Having served your best years in service to your country comes with a few perks later in life. One of the perks is being able to get loans, and loan plans explicitly designed for members of the armed forces and veterans.
While one might think only a few establishments would offer such loans, such isn’t true – there are several. Perhaps not dozens or hundreds, but enough places where a veteran could ask for a loan that it might be difficult to decide. After all, as with most things in life, some of those places must be great, and some must be bad. To help you, we have looked at several of the places and found some of the best.
For mortgages and home loans: Veteran United Home Loans
Specialized businesses often shine because they cater specifically to their niche. Such is the case with Veteran United, whose whole business is based around helping veterans buy a home. That’s it – it serves only veterans, and therefore, it knows exactly what to expect when dealing with them.
This means that this organization has a great understanding of both the possibilities and the difficulties veterans face. This opens a window to tailor specific programs for each client set.
It’s because of that that, when looking for a home loan, this should be your first stop.
For buying a car: The United Services Automobile Association
Another business created specifically for veterans. The USAA offers help for veterans trying to either purchase a vehicle or trying to insure an existing one. The system is quick, you can apply for it online, and depending on your credit history and income, you might be eligible to borrow up to $20,000.
More importantly, for some, the USAA offers several plans and assists, just in case you fall behind in your payments. Not that you should ever get a loan thinking of this – but it’s always good to know that, if you have trouble making payments, it’ll be willing to help.
These days, USAA’s services also go beyond the original scope, with the company being a bank in its own right. This means that it can offer not only financial assistance when dealing with a car but with any part of your daily life, making it the ideal one-stop-shop for many members of the military.
Best credit union: Navy Federal Credit Union
A great option when looking for custom loans, Navy Federal also caters specifically to members of the military- both active and retired. The plans here aren’t just offered to the military; they’re tailor-made to them – with the company looking beyond credit ratings on applications and taking to account details specific to the military life.
Since Navy Federal is a nonprofit, rates will often be better here than elsewhere. Not all deals offered by this organization might beat other offerings, but it’s always worth looking into. The company is often considered good, although some people’s experiences can be unpleasant.
Conclusion
With several options to choose from above, you won’t be stuck making a pick when looking out for the best loans for veterans.