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Car finance ›
Can I get military car finance?
Updated: Friday, 23 February 2024
If you’re actively serving in the Royal Army, Navy, or Air Force or are a veteran, you might be wondering if you can get car finance.
In this guide, we explore how car finance works when you’re in the military. We’ll cover what it is, some important things to consider, and how you can apply for a car finance deal even if you’re posted overseas for extended periods.
What is military car finance?
Those serving in the British Armed Forces can spend long periods away from home, have a barracks address, or be permanently based on foreign soil. If you serve in the military, you might be wondering if you can take your financed car abroad, or if you can get car finance with bad or no credit.
Can someone in the Armed Forces get car finance?
We’re proud to accept applications from serving and veteran members of the Armed Forces. We have over 30 years of experience helping people up and down the UK onto a better road ahead, even if they’ve been refused car finance.
To get started with car finance, you’ll need:
- Monthly earnings over £1,000 (after tax)
- To be aged between 20 and 75
- A full valid UK driving licence
- 2 consecutive months of payslips
It’s important to know that if you want to take the vehicle abroad, you must get written consent from us if the vehicle will be outside of the UK for more than 15 consecutive days. You’ll also need to ensure your vehicle is compliant and you have the correct documentation prepared, as per the laws of the country you are visiting.
How to apply for car finance for military personnel
Before applying for military car finance, we recommend using our car finance calculator to see what your agreement could look like. Put in how much you’re looking to borrow, and it’ll give you an indication of what your monthly payments could be.
When you get a quote, we use a soft check which doesn’t affect your credit score. This gives you an instant decision and if you’re approved, we’ll show you what your agreement could look like. We only use a hard check when contracts are drawn up for you to sign.
What documents are required to make an application?
Our online quote form takes less than 5 minutes to fill in. You’ll be asked for some basic personal information, including your name, employment details, and address.
If you’re approved, an expert from our team will be in touch to help guide you on our process. You’ll need to submit the following documents:
- Proof of identity (a full UK driving licence)
- Proof of income (2 consecutive months of payslips)
If you’re approved in principle, it’s because we need some more information to support your application. An expert will contact you to help you provide the appropriate information.
Read our blog to understand the checks done for car finance or discover what documents you might need when applying for car finance with our guide.
Can you get military car finance with bad credit?
If you have bad credit or have been rejected for car finance before, we could help.
We specialise in providing finance agreements to people with no credit history, bad credit, or when mainstream lenders have refused your application.
If you were previously in the Army you might receive Armed Forces Independence Payment (AFIP). When applying with us, you must have an income of at least £1,000 a month after tax. AFIP is classed as a secondary income, which means you must have a primary source of income (salary, pension, or DLA/CA) to support it.
Find out more about how benefits car finance works.
FAQs about military car finance
Is it easy to get car finance when in the military?
If you’re in the Army, you might have been stationed abroad for long periods of time. This means you might have little or no credit history, which can make it difficult to get accepted. Lenders look at your credit history and other factors to determine whether you can afford car finance payments. Without this evidence, it can be tricky to get accepted.
However, it doesn’t make it impossible to get car finance. It just means you may have to use a specialist lender like Moneybarn.
For more information on the car finance process, check out our guide that explores how hard is it to get approved to finance a car.
Can I get military car finance if I don't have a deposit?
Whether you can get car finance without a deposit depends on several personal factors, including credit history and affordability.
We understand that it can be difficult to save up a deposit for car finance. One of our experts would be happy to discuss your agreement terms and help find something suitable for you.
Can I get a new car with military car finance?
We offer both new and used car finance for military personnel, giving you a greater selection of cars to choose from.
If you have a particular car in mind, great! Make sure it meets our lending criteria, and if you’re ready, get a quote and see if we could help you.
Don’t worry if you don’t have a car in mind. You can still get a quote, and if you’re approved, you can use our handy vehicle finder tool to browse cars within your budget.
