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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 smarter financial decisions by offering you interactive tools and financial calculators as well as publishing original and impartial content. We also allow users to conduct research and compare information at no cost - so you can make decisions about your finances without a doubt. Bankrate has agreements 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 who pay us. This compensation can affect the way and when products are featured on this site, including, for example, the order in which they may appear in the listing categories, except where prohibited by law for our mortgage or home equity products, as well as other home loan products. However, this compensation will have no impact on the information we publish, or the reviews you read on this site. We do not cover the entire universe of businesses or financial offers that may be accessible 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, and she's since published in numerous prestigious financial media outlets, 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 editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched 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 offer military-specific auto loans that function similarly to regular auto loans, but with better loan terms. If you're serving in the military or retired from active duty, there's an opportunity to get a military car loan with the right terms . Six advantages from military vehicle loans Car loans for military loans are better than conventional car loans in many ways. They are easier to get approved. Military car loans are generally available even for service members who have credit scores for normal car loans. The approval process is typically quicker as well. Lower rates of interest. The majority of lenders 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 can help you save a lot of cash in interest payments for the duration of the loan. No prepayment penalty. If you repay an military vehicle loan earlier, your lender does not have to charge you the same penalty, as one that is included in regular auto loans. A lower down payment. You'll pay less upfront to get military car loans, with some programs offering no-money-down loans. That makes it easier to save up enough for a purchase, though paying less upfront means you'll have to pay higher interest in the long term. Longer repayment period. Regular auto loans tend to come with 36-, 48-or 60-month terms with shorter term loans offering lower interest rates. Military auto loans have longer terms for repayment terms. Legal security: The Servicemembers Civil Relief Act (SCRA) provides active-duty service members security for installment contracts, like auto loans. These protections include prohibiting the repossession of a vehicle by creditors due to breach of contract without a court order. The SCRA also restricts the interest rates charged on auto loans that were opened prior to the time you joined the service. The drawbacks of military auto loans The same risks that apply to all auto loans are applicable for military car loans -- most importantly, the risk that you may not be able make the installment payments. In defaulting on your loan could hurt your credit score and make it more difficult for you to obtain loans in the future. The ease in that military personnel can obtain an auto loan can make it more imperative to be cautious and think through the purchase. Your loan might be cheaper due to your status as a military member, but the other costs associated with owning a vehicle - maintenance, insurance, parking fees and fuel will not be less expensive. What do you need to know to be eligible for a military-owned car loan Each lender has their own set of qualification criteria. But, generally speaking, you'll need the following to be qualified for a car loan proof of your status as a military member, like your active-duty military identification card or discharge papers if you are a retired service member. Contact information, such as a local address of the place you currently reside. Contact details for family members who can handle matters related to the loan if you are deployed abroad. The main point Military car loans come with a variety of benefits, including lower interest rates, less down payment requirements, as well as federal security. But remember, even with a military loan however, the same risks of borrowing apply including that you may not be able to make the payments. Therefore, you must still research when you're ready to apply for the auto loan to ensure you receive the most favorable rate for your requirements. You should consider checking rates with military credit unions, such as 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 prior to that as a digital content strategist. She's been published in several leading financial outlets such as 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 committed to helping readers gain the confidence to control their finances by providing concise, well-studied and well-researched content that break down complex subjects into bite-sized pieces.






Auto loans editor




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