"How do military car loans work? "
Do these types of loans have any advantages over regular car loans?
“Many lenders offer military car loans to active-duty and retired career members of the United States Armed Forces (Army, Navy, Air Force, Marines, Coast Guard).
These loans generally work the same way other car loans do, though they have some advantages that make them very attractive to service members — interest rates and down payments are lower, longer terms are available, and qualifying criteria are more forgiving.
It also helps that the application process is quicker for service members compared to civilians. All that is required to apply is proof of service, a Social Security number, and a permanent address. “
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
What coverage limits should I get for my car in Maine?
I recently bought a 2014 Subaru and I'm not sure what coverage limits I should get. I have a clean driving record. I'd like the cheapest insurance possible with the right amount of coverage. What limits should I be asking insurance carriers for?
Apr 30, 2021
How do I know what type of liability coverage to choose for a $6,000 car?
I just paid cash for a car ($6,000) and now I need to get insurance before I register it. What type of liability coverage do I need?
May 04, 2021
Can OnStar unlock my car doors?
"I recently purchased a car with the OnStar system and signed up for membership. If I lock myself out of my car, can OnStar unlock the door?"
Jun 22, 2021