also allow you to conduct your own research and evaluate information 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 site are from companies who pay us. This compensation can affect the way and where products appear on this website, for example such things as the order in which they may appear within the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does not influence the information we provide, or the reviews that appear on this website. 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 July 19, 2022
Written by Allison Martin Written by
Allison Martin's work began over 10 years ago as a digital media 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 passionate about helping readers gain the confidence to control their finances through providing concise, well-researched and well-organized data that digests otherwise complex subjects into digestible pieces.
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When it comes to buying automobiles, U.S. military members have an advantage. A lot of lenders offer military-specific auto loans that function similarly to regular auto loans, but with better loan conditions. 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 The benefits of military car loans are more advantageous than traditional car loans in many ways. They are easier to get approved. Military car loans generally are available to those with credit scores to qualify for normal car loans. The approval process can be faster as well. Lower interest rates. Most lenders will offer lower interest rates or military car loans like the discount in the range of 0.25 percent to 0.50 percent from their standard rates. A lower rate could save you a great deal of interest over the length that you take out the loan. No prepayment penalty. If you repay an military vehicle loan in advance, your lender will not be charged an interest, like the one you pay for with regular car loans. Reduced down payment. You can pay less money up front to get military car loans as well as certain programs that offer no-money-down loans. This makes it simpler to save enough funds to purchase a car, but the lower cost upfront means that you'll be paying more interest over the long term. Longer repayment period. Regular auto loans tend to have 36-, 48- or 60-month terms, with shorter term loans with lower interest rates. Military auto loans offer even longer options in terms of repayment. Legal security: 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 in case of 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 to military auto loans -- most importantly, the risk that you may not be able to pay payments on your installment payments. Defaulting on your loan could hurt your credit score and make it more difficult for you to borrow money later on. The ease in the ability of military personnel to get an auto loan can make it more crucial to be careful and carefully consider your purchase. Your loan might be cheaper because of your military status however the other costs associated with owning a vehicle -- maintenance and insurance, parking charges and fuel -- likely won't be cheaper. How to qualify for a military car loan Each lender has their own set of criteria for qualifying. However, you'll generally need the following to be qualified for a military vehicle loan Documentation of your military status, such as your active-duty military identification card or discharge papers if are a retired military service member. Contact information for you, which includes an address in the local area of the place you currently reside. Contact information for family members who will be able to manage matters pertaining to the loan when you are overseas. The bottom line Military car loans offer a range of advantages, such as low interest costs, lower down payment requirements, and federal security. But remember, even with a military loan there are risk of borrowing exist, such that you may not be able to make the payments. This is why it is advisable to shop around before you make an application for the auto loan to ensure you get the best rate for your needs. Take a look at rates offered by military credit unions, such as and also, since they offer auto loans with competitive terms to current and retired members of the armed forces.
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Written by
Allison Martin's career began more than 10 years ago as a digital media strategist. Since then, she's been 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 writing and editing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to take control of their finances through providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.
Auto loans editor
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