Military Auto Loans
If you are in the active duty or reserve military, 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 military, 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.
Why military financing is different
Getting military auto loans
in the military has 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.
- Credit score - your credit score is basically a mathematical report card on how reliable and trustworthy a borrower you are
- Length of employment - this show lenders that you are reliable and can hold down a job long enough to pay them back
- Monthly income - lenders want to ensure that you actually have the means to repay your loan
Being in the military 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 the military does and sacrifices for our country. Even a reduction of one or two percent can equate to a lot of money saved in the long run, as shown in this table:
|Interest rate ||6% ||4% |
|Total financed ||$10,000 ||$10,000 |
|Loan length ||60 months ||60 months |
|Monthly payment ||$193.33 ||$184.17 |
|Total cost ||$11,600 ||$11,050 |
More benefits to military auto finance
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 military 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. Military members 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.
5 Benefits of A Military Auto Loan
So to review, some of the major benefits to getting military auto loans
- More lenient credit requirements
- More lenient terms and conditions
- Lower interest rates
- More flexible payments
- Easier and faster approval
Get your military loan today
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 our military to get help for the cars they have to have. 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 military auto finance in your local area.