Military auto loan programs

The vehicle serves as collateral for the loan, so if you fail to make payments it could be seized by your lender. Easier to get approval. Military car loans are generally available even to service members with credit scores lower than the cutoff for regular car loans.

Lower interest rates. Lenders usually offer reduced interest rates for military car loans, such as a discount of 0. A lower rate could save you a great deal of money in interest payments over the length of the loan. No prepayment penalty. If you pay off a military car loan early your lender will not charge a prepayment penalty, such as the one might come with regular car loans.

Lower down payment. You can pay less money up front for military auto loans, with some programs offering no-money-down loans. Longer repayment period. Regular auto loans tend to have 36, 48 or 60 month terms, with shorter term loans offering lower interest rates. Military auto loans offer even longer options for repayment periods. To get a military loan you need to provide proof that your military status qualifies you for the loan.

If you are an active duty member of the military you can provide your active duty military identification card. You will also need to provide contact information, including a local address for the location where you are currently stationed. Chase offers a full range of auto financing products for new and used cars, and a car buying service for customers, including military personnel.

Explore Auto Options. Eligible military customers can take advantage of benefits under the Service members Civil Relief Act SCRA or other state laws that provide benefits to military customers. Please review its terms, privacy and security policies to see how they apply to you. Skip to main content Please update your browser.

Please update your browser. Close this message. Home Sign in Free credit score Financial Education. They do, however, allow for a lower credit score than many VA lenders are willing to accept. They tend to come with more out of pocket expenses than VA loans but may be preferable in some cases. It does, however, require that you are using it to refinance an already existing VA loan.

It can be done with no out of pocket money by including the coast in the loan or by making the interest rate higher. There is the risk of the interest rate increasing when applying for this type of loan. In order to qualify, your tribal government must have an agreement with the Veterans Administration. In addition, you must have a valid VA home loan Certificate of Eligibility COE , meet credit standards, and have proof that you have enough income to cover the mortgage as well as your expenses.

This loan does not require a down payment in most cases. You will not need Private Mortgage Insurance PMI , there will be limited closing costs, you will be able to use the loan again in the future for another home, and there will be a low-interest year fixed mortgage.

Traditional Financing — Conventional loans do not come with a government mortgage guarantee and generally require a down payment. In addition, the interest rates may be higher than with the previous options, and the credit requirements may be higher as well. Do you need a new vehicle? Consider the following options before going with a traditional car loan:.

Military Loan Programs — Military car loans are available to active duty military or retirees who have served 20 or more years in the military. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. You May Also Like.

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