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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 smarter financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare data for free – so that you can make your financial decisions without a doubt. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies who pay us. This compensation could affect how and where products are displayed on this website, for example, for example, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity products, as well as other home loan products. But this compensation 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 offerings that could be available to you.
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2 minutes read published 19 July 2022
Written by Allison Martin Written by
Allison Martin’s work began over 10 years ago as a digital media strategist. She’s published in numerous prestigious financial publications, 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 editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing concise, well-researched and well-organized data that digests complex subjects into digestible pieces.
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When it comes to buying automobiles, U.S. military members benefit. A lot of lenders provide special military auto loans that function similarly to normal auto loans, but with better loan terms. If you’re serving in the military or retired from military service, there’s a good chance you can get a military car loan with a . Six benefits of military car loans Car loans for military loans are superior to conventional car loans in many ways: Easier to get approved. Military car loans are generally available even to those with credit scores for normal car loans. The approval process can be faster as well. Lower interest rates. The majority of lenders offer lower interest rates for military loans like a discount in the range of 0.25 per cent to 0.50 percent from their standard rates. A lower interest rate could save you a great deal of cash in interest payments over the length time of your loan. No prepayment penalty. If you pay off the military car loan earlier, your lender will not be charged the same penalty, as one you pay for in regular auto loans. Lower down the amount of payment. It is possible to pay less upfront when you take out military automobile loans, with certain programs that offer no-money-down loans. This allows you to save enough funds to purchase a car, but paying less upfront means you’ll pay higher interest in the long term. Longer repayment period. Regular auto loans typically have 36-, 48or 60-month terms with shorter term loans offering low interest. Military auto loans offer even longer options in terms of repayment. Legal protections are provided by the Servicemembers Civil Relief Act (SCRA) provides active-duty service members security for installment contracts, like auto loans. The SCRA also prohibits the repossession of a vehicle by creditors in case of breach of contract, without the approval of a court. The SCRA also regulates the interest rates that are charged on auto loans that were opened prior to joining the service. The drawbacks of military auto loans The same risks that are present in all auto loans are applicable to military auto loans — most importantly the chance that you may not be able to make the installment payments. In defaulting on your loan could hurt your credit score, making it more difficult for you to obtain loans at a later date. The ease in that military personnel can obtain a car loan makes it even more imperative to be cautious and carefully consider your purchase. Your loan could be more affordable due to your status as a military member, but the other costs of owning a car- maintenance, insurance, parking fees and fuel — likely aren’t much less. What do you need to know to be eligible for a military-owned car loan Each lender has their own set of qualification criteria. You’ll typically require the following in order to be qualified for a car loan proof of your status as a military member, like your active-duty military identification card and discharge documents if you are a retired service member. Your contact information, including a local address for the place where you currently reside. Contact information for family members that can handle matters related to your loan if you are deployed abroad. The main point Military car loans offer a range of advantages, such as reduced interest charges, lower down payment requirements and federal security. However that even with a military loan however, the same risk of borrowing exist, such the possibility that you won’t be capable of making the repayments. This is why you must still research when you’re ready to make an application for an auto loan to ensure that you get the most favorable rate for your needs. Take a look at rates offered by military credit unions, such as and also, since they offer the best auto loans with competitive terms to active and retired members of the armed forces.
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Written by
Allison Martin’s work started over 10 years ago as a digital media strategist. Since then, 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 from late 2021. They are dedicated to helping their readers gain the confidence to manage their finances through providing precise, well-studied information that break down complex topics into manageable bites.
Auto loans editor
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