If you’re in the military and need a car loan, you may not know where to go to find financing – especially if you have bad credit. The good news is that there’s special financing available only offered to members of the armed forces, and we can help connect you to the right dealer.
Buying a Car While in the Military
Military auto loans come with more perks than traditional auto loans offered to regular US citizens. There are more discounts available, and they sometimes even apply to military spouses. Here are four benefits military auto loans can offer:
- Easier to get approved – Getting approved for a military auto loan is typically easier. The reason why is because lenders view military service as a type of collateral, as wages are stable and guaranteed.
- Special offers and incentives – Financing a vehicle is often more affordable with a military auto loan because many lenders offer special discounts like lower interest rates or cash back rebates.
- Flexible payment plans – Many lenders can adjust payment plans to accommodate active duty military personnel if they need to deploy.
- Lower down payments – Depending on the lender, military personnel above a certain grade may not be required to make the typical down payment.
In order to finance a car and qualify for any military auto loan, you need to bring in your military ID or documentation of prior active duty to the dealership.
Active Duty Car Loans
You may have heard of an active duty car loan if you’re in the military and considering financing a vehicle. An active duty auto loan is no different than a traditional auto loan. You apply for it just like you would a traditional car loan, but in order to qualify you need your military ID. Lenders who offer these types of auto loans also understand that at any moment you could be required to switch bases or be called up to serve.
Also, active duty car loans come with a number of benefits including additional discounts on certain new vehicles in many cases. You could be offered competitive interest rates, flexible payment options, and even zero percent financing. If you aren’t sure what you qualify for, it doesn’t hurt to contact the lender and ask questions.
Start Your Financing Journey Now
Whether you’re a retired military member or active duty personnel, there’s likely a car loan out there that can get you the benefits you’re looking for. The trick is finding the right dealer that has the lending resources available, and that’s where Auto Credit Express comes in.
We work with a nationwide network of dealerships that have the lending resources available to get you the financing you need. Get started today by filling out our free auto loan request form online.