AUTO LOANS
Military auto loan
Military auto loan is similar to the usual auto loan. There are a number of specialist lenders that only caters to military auto loan. Bank of America offers military auto loan financing for cadets, midshipmen and newly commissioned officers Special Loan Program.
In order to apply of Bank of America’s military auto loan or the unsecured loan, those qualified can call between 7 a.m. and 8 pm Central time from Monday through Friday.
Eligibility criteria for military auto loan applicants include:
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Qualified applicant with a checking account
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Favorable credit check
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Must be committed to serve on active duty for at least 36 months
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Copy of active duty orders or latest LS or notification of active duty assignment. Or, Commander, PAS, PMS, PNS, AOC or Tactical Officer confirming your coming active duty entry date and commitment in the loan application certification section.
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If no active duty orders or notification of assignment and no active duty date, you can apply for special six-month deferred auto loan or three-month deferred Unsecured loan. Payment begins at the end of the deferral period even if you have not started active duty. You can have the Commander, PAS, PMS, PNS, AOC or Tactical Officer completes the loan application certification section to confirm your active duty commitment.
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Apply for Auto loan and one unsecured loan at preferred rates up to two years after entering active duty. (HPSP and USUHS officers can apply up to two years after completing medical school.)
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Second lieutenants and ensigns must have less than two years of active service.
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ROTC and academy senior must serve on active duty for at least 36 months.
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Newly commissioned officers who enter the National Guard or Reserve forces must be in a paid drill status and can apply within two years of commissioning. And must agree to direct deposit of drill pay and regular deposits of civilian income and provide documentation of civilian incomes.
Bank of America’s military auto loan program allows cadets, midshipmen and new commissioned officers to pay for a new or used car with low-rate military auto loan. Decisions on military auto loan applications are usually within 10 minutes.
Military auto loan for new cars enables you to avail of up to $25,000 including tax, title and license fees. You can defer the first payment up to six months. And finally, military auto loan for new cars finance the current year models at new car rate.
Military auto loan for used cars allows qualified military personnel to borrow money up to full retail value in NADA pricing guide which could run to $25,000. Military auto loan for used cars can defer first payment for up to six months.
Bank of America also offers military auto loan refinancing which can refinance existing new and used auto loans with other financial institutions at special loan rates.
You can also avail of military auto loan through Unsecured loan. This loan allows one to borrow money for major purchases which could be up to $5,000 and defer first payment up to 3 months if not on active duty yet.
There is also Unsecured/New auto combination loan option for military auto loan. You can borrow up to $25,000 with $5,000 available in cash. This loan is for new automobiles only. And the military auto loan applicants must have active duty orders.
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