If you're an active duty, reserve, or retired military member and struggle with bad credit, you may be wondering what you might qualify for when you need a car loan. There are some military auto financing programs available to members of the armed forces, but finding these programs can sometimes be difficult.
Military auto loans are offered to our nation's armed forces personnel. Active duty personnel, reservists, their families, and, sometimes, even military veterans qualify for military auto financing. To take advantage of these various programs, you'll need to have a current military ID or proper documentation of prior active duty. There are certain privileges that are available with military financing that aren't found in traditional or bad credit auto loans.
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If you're a member of the armed forces, you may be wondering about the benefits that come with military auto loans. The process of taking out a military auto loan is no different than any other car loan, but to qualify for one you must show proof of your military service. If you're unsure if you should apply for a traditional car loan or a military auto loan, consider these four benefits of military car loans:
If you're currently a member of the armed forces, you may qualify for an active duty car loan, regardless of your credit situation. An active duty car loan is just like a traditional auto loan except they're designed for active military personnel. The process of applying is the same as that of a traditional auto loan. The only difference is you must provide the lender with a copy of your military ID in order to qualify for an active duty auto loan.
Veterans may qualify for some of the same perks as active duty military personnel or reservists when they're looking for a car loan. Some manufacturers and dealers offer auto financing deals year-round for military personnel and veterans, while some limit their specials to patriotic holidays like Memorial Day and Veterans Day. If you're looking for a great deal on an auto loan as a veteran, it pays to talk to the dealer beforehand to see what discounts they can offer, and bring proof of your military service with you.
Guaranteed military auto loans are designed for military personnel with little to no credit history or a deep subprime credit score. Typically, when language such as "guaranteed" is used, these types of auto loans are offered by in-house financing car dealerships. They promise approval because these dealers don't use outside lenders and they usually don't check your credit. They'll approve any member of the armed forces that meets their income qualifications.