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Those who bravely fight and serve our country should know about the Servicemembers Civil Relief Act (SCRA), which helps get you legal and financial protection. With this law, you’re protected against the prevention of legal or financial transactions that can negatively affect your rights during your military or uniformed service.
Our guide below answers popular questions like “How long do SCRA benefits last?” and “What qualifies for SCRA interest rates?” Feel free to reach out to our dealership near North Pole if you have more questions or need additional information.
If you’re wondering, “Can SCRA lower my interest rate when purchasing a new vehicle?” Yes, it can! Through this program, you can lower your interest rate to six percent on any pre-service loans (auto, home, or student loans) taken out before becoming a service member.
Do you qualify for SCRA interest rate relief? To qualify, you must be one of the follow service members:
Those who want to take advantage of these exciting benefits can reach out to their lender in writing and include a copy of their active duty orders or a letter from their commanding officer to confirm their active duty start date.
While SCRA is an excellent benefit, active members should know that it doesn’t cover any loans taken out while you’re in service. This programs is for loans taken out before active service.
The rate reductions for your pre-service obligations apply during your active duty service for most mortgages and loans; and for up to a year after your service has ended. Once you’ve made the proper request, your lender must lower your interest rate to six percent for the entire time you’re servicing. Requests can be made while servicing on active duty and up to 180 days after release.
More great news, your lender can’t add the amount of interest above six percent back into the loan once you leave active duty.
For additional information, don’t hesitate to contact our sales team. We’re proud to be part of the Fairbanks commuter and help our Fort Wainwright and Eielson Airforce Base members who bravely fight for our country purchase a vehicle. As your trusted Fairbanks Chevrolet, GMC dealer, we’re here for all your financing and leasing needs. Whether you have questions about the PCS Fairbanks military relocation guide or our military discount, or you simply need help finding your next new or used car, we have you covered at Chevrolet GMC Of Fairbanks.
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