What is a Military Auto Loan, and How is It Different From a Regular Auto Loan?
All loans work in a similar way: They let you borrow money up to a certain amount, and you can pay them back in easy monthly payments. But the real difference between a military auto loan and a regular auto loan is that you may only qualify for one if you are on active duty or a military retiree.
There are several other key differences as well:
Military car loans have lower interest rates than other types of loans.
Military car loans have low down payment plans.
Military car loans are easy to get approved for, even for those with poor credit history.
Military car loans have longer payment periods so that you can spend more time paying off the loan.
Military car loans have rebates and discounts which can help put some money back into your wallet.
How to Get a Military Car Loan
You should have an idea of what kind of vehicle you want to purchase before applying for a loan. After you know what you are looking for, you should also be aware of how big of a loan you can afford as well. Shop around to find the best rates between dealers - don’t just go with the first dealer you see.
When you have all of your financials in order, there are a few simple steps you must take to apply for a military auto loan:
Show proof of military ID and service. Of course, you won’t be eligible for the loan if you don’t provide proof that you are in the military and have performed the proper amount of service. Be sure to provide your social security number and residential address as well, as the loan institution will need to verify all of those things before approving the loan.
Show your credit report. Don’t be afraid to bring a copy of your credit report, even if your credit score is low. Some lenders can research your credit report on their own, but it’s nice to be able to show them that you are aware of your credit situation.
Assign power of attorney. In the event that you cannot sign your loan in person, for example if you are deployed during the loan application process, you can assign power of attorney to someone, so that they can sign on your behalf.
Sign Up for a Military Auto Loan Today!
If you’re ready to purchase a new or used vehicle, and you have all of your official documents together, you can apply for a military auto loan today! To get started, you can sign up with our online application and we will start looking for the best military auto loans for you. You can also use our loan payment calculator to figure out how much you might owe on a monthly basis. The key to having a successful auto loan is to be on top of your payments and to find the best auto financing solution for you!