Military Benefits For Buying A Car
Buying a car is a major investment. To get the best deal, military servicemembers and their families need to be well prepared buyers, learn how to avoid scams and shady sales practices, and take advantage of the special offers and protections available to military buyers.
military benefits for buying a car
Getting a new car is exciting. Sometimes, the desire to get your dream car can lead you into paying more for a car than you should. Be sure that a car expense fits into your household budget. Account for all the costs that go into buying a car, including what you'll pay for maintenance, insurance, gas, and registration.
Most vehicle purchases are financed. The most important factor affecting your ability to secure a low interest rate on this loan is your credit score. Don't wait until you're ready to buy a car to pay attention to your credit. Check your credit regularly so you can take the right steps to improve your credit score. If you have bad credit, it may be wise to put off buying a car, or buying a cheap, used car as a stop gap. Don't commit to a high-interest loan, such as the ones offered by "buy here, pay here" car lots.
Military car-buyers must be extra cautious when securing an auto loan. Their special circumstances make them a prime target for both good and predatory lenders. Fortunately, there are also special resources for military servicemembers and their families. The Consumer Financial Protection Bureau recently opened the Office of Servicemembers Affairs (OSA). The OSA is an important tool to help you stay informed about your financial rights and to protect you from abusive practices.
As a member of the military, you may have access to some help that is not available to the general public. Take advantage of it. Speak with an on-base financial advisor or see if you are eligible for any of the resources available through Military OneSource. Before you sign it, see if an expert can review any sales contract a dealer presents you to ensure that you're not being taken advantage of or sold unnecessary extras.
Military personal are often eligible for special loans and discounts on car purchases. When buying a car in the military, however, you still need to budget wisely and do your research before making this major investment.
The BMW Military Incentive is a special offer for service members that includes $500 to $11,000 toward a lease or new vehicle purchase. You must confirm your military status online to take advantage of the offer.
Ford's Military Appreciation salute is exclusively for active-duty military personnel, retired and veteran members, spouse or surviving spouse and other household members. The offer is good toward the purchase or lease of an eligible new Ford or Lincoln vehicle.
All active duty, Reservist/National Guard, veterans and retired military personnel will receive an additional $500 off new Hyundai vehicles distributed by Hyundai Motor America through January 2, 2024.
Subaru offers a special discount to active-duty and reserve members of the military, as well as veterans and retired military within 12 months of their date of separation. For complete program details and eligibility information, contact your local participating Subaru retailer.
Toyota salutes the U.S. military with a $500 incentive that can be applied toward finance or lease contracts on new Toyota vehicles through participating Toyota Dealers and Toyota Financial Services. This offer is valid through October 3, 2022.
Military AutoSource offers special military offers and incentives, lowest price guarantee, special factory and military lender financing rates. Take delivery of your vehicle at your overseas duty station, or have it delivered stateside when you return.
Volvo offers unique benefits for military personnel on a tour overseas, including exclusive pricing, three years of complimentary maintenance, four years of warranty coverage worldwide and home shipment.
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We have grouped information, forms and links together based on what your needs are, for example, requirements for new residents, the process for transferring your vehicle, determining inspection requirements, applying for military plates, etc.
We understand being in the military creates special situations when being relocated from one state to another, or from one country to another. Hopefully the tips and guidance we have gathered for you will help to eliminate some of your stress, or even make your relocation a breeze when it comes to your vehicle.
If you order new military plates with a new design or an ISA to replace your existing military plates, a new plate number will be assigned. Disabled Veteran plate numbers will not change if an emblem or an ISA is added. When you receive your new plates, please surrender the old ones to your county tax assessor-collector so they may be destroyed or recycled.
Military Benefits for Military Service Members, Veterans, and Spouses are extended to those applying for a new license or currently licensed as a motor vehicle or salvage dealer, converter, manufacturer, distributor, in-transit operator, lessor, or lease-facilitator. If you are current or former military, or a military spouse, you may qualify for a waiver or reduction in fees, expedited processing, or a waiver of requirements. The table below outlines the qualifications necessary to receive these benefits. For more information about dealer licensing, please visit our Dealers page.
If you are the spouse of an active military member and you currently hold an active motor vehicle or salvage industry license in another state, submit the Military Spouse Exempt form for verification before you apply for a Texas license. You may be eligible to operate as a license holder.
Veterans and current military personnel face unique financial challenges, both during and after their service. According to Pew Research, 27% of veterans found it difficult readjusting to civilian life. One such adjustment that vets may find difficult is managing new financial responsibilities at home, such as purchasing a car.
There are currently no general Veterans Affairs (VA) programs centered around helping vets purchase a new vehicle. However, there are specific programs that exist to cater to veterans facing extenuating circumstances. For example, the VA Automobile Allowance and Adaptive Equipment program assists anyone with a disability due to military service that hinders them from driving. This helps veterans with disabilities purchase vehicles that are adapted to their needs.
Several considerations go into knowing how much car you can afford. First, how are you planning on buying a car? If you intend to use financing options like auto loans, your budget can vary widely depending on things like: