The Ins and Outs of Military Car Loans

August 27, 2017 No Comments

Now it’s time to purchase your favorite military car but have you ever thought that what kind of loan is best suitable for it? If you start searching on the internet, you will come across hundreds and thousands of companies that offer Military Car loans to their customer to purchase cars. What are these companies and what services they offer? Let’s have a look:

Difference between Military Car Loan & Regular Car Loan

The only difference between the Military Car Loan and Regular Car Loan is that the Military Car loan is offered to those currently serving in the military whereas the regular car loan is for everyone.

The Pros

Low-Interest Rates

The interest rates on the military car loans are comparatively less than that of the Regular car loans.

Low Down Payment

Military car loans has the facility of low down payment that means if you haven’t saved enough money for your car, you can pay less.

Easy approval

If your credit history is limited, then you may get approval faster as compared to Regular car loans time approval.

Longer payment periods

Military Car loans have longer payment periods, that means you have to pay less every month.

Additional discounts and rebates

If you have already used your military car loans before, then the company will offer some additional discounts and rebates to its customers.

The Cons

Having enough money to buy a car

If you have enough money to buy a brand new military car and you can pay full amount without getting into any financial crisis, the go for it as it will save almost $7000-$8000 of your total money.

Loan Risks

Although they are called Military Car Loans but these loans are offered by private institutes which have the same rules and policy for both, the military people as well as for the civilians.The automotive CRM software present in the companies will automatically detect whether the person belongs to a military family or civilian. Unlike an unsecured debt, you cannot end up defaulting your loan, it may have a negative effect on your credit rating.

Tips to get Military Loan

  1. Decide which car you need to buy before applying for the loan.
  2. Do some research before applying to any Loan company for the first time.
  3. Get all your military documents to ensure that you are a part of Military Service
  4. Provide proper and correct contact numbers and addresses so that can contact you whenever they need to.
  5. Always get your credit report so that if you want to apply to some other company you can give your credit history.
  6. In the case when you are out of your country, make sure that you have assigned Power of Attorney to some trustworthy person who can sign your documents on your behalf.

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