Military car loans are similar to regular auto loans except that some lenders specialize in this area and are more understanding about loans for military personnel.
These lenders realize you are serving your country and you may be moving around more often that the average person. You may not have time to establish the average credit rating either. How can you open accounts at department stores if you are deployed where there are no shopping malls? Many traditional lenders don’t “get it” so going to a specialist will make your life easier.
The requirements to qualify for military car loans are specially tailored to the needs of our men and women in uniform. These criteria take into account the lifestyle of today’s soldiers, including frequent changes of address, perhaps a late payment on the credit record due to being deployed overseas, and lack of some common types of credit such as department store cards.
Part of the security for the military car loans is the automobile itself. So the lender will usually want to know that you are dwelling somewhere in the 50 states. That is just in case they ever need to reclaim the vehicle. This is known as a repo.
The other security for the loan is your paycheck and income. The lender will take into consideration the amount you earn, less any existing obligations such as other debts, family support, etc.
If your credit looks okay, without a lot of problem accounts, and you earn more than enough to make the loan payments, then your odds of being approved for military car loans are good.
This editor had good credit until a divorce came along and totally ruined it. So chances are, for a long while my credit was far worse than anybody reading this article. Yet after a while I was still able to buy a car so you can too. It wasn’t easy but if you shop around and follow the tips here you can get a vehicle. It may not be a brand new sports car or SUV but it will probably be a quality used car or truck that you will be proud to drive. Remember there are even some car loans with bad credit for military members if you look around for them.
New cars lose a big chunk of their value when you drive them off the car lot. Better deals are cars that someone else bought new and took good care of. They lose the car’s value in the initial depreciation, instead of you.
Online lenders now make it convenient to apply any time from any place. You can quickly and easily compare online the competitive interest rates and offers from a variety of sources. Take your time and shop around for the best deal on military car loans. You’ll be glad you did.