Military Auto Loans available to active or retired military near Topeka, KS
United States Military Auto Loans - So the time has come to purchase that vehicle you've had your eye on -- but what kind of loan should you get to pay for it? Any quick search on the Internet brings up literally hundreds of companies that offer loans, and some also offer "military car loans." What are these military car loans about, and what advantages do they offer? Read on.
Here are the Basics according to Military.com
The main difference between a military car loan and a regular car loan is simple: the military car loan is only for those who are currently serving on active duty, or are a military retiree (20 years or more served). But what sets them apart from the usual car loan?
- Low Interest Rates - Military car loans generally have lower interest rates than other types of loans. Here's a quick example about the power of interest rates: If you take out a $15,000 loan to be paid off within four years at a 10% interest rate, you'll end up paying $380.44 a month, or $18,261.12 total when all's said and done. If you have the same exact loan at a 7% interest rate, you'll end up paying $356.19 per month, or $17,241.12 total. A few percentage points equals a few hundred bucks a year, which can make a big difference when you're trying to balance your budget.
- Low Down Payment - Military car loans can offer a lower down payment compared to regular loans, which means you're required to pay less money up front. This can come in handy if you don't have a lot saved up to buy your vehicle.
- Easier Approval - If your credit rating is lower than average, or you have a limited credit history, you may have an easier time getting approval with a military car loan compared to a regular car loan. In most cases you can apply for a loan and get approved online.
- Longer payment periods - Military car loans are also known to have relatively longer repayment periods, which means that you'll have lower monthly payments.
- Additional discounts and rebates - Some lending companies also have discounts and rebates if your car loan is used to buy a new vehicle.
Contact Topeka Car Credit today a division of Lewis Toyota located in Topeka, KS fill out the short form on this page.