Interest rates vary by customer and consider several factors, including credit history (based on a consumer credit report), military rank, years of service, and debt-to-income ratio. As we look at the entire credit profile, we are unable to determine a specific interest rate until completion of application.
The interest rate for your military loan is based on the likelihood of an applicant to repay the loan. A helpful way to understand loan interest rates is to look at how car insurance is priced—the lower the risk, the lower the rate. Credit profiles are defined by a unique Military Scoring Model which takes into account the military lifestyle when making a loan decision.
