Auto Loans

Best Military Auto Loans of 2022

If you are a member of the military — whether active, retired, or in the Reserves — you qualify for military discounts when financing your car. Military auto loans can make your dream car a reality.

But who offers the best auto loan rates? And how can you ensure that you’re getting the best deal on your military auto loan?

What is a military loan?

A military loan is a loan designed for members of the military and their direct relatives. It can be a personal loan, auto loan, mortgage, or other loan types.

Military loan lenders offer competitive rates and unique features. However, make sure to compare the loan options exclusive to military members with the other options available to all consumers. Also, the more you know about the loan ecosystem, the easier it will be to find the best deal.

Do military members get discounts on military auto loans?

Yes, they do! Many automakers, including Acura, Ford, General Motors, Harley Davidson, Hyundai, and Nissan, offer discounts and incentives for military members.

Once you figure out which car you want, be sure to find out if the manufacturer offers a discount.

Even if your manufacturer of choice doesn’t have any applicable offers, you can find lenders that offer military discounts. These discounts can take the form of low interest rates, low down payments, easier approval, or more extended payment periods.

But who has the best auto loan rates and offers? Let’s take a look.

The Best Military Auto Loans

Here are our the top picks that can help you get into a new set of wheels quickly and easily.

Navy Federal Credit Union

The Navy Federal Credit Union (NFCU) was established in 1933 and has grown to include over 7 million members. The NFCU aims to be the financial institution that military members and their families prefer. Also, the company provides a wide range of financial services and loans, including auto loans.

Navy Federal Credit Union’s auto loans provide perks such as low-interest rates and 100% financing. However, your exact rates, terms, and conditions will depend on your credit and income profiles. Loan terms range from 36 to 96 months, and interest rates start at 1.99%. Since credit unions have a cap interest rate, it may be in the best interest of those with bad credit to go with a credit union such as NFCU.

NFCU also offers an Auto Buying Program to help you find a low-priced vehicle. The Auto Buying Program from Navy Federal can help you find a new car or a used car to finance and show interest rates. To use it, go the program’s website and enter your zip code. Furthermore, you can use this feature to browse used cars or customize a new car to your desired specifications.

If would like to purchase a car during deployment, there’s also a program to help those who are buying from overseas.

Also, check out this post if you’d like to learn more about credit union auto loans.

Pros and cons of NFCU:


  • Low interest rates
  • 100% financing available
  • Auto Buying Program streamlines the process
  • Overseas Auto Buying Programs makes it easy to buy from anywhere
  • Long history of serving military families
  • 24/7 live customer service
  • Serves all 50 states
  • Highest interest rate is 18% APR


  • No origination fee
  • Check is sent via mail to present to seller

United Services Automobile Association (USAA)

United Services Automobile Association (USAA) is a financial services company that serves military members and their families. Founded in 1922 by 25 U.S. Army members, it now has over 11 million members.

Its military auto loan offerings include loans for new cars, used cars, and refinancing for existing loans.

The lowest military auto loan rates are available for new cars. For used vehicles, you will receive better rates if you finance an amount over $15,000.

Military auto loan terms range from 12 to 84 months. As with the other lenders, the exact rate and terms you get will depend on your credit. Although USAA considers applicants of all credit types, you’ll need excellent credit to get the best rates.

Likewise, from NFCU, this lender also provides a car buying service that will help you find the right vehicle at a reasonable price. This service reportedly saves customers an average of $3,335 on their purchases. And if you use it, you also get a .50% discount on your interest rate. A comparable discount is also available if you set up automatic payments.

Pros and cons of USAA:


  • Competitive interest rates
  • A long history of helping members of the military and their families
  • Discounts on interest rates are available
  • Car buying service helps to streamline the process and save
  • No payment for up to 60 days
  • Products available to protect purchase
  • Apply online and print out check instantly
  • Not required to use their car buying service to get a loan
  • Reputation for great customer service


  • Interest rates will vary depending on term and creditworthiness

Other Auto Loan Lenders to Consider

While the above are some of the top military auto loan lenders, it’s always smart to shop around.

Some non-military lenders offer great deals, too. They may even beat out what the military-exclusive companies provide.

Here are our top non-military recommendations for all credit types:

Military Auto Loans and Auto Loans for Excellent Credit: LightStream

LightStream offers some of the lowest interest rates in the auto loan lending business. All its rates are fixed, and there are no origination fees. Loan amounts range from $5,000 up to $100,000.

To get approved, you’ll need good to excellent credit. But if you qualify, you’ll see excellent customer service and loan offerings.

Military Auto Loans and Auto Loans for Fair to Good Credit: Autopay

Autopay is a great lender. It offers competitive interest rates and charges no origination fees. Autopay has terms up to 84 months, serves all 50 states, and offers auto loans up to $100,000.

To qualify, you need a minimum credit score of 620 and $24,000 in annual income.

Military Auto Loans and Auto Loans for Bad Credit: Auto Credit Express

Consider Auto Credit Express if your credit is not so great. It offers auto loans for applicants with credit scores as low as 450.

Loan terms last up to 72 months, interest rates depend on your credit and financial profile, and there are no origination fees.

See more auto loan lenders for bad credit.

Preapproval Tips

To make the process even more quick and easy, you can get without hurting your credit score. Just answer a few questions to receive personalized offers from lenders competing for your business.

Knowing some of your options ahead of time will give you more precise a direction when researching and comparing lenders.

For more information on how to find the right auto loan for you or for personalized offers, SuperMoney can help.