As a military veteran, you may think good car loan deals only apply to active military personnel. But, you don’t need to be active to get an auto loan. In fact, you don’t even need perfect credit in most cases, either. Most military veterans can get financed as long as they work with the right lender.
Car Loans for Military Veterans
Although military veterans won’t qualify for an active duty car loan, they could still qualify for similar benefits. Some manufacturers offer year-round discounts for military veterans, while others may only offer discounts during military-related holidays like Veterans Day or Memorial Day.
If you have good credit, you can approach a traditional lender and discuss what options you have as a military veteran. But, if you have bad credit, you may find it a little more difficult to find financing. Even if there’s a military veterans discount offered, you won’t be able to get it if a lender isn’t able to work with your credit. If you’re struggling with credit, you need to find a subprime lender to work with instead of going to a traditional lender. While the discount can be nice, it’s important you find the right lender to help you get financing first, and worry about discounts later.
If you get declined for a subprime car loan, your next best option is to find a guaranteed military auto loan. Although these “guaranteed” loans are easier to get, you may not get any special discounts for being a veteran. The reason is because the dealers who offer these finance vehicles in house and don't use any outside lenders. Some of these dealerships may offer incentives and discounts for military veterans. You just need to ask what they have to offer and bring in proof of service.
What Makes Military Auto Loans Different?
Military car loans are the same as any other auto loan. The only difference is that they come with benefits that cater to military personnel who are either active or retired. Besides military discounts and incentives, some other benefits may include:
- Easier approvals
- Lower interest rates
- Flexible payment plans
- Lower down payments
Remember, each lender is different. It’s important that they answer any questions you have about the car buying process as well as the military discounts they offer.
Stuck on Finding Financing?
If you’re a military veteran with bad credit and wonder where you can find financing, look no further than Auto Credit Express. We work with a nationwide network of dealers that have the lending resources available to get you the financing you need. Get started today by filling out our free car loan request form.