If you’re actively serving in the Royal Army, Navy, or Air Force or are a veteran, you might be wondering if you can get car finance.
In this guide, we explore how car finance works when you’re in the military. We’ll cover what it is, some important things to consider, and how you can apply for a car finance deal even if you’re posted overseas for extended periods.
What is military car finance?
Those serving in the British Armed Forces can spend long periods away from home, have a barracks address, or be permanently based on foreign soil. If you serve in the military, you might be wondering if you can take your financed car abroad, or if you can get car finance with bad or no credit.
Can someone in the Armed Forces get car finance?
We’re proud to accept applications from serving and veteran members of the Armed Forces. We have over 30 years of experience helping people up and down the UK onto a better road ahead, even if they’ve been refused car finance.
To get started with car finance, you’ll need:
- Monthly earnings over £1,000 (after tax)
- To be aged between 20 and 75
- A full valid UK driving licence
- 2 consecutive months of payslips
It’s important to know that if you want to take the vehicle abroad, you must get written consent from us if the vehicle will be outside of the UK for more than 15 consecutive days. You’ll also need to ensure your vehicle is compliant and you have the correct documentation prepared, as per the laws of the country you are visiting.
How to apply for car finance for military personnel
Before applying for military car finance, we recommend using our car finance calculator to see what your agreement could look like. Put in how much you’re looking to borrow, and it’ll give you an indication of what your monthly payments could be.
When you get a quote, we use a soft check which doesn’t affect your credit score. This gives you an instant decision and if you’re approved, we’ll show you what your agreement could look like. We only use a hard check when contracts are drawn up for you to sign.
What documents are required to make an application?
Our online quote form takes less than 5 minutes to fill in. You’ll be asked for some basic personal information, including your name, employment details, and address.
If you’re approved, an expert from our team will be in touch to help guide you on our process. You’ll need to submit the following documents:
- Proof of identity (a full UK driving licence)
- Proof of income (2 consecutive months of payslips)
If you’re approved in principle, it’s because we need some more information to support your application. An expert will contact you to help you provide the appropriate information.
Read our blog to understand the checks done for car finance or discover what documents you might need when applying for car finance with our guide.
Can you get military car finance with bad credit?
If you have bad credit or have been rejected for car finance before, we could help.
We specialise in providing finance agreements to people with no credit history, bad credit, or when mainstream lenders have refused your application.
If you were previously in the Army you might receive Armed Forces Independence Payment (AFIP). When applying with us, you must have an income of at least £1,000 a month after tax. AFIP is classed as a secondary income, which means you must have a primary source of income (salary, pension, or DLA/CA) to support it.
Find out more about how benefits car finance works.
FAQs about military car finance
Is it easy to get car finance when in the military?
If you’re in the Army, you might have been stationed abroad for long periods of time. This means you might have little or no credit history, which can make it difficult to get accepted. Lenders look at your credit history and other factors to determine whether you can afford car finance payments. Without this evidence, it can be tricky to get accepted.
However, it doesn’t make it impossible to get car finance. It just means you may have to use a specialist lender like Moneybarn.
For more information on the car finance process, check out our guide that explores how hard is it to get approved to finance a car.
Can I get military car finance if I don't have a deposit?
Whether you can get car finance without a deposit depends on several personal factors, including credit history and affordability.
We understand that it can be difficult to save up a deposit for car finance. One of our experts would be happy to discuss your agreement terms and help find something suitable for you.
Can I get a new car with military car finance?
We offer both new and used car finance for military personnel, giving you a greater selection of cars to choose from.
If you have a particular car in mind, great! Make sure it meets our lending criteria, and if you’re ready, get a quote and see if we could help you.
Don’t worry if you don’t have a car in mind. You can still get a quote, and if you’re approved, you can use our handy vehicle finder tool to browse cars within your budget.
For a better road ahead
Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Moneybarn’s VAT registration number is 180 5559 52.
Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)
Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)
