First-Time Auto Buyer Loan
Our First-Time Auto Buyer Loan program is designed for the first-time auto buyer who may have difficulty obtaining a loan because of limited credit or no credit history at all. This loan not only funds the purchase of your vehicle with manageable terms and a competitive rate, but also provides the opportunity to establish a positive credit history in the process.
Features
- Loan amounts up to $ 15,000 on an individual basis
- Loan amounts up to $20,000 with a qualified joint borrower
- Terms up to 60 months
- New auto - funding up to 100%* of manufacturer's suggested retail selling price (MSRP)
- Used auto - funding up to 100%* of Kelley Blue Book retail value
*Including sales tax, license, and warranty
Qualifications
- Must be at least 18 years old
- Minimum down payment of 10% of purchase price (this is cash down payment, not counting rebates)
- Payment not to exceed 20% of monthly gross income (proof of income required)
- Minimum 12 months employment with present employer
- No credit required, however, no derogatory credit is allowed
- Proof of automobile insurance is required prior to funding
- No previous automobile credit
- Refinance if purchased in last 6 months is acceptable
New First-Time Auto Buyer Loan Rates
| |
APR |
Terms in Months |
|
80% - 100% Financing |
 |
|
5.99%*-18.00% |
0-48 |
|
|
6.25%*-18.00% |
49-60 |
|
 |
The rates quoted are effective as of 11/20/2009 and are subject to change without notice.
Used First-Time Auto Buyer Loan Rates
| |
APR |
Terms in Months |
|
80% - 100% Financing |
|
|
6.75%*-18.00% |
0-48 |
|
|
6.99%*-18.00% |
49-60 |
|
|
The rates quoted are effective as of 11/20/2009 and are subject to change without notice.
* SchoolsFirst FCU has a loan program which features a range of interest rates for some of its
consumer loans. A rate is based on a variety of factors, including the applicant's
credit rating and SchoolsFirst FCU account history. These rates reflect a ¾ percentage point
discount for payment through automatic transfer from an SchoolsFirst FCU Share Savings or
Checking account.
