If you are in the active duty or armed forces reserve, you may qualify for additional incentives and benefits when you apply for military auto financing. This special type of financing is custom tailored for members of the armed services, and not only do they provide more financial and credit solutions, they can also work with you on the unique difficulties of financing a car in the military.
Getting military auto loans have several distinct advantages over your average car loan. When lenders look at a prospective borrower, there are a few key factors they judge you on before determining how big of a risk you are to lend to. Some of the most important are credit score, length of employment and monthly income.
Being a member of the armed forces automatically puts you at a big advantage for several of these factors, and it gets you much better deals on an auto loan. Your job security is obviously rock solid; not many employers have a better line of credit than the federal government. Lenders see your source of income as very reliable, and they know you will be paid on time, every time. This all makes your application look much more secure.
You will also receive lower interest rates than you normally would, even with a bad credit auto loan. This is just another thank you given in recognition of everything you do and sacrifice for our country. Even a reduction of one or two percentage points can equate to a lot of money saved in the long run, as shown in this table:
|Loan length||60 months||60 months|
In addition to getting more favorable rates, terms and conditions, the approval process is much quicker and easier with military loans. It is already pretty fast for regular car buyers, but it is extradited even further for government personnel. They make it as convenient as possible to get you through the entire process as fast as possible.
Lenders are also more lenient on you in some other areas because they know that working in the military is much different than any other place of employment. Members of the Army, Marines, Navy, Coast Guard, and Air Force deal with things that most people simply do not, such as being suddenly relocated, extended periods of time away from civilization and things like that. Because of these things, it is sometimes very difficult for military personnel to establish credit the traditional ways, so lenders are much more lenient on your credit requirements than they normally would be. For the same reasons your payment schedule can also be much more flexible, since they know you simply may not have the option to make your payments when you are supposed to. You are also not required to have a US domicile for these same reasons. There are many programs and options open to you that you may qualify for, even when you are deployed half way across the world. You can do everything you need online.
So to review, some of the major benefits to getting military auto loans are:
Financing your car with a military loan opens you up to more benefits than you could get as a civilian, and offers a realistic and practical way for the men and women fighting for our rights to get help for the cars they need.
Applying for a military car loan online is fast and easy, and with some basic information you can be well on your way to finding auto finance in your local area.
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