Military personnel looking to buy a car have a number of financing options available to them. Depending on their personal circumstances, they may be eligible for special loans from the military or other government-backed services, as well as discounts from car manufacturers and dealers. Many servicemembers take advantage of VA loans, which are home loans offered to veterans to purchase a car at reasonable rates. Active-duty personnel may also qualify for a Military Installment Loan Program (MILP) loan from a trusted lender, which may include a lower interest rate than traditional auto loans. Lastly, Servicemembers Civil Relief Act (SCRA) protections may give military personnel in active duty status a reduced annual percentage rate when financing their vehicle.
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