Special auto financing considerations for military members
For most of us, decisions about buying a car can be as simple as, “Should I get auto financing for a new car, a used car or a lease?” If you need a bad credit car loan, that can make things a little trickier. But if you are a member of the Armed Forces you have a whole other set of considerations when it comes to military auto financing.
Military deployment can impact shopping for a car with auto financing
An educational coalition called AWARE (Americans Well-informed on Automobile Retailing Economics) recently summarized some important points that military members should take note of as they are shopping for a vehicle if they know they will be deployed overseas.
“As consumers, the travel circumstances of service members set them apart from civilians,” said Eric Hoffman, AWARE spokesman. “Service members need to be aware of the ways overseas deployment can impact a vehicle finance sales contract.”
These considerations include:
- Most lease contracts stipulate the vehicle cannot be shipped overseas
- If you do have a leased vehicle, there is a law, the Service members Civil Relief Act, that allows military members to end a lease early and without a penalty if they have a permanent station change or deployment orders of more than 180 days.
- If service members finance the purchase of a car, truck or SUV, they usually have to get a letter of permission form the auto loan lender to take the vehicle out of the United States
- Vehicle warranties can also be affected. While they usually are valid nationwide, they likely will not be on foreign land
If you already have a car with credit centered in Lynnwood, you should let your creditors, including your loan lenders, know that you’ll be leaving the country, how you’ll be making payments and how to contact you if need be.
If you’re a member of the military and you keep these tips in mind when it comes looking for guaranteed auto loans for people with bad credit, you’re sure to have a much easier time in the whole process.
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