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Auto Loan Financing

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 $40,000
  • 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
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New Auto First-Time Auto Buyer Loan Rates
(80% - 100% Financing)
APR Terms in Months Estimated Payment Per $100 Borrowed
5.99%*-18.00% 48 Lowest payment factor based on 5.99%; Highest payment factor based on 18.00%
$2.35 - $2.94
6.25%*-18.00% 60 Lowest payment factor based on 6.25%; Highest payment factor based on 18.00%
$1.94 - $2.54
The rates quoted are effective as of 4/23/2014 and are subject to change without notice.

Used Auto First-Time Auto Buyer Loan Rates
(80% - 100% Financing)
APR Terms in Months Estimated Payment Per $100 Borrowed
6.25%*-18.00% 48 Lowest payment factor based on 6.25%; Highest payment factor based on 18.00%
$2.36 - $2.94
6.50%*-18.00% 60 Lowest payment factor based on 6.50%; Highest payment factor based on 18.00%
$1.96 - $2.54
The rates quoted are effective as of 4/23/2014 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 percentage point discount for payment through automatic transfer from an SchoolsFirst FCU Share Savings or Checking account.






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