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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 choices by providing you with interactive financial calculators and tools as well as publishing original and impartial content. We also allow you to conduct research and compare information for free - so that you can make financial decisions without a doubt. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies who pay us. This compensation can affect the way and where products are displayed on this website, for example for instance, the order 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. However, this compensation will have no impact on the information we publish, or the reviews that you see on this site. We do not contain the universe of companies or financial offers that may be open to you.



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2 min read Published 19 July 2022
Written by Allison Martin Written by

Allison Martin's work started over 10 years prior to that as a digital content strategist. She's been featured in a variety of top financial publications 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 since the end of 2021. They are enthusiastic about helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.









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In the case of buying automobiles, U.S. military members benefit. Many lenders provide 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 retired from service, there is an opportunity to be eligible for a military auto loan with a . 6 benefits of military car loans Car loans for military loans are better than conventional car loans in a variety of ways: Easier to get approved. Military car loans are usually available to service members with credit scores to qualify for regular car loans. The approval process is usually faster as well. Lower interest rates. Lenders usually offer reduced interest rates for military loans like a discount in the range of 0.25 percent to 0.50 percent from their standard rates. A lower interest rate could save you a great deal of money in interest payments over the length time of your loan. No prepayment penalty. If you repay the military car loan early your lender will not be charged the same penalty, as one you pay for with regular car loans. Lower down payment. You can pay less money in advance to get military car loans and some programs offering no-money-down loans. This makes it simpler to save enough funds to purchase a car, but having less money upfront means you'll be paying more interest over the long haul. Longer repayment period. Regular auto loans generally come with 36-, 48-- or 60-month terms, with shorter term loans with less interest. Military auto loans have longer terms in terms of repayment. Legal protections are provided by the Servicemembers Civil Relief Act (SCRA) provides active-duty service members security for installment contracts, including auto loans. The SCRA also prohibits the repossession of a vehicle by creditors for breach of contract without a court order. The SCRA also limits the rates of interest charged for auto loans which were issued prior to joining the service. Drawbacks of military car loans The same risks that are present in any auto loans apply to military auto loans and, most important the possibility that you may not be able to pay your installment payments. Defaulting on your loan could hurt your credit score and make it difficult to get loans later on. The ease at the ability of military personnel to get an auto loan can make it more crucial to be careful and carefully consider your purchase. The loan could be more affordable due to your status as a military member however, the other expenses of owning a car -- maintenance and insurance, parking charges 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 specific set of qualifications. You'll typically require the following in order to be qualified for a military vehicle loan Documentation of your status as a military member, like your active-duty military identification card or military or discharge papers if are a former service member. Your contact information, including an address in the local area for the place where you currently reside. Contact information for family members that are able to handle issues related to the loan when you are overseas. The bottom line Military car loans come with a variety of benefits, including lower interest rates, less down payment requirements and federal security. But remember that, even with a federal loan however, the same dangers of borrowing are present, including the possibility of not being capable of making the repayments. This is why you should still shop around when you're ready to make an application for the auto loan to ensure that you get the best rate for your requirements. You should consider checking rates with military credit unions, such as and , as they offer the best auto loans with competitive rates to active and retired members of the military.


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Written by

Allison Martin's work started over 10 years ago as a digital media strategist. She's been featured in a variety of top financial publications, 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 committed to helping readers to take control of their finances through providing concise, well-studied and well-researched content that breaks down complicated subjects into bite-sized pieces.






Auto loans editor




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