Every man wonders if he has created a distinct place for himself in this world. But the military personnel shouldn’t think of it. You all have already made a difference.
Freedom isn’t free. Our nation will remain free as long as we have heroic people like you. The entire nation applauds your efforts and courage. You stay out of homes so that we can be safe in our homes.
While you are away, you want to fulfill all the needs of your family. A car is one of them. With growing distance between work and home, a car has become indispensable in every household. It is an expensive necessity. So, an auto loan has become essential these days.
Don’t worry about higher interest rates, high processing time and complicated loan terms. You can easily buy your car with the help of military auto loans. You will get several benefits with it.
Loan without Collateral
The lender won’t ask for any collateral so you don’t have to worry about pledging your assets. You get a loan without any burden.
Does Not Require U.S. Domicile
Typical auto loans will require you to have a permanent place of residence. This is just impossible for you. But with military auto loans, you can get finance regardless of your deployment location.
Lower Interest Rates and Charges
These loans are often available at lower interest. The reason is your job and income stability. The lender is assured of regular future payments and so has greater faith in you. This translates into more benefits which are as follows:
>> Longer duration to pay off your loan
>> 100 % financing of your car
>> Less charges for tax, licensing, etc. and lower origination/activation fees
No Pre-Payment Penalty
Lenders won’t mind if you decide to pay off your loan early and hence, won’t penalize you for the same. But, it is essential that you check the pre-payment penalty clause before taking any steps. Better to be safe than sorry, isn’t it?
Loans Available at Low Credit Scores
The qualifying credit score is lower than the usual credit score requirement for civilians. Lenders do understand that your life-style and needs are different than the other people. It is absolutely unjust to judge you on the same platform. And so your credit score is of less importance. Your income stability also plays an important part here.
Missing a payment is an absolute sin.
But you are in military and overseas deployment is a reality for you. It will obviously become difficult to make payments during that time. In this scenario, the lenders will offer you to postpone the payment. You can delay it even when you are in some financial difficulty. This flexibility is not available to others.
You also have the option of giving the Power of Attorney to someone trustworthy. By doing so, he/she can take decisions on your behalf and also make your loan payments.
After knowing all the benefits, you must be eager to know the criteria for availing military auto loans.
To avail the auto loan, you should be actively serving in the military. You can get loan even if you have recently joined the Armed Forces.
The lender may ask for your latest Leave and Earnings Statement which has all the monthly details of your pay and leave status.
Don’t fret if you are a veteran, you can avail a loan under Veteran Military Loans at lower rates.
You will have to provide your contact details. Do remember to inform the lender of your current deployment and ensure that he is aware of change in location, if any.
You will be required to give the following details:
>> Address where you are stationed
>> Personal Contact Information- address, cell phone number and e-mail ID
>> Social Security Number(SSN)
Your credit score will determine you credit worthiness. The lenders will pull out your credit score to ensure that you have a good credit. You will be able to avail loan even if you have a low score.
There are few lenders who offer No Credit Check Military Auto Loans. This is particularly useful when you have a bad credit score.
How can you pay for the loan?
You have several options of making payments. A few are listed below:
>> Direct Military allotment so that your regular payment is done without any disruption
>> Credit card or checks
The requirements for military auto loans are quite few. They are very easy to obtain.
And now with the advent of internet, it has become easier. Several companies will provide you loans just at the click of a button. So do a thorough research of these companies and don’t forget to compare the quotes provided by them.