Compare Car Loan Options for Military Members

Find a broader selection of military car loans with rapid applications 100% online. Compare the lowest interest rates, repay your way and save money.

No obligation. It won't affect your credit score.
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, updated on June 30th, 2023       

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Car finance options for members of the military

Serving in the military and need an easier way to arrange a car loan? Whether you’re Navy, Army or Air Force, there are plenty of finance offers on the market that are suited to your needs. Find out more about your car loan options, as well as how to find the best one for you.

Borrow from $5,000

1-7 years loan term

Flexible loan repayments

No early termination fees

Fixed interest rates

New and used cars approved

No deposit

Balloon payment options

How Savvy helps military personnel find the right car loan

Military car loans explained further

How does a military car loan work?

If you’re a member of the Australian Army, Navy, or Air Force, you may be eligible for a military car loan. Car loans for ADF personnel are pretty straightforward. You borrow what you need to buy a car, which can be 100% of the asking price or you can use a deposit or trade-in vehicle. You can repay over anything up to seven years with interest, which is set according to your borrower profile. You’ll also pay car loan fees, which will typically come in the form of a setup or establishment fee (which is added to your loan amount and repaid over time) and a monthly account fee (which is usually between $10 and $50).

Each month, you pay a portion of the borrowed amount and some interest until the loan is fully repaid. Military car loans are a secured form of borrowing. That means the lender registers an interest in your car during the loan term. Once all your repayments are made, the car is yours without restriction. The advantage of secured loans is they pose fewer risks for loan providers, so interest rates tend to be lower.

How do I apply for a military car loan?

Savvy allows active military personnel to apply for a car loan digitally. You can do everything you need using just a smartphone, tablet or laptop and an internet connection.

Applying for a military car loan via Savvy is quick and easy. We’ll assign you a specialist vehicle finance consultant who will target relevant loans and lenders and source the most cost-effective options out there. Everything is done digitally, so you can also upload documents using Savvy’s secure website. Have a driver’s licence or passport, a recent utility or phone bill, your Medicare card and statements for any credit cards, mortgages or other loans at hand. You’ll also be asked to supply details of your assets, such as shares, other vehicles, boats, and bikes, and your past three months’ worth of payslips.

We’ll also ask you to fill out a quick online application form. Your documents are used to confirm the details you supply. Along with your bank statements, we’ll use this to assess your income and spending to determine how much you can comfortably afford to borrow.

Frequently asked questions about military car loans

When can I apply for a military car loan?

You can apply for a military car loan online at any time of the day, seven days a week. We operate our digital application portal 24/7, so it’s an ideal way for busy military personnel to apply for a car loan.

Can I get a military car loan if I’ve never borrowed before?

Yes – however, an absence of any past borrowing is a bit like getting a car loan with a bad credit history: your score probably won’t be great. If that’s the case, younger or more inexperienced borrowers have two primary options: they can pay a slightly higher interest rate or consider a guarantor car loan. That’s when a family member provides a personal guarantee for your borrowing and the lender will consider their credit history and finances when setting the interest rate.

What if I get deployed?

Online car loans for military personnel tend to tick over nicely whether you’re onshore or offshore. You can set repayments to match your salary and use a direct debit to ensure you never forget. If you need to end your military car loan early, remember that fixed-rate car loans come with early repayment fees and break fees, too.

How old can my car be for a military car loan?

Savvy partners with lenders who can approve financing for cars up to 20 years old. If you’re looking for a car beyond that age range, a personal loan might be the best opt

How do I know exactly what I’m required to pay and when?

When you’re approved for a military car loan, the lender sends a contract. At that time, you can review all the details about your loan, including fees, repayment amounts and the repayment schedule. You shouldn’t commit to the car loan until you’re 100% happy and you sign and return the agreement. If you’re unsure about anything, you can get in touch with your Savvy finance consultant.

How will I get my military car loan funds?

Your lender will begin the loan settlement process as soon as they’ve reviewed your signed agreement. They’ll send the money directly to the vehicle dealership or vendor using electronic funds transfer, which will typically take place within 24 to 48 hours.

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