"How do military car loans work? "

Do these types of loans have any advantages over regular car loans?

Answer
“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. “
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Jim Donaher
Answered on Apr 05, 2021
Jim Donaher is a freelance writer and manager with over 35 years' experience in the insurance, banking, and investment management businesses. He provides expertise on a range of topics and is able to explain complex industry information in layman's terms. Jim is the author of two books, including Call Him, He's Home: A Guide to Prayer for Regular People and Then Larry Smiled, a novel about life, death, accountability, and salvation. Taormina, Sicily is his happy place!
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