If you are in the military, you have sacrificed your life to serve our country. Since this is quite a sacrifice, military members often receive little things at restaurants, such as discounts or free movie tickets. Despite these small discounts, there are also more extensive perks, such as VA loans for houses and military auto loans near Mukilteo.
What is a Military Auto Loan?
The main difference between a military loan and a regular car loan is that a military loan is for someone who is either actively serving in the military or has retired from the military. To be a retiree from the military, you must have served at least 20 years.
Lower Interest Rates
Military auto loans typically have lower interest rates than other loans. For example, if a non-military member is offered a 10% interest rate on their car, a military member may be offered the same car at 7%. Only a few points can make a huge difference.
Lower Down Payment
You will also be offered a lower down payment when applying for a military auto loan. This means you pay less money upfront. This can be helpful if you are unable to save up a large sum of money before purchasing your vehicle.
Compared to standard car loans, military auto loans allow you to purchase a vehicle even if your credit is lower than average. This will also come in handy, especially for younger people who do not have a long credit history.
If you are retired or currently serving in the military and looking to purchase a car, then you may want to look into military auto loans in Mukilteo. If you do not know where to start, contact us at Carson Cars, 425-697-6969.