Military Auto Loans

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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.

Here at Auto Credit Express, we want to help those who serve or have served our country get connected to a dealer with the resources available to help them. The lenders our dealerships work with specialize in subprime financing, and may have special programs dedicated to military personnel. Don't leave your car buying experience hanging, start the process with us today and find out how we can help you!

Auto Financing for Military Personnel

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.

The advantages of military car loans are exactly what set them apart from a loan that a civilian would qualify for. Military financing is different because these loans are often offered with special discounts, lower interest rates, lower down payment requirements, and longer loan terms. Additionally, it may be easier to get approved. Lenders view military service itself as a form of collateral, knowing wages for these services are virtually guaranteed, which means loan payments are, too. Because of this stability, military auto loans are typically processed and approved very quickly.

These advantages of military car loans, along with the ability to apply online from anywhere in the world, are just some of the perks that set US military financing and bad credit auto loans for military personnel apart from the crowd.

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Benefits of Military Auto Loans

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:

  • Easier to get approved If your credit history is limited or your credit score is low, it's easier for military personnel to get approved for a military auto loan compared to a traditional auto loan.
  • Lower interest rates Military auto loans typically have lower interest rates. Because military car loans may have lower interest rates than traditional auto loans, you can expect monthly payments to be lower, as well. This makes financing for military personnel more affordable in the long run.
  • Flexible payment plans Lenders who finance military auto loans can sometimes offer flexible payment plans. Sometimes, military car loans are offered with longer loan terms, which result in lower and more flexible monthly payments. If the borrower is unable to make a payment due to their military service requirements, such as an unforeseen deployment, these lenders are usually more willing to offer tailored payment plans, too.
  • Lower down payments Military personnel may not be required to make as large a down payment for an auto loan as a civilian would be. In some cases, active duty military personnel may even be able to qualify for zero down car loans.
  • Special discounts – If you plan to buy a new car, many automakers offer special military incentives like cash back rebates for active duty, reserve, and even retired military personnel and their families.

It's always good to ask the lender or dealership finance manager questions about what's available to you. With all the different military auto loan programs, discounts, rebates, and terms offered, it's best to get informed before making a decision.

Getting an Active Duty Car Loan

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.

When you apply for an active duty car loan, you may be offered discounts and deals not available to civilian buyers, or even reservists or veterans of the armed forces. For example, if you buy a new vehicle, most lenders offer additional discounts, making it more affordable for you. Other special deals may include competitive interest rates, flexible term options, or no down payment deals. Keep in mind that it's always good to ask the dealership or lender what they have to offer and what you qualify for before applying.

Car Loans for Veterans with Bad Credit

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.

However, if you're a veteran with bad credit, this process can be complicated. Not all dealers have the ability to work with bad credit, and any discounts for veterans offered may not apply if they can't work around your credit. Instead, you're better off finding a dealer that can work with your situation first, and then focus on any discounts they may offer.

Here at Auto Credit Express, we specialize in working with dealerships that offer financing for people with credit challenges, including veterans. An auto loan can be a great tool for credit improvement, but you have to have the right lender. These subprime lenders work through dealerships and can't be contacted directly for financing. But, if you fill out our easy auto loan request form, we'll get to work matching you with a dealer in your area that has the lending resources you need.

Guaranteed Military Auto Loans

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.

Dealers that offer guaranteed military auto loans understand that not every military member is able to qualify for a traditional car loan. To get a guaranteed military auto loan, you go to the in-house financing dealership, meet with someone in their finance department to set up the details of your loan, and choose from the vehicles on their lot that you qualify for. You should ask if they offer any special military incentives, and bring your military ID along with other needed documents, such as proof of income.

Guaranteed auto loans aren't always the best option in some cases. These in-house dealerships may only be able to offer higher than average interest rates, only carry older used vehicles, and not report loans or payments to the credit bureaus. So, if you want to improve your credit over time, a guaranteed military auto loan may not be the best route to take.

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as of 05/26/2024