"How do military car loans work? "
Do these types of loans have any advantages over regular car loans?
Answer provided by
Answered on Apr 05, 2021
“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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