Young auto driver sitting in drivers seat and smiling while looking into the back seat

First Time Auto Buyer Loans

Shop for your first car with confidence as we help you navigate the road

If it's time to graduate to a reliable new or pre-owned car and build credit, Members Choice wants to help you get the best possible financing. Our First Time Auto Buyer Loan offers an easy application process, manageable terms and is a great way to responsibly build credit as you build your future.
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Competitive Low Rates, Money-Saving Discounts

Check out our competitive loan rates. Plus we offer up to .30% APR in additional rate discounts on this loan.* 

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No Credit History Required

Little or no credit? No problem, we’ll help you build your credit responsibly. 

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No Payments for 60 days

Start driving today, but make your first payment in 60 days.** 

It's easy to qualify for the First Time Auto Buyer Loan and build your credit

We recognize that first time auto buyers don’t typically get flexible loan offers, which is why we've made it easier to get your first car and on the road to success. If you are looking to buy your first car, or if you're trying to help a younger family member take that step, talk to us and get started today. 
  • Must be employed full or part time for at least one year
  • Proof of insurance is required
  • No credit required; however, no outstanding derogatory credit is allowed or unpaid collections

Reduce your qualifying rate even more with our member relationship discounts

  • Members Choice members can get up to .30% APR in rate discounts for a first time auto buyer loan: .10% for an automatic loan payment transfer from an MCCU checking account, .10% for checking account direct deposit at the time of funding, .10% for a new or increased credit card.
  • Get a better rate with a co-borrower: A Co-borrower is not required, but rates are based on best credit score of all borrowers at the time of application.

Start off with an estimated rate quote – No credit pull required

Fill out the short form below to hear from a Loan Officer within the next business day.

Ready to purchase your first car?

Our team is here to work with you and make the process simpler. We will be there to walk you through every step of the way.

Apply Online

Or call 281.754.1470 for questions, or to start a loan application by phone.

Apply in a Branch

To apply in branch, visit a branch near you.

FAQs about First Time Auto Buyer Loans

Yes, this loan was specifically designed for young adults with no previous credit history in mind.

It’s helpful to know what your budget is in order to set realistic expectations on which car you can afford. You can start the first time buyer auto loan application process online, or visit one of our branches to talk to a loan officer in person. Once you receive a pre-approval you can start shopping with the confidence of knowing you have the best rate for your budget.

  • Government issued driver’s license
  • Recent paystub, W2 and/or filed and signed tax returns (for self-employed individuals)
  • Auto Insurance Declaration Page - The auto insurance declaration page is a summary of your auto insurance policy. Declaration pages are issued upon the inception, renewal or revision of a policy and must be submitted to any lien holders.
The new vehicle needs to be listed on the insurance policy with an insurance ID card. Full coverage insurance is required for all vehicles financed with Members Choice. Maximum $1,000 deductible. Members Choice Credit Union needs to be shown as lien holder on the vehicle. The lien holders information is as follows: Members Choice Credit Union, Control #1144, PO BOX 2833, Sioux City, IA 51106.
Did you know that in the event of a total loss, you could be liable for paying off the remaining loan balance on a vehicle that is no longer drivable? GAP helps you bridge the gap, hence the name, between the difference in what you owe on your vehicle and how much the insurance company says it is worth.

First Time Auto Buyer Loan Resources

First Time Auto Buyer Loan Rates

Check our current competitive rates for first time auto loans. View Loan Rates

Car Payment Calculator

Find out exactly what you need to get the payment you want. Get Your Payment

10 Things First-Time Car Buyers Need to Know

These tips to know before buying a car will help ensure you get the vehicle you want at a price you can afford. Read this Article from Experian

Affordable Guaranteed Auto Protection (GAP)

Pays the difference between any insurance settlement and the amount owed on the loan. Learn More About GAP

Optional Multi-Shield Coverage

Protect your vehicle from minor damage. For more information, call us today at 281.398.9900 / 800.753.2428


Must be a member or eligible for membership in order to qualify for and obtain a loan or discounts. First time auto buyer program can fund new or used autos only, and does not apply to boats, recreational vehicles or motorcycles.

Must be employed for a minimum of 12 months in a full or part time position. Payment may not exceed 20% of gross monthly income; proof of income required. Maximum loan to value (LTV) 90% of retail, with a minimum of tax, title and license cash down payment; not to exceed $30,000. Proof of insurance required at time of purchase. Terms up to 60 months including coverage benefits that include GAP, multi-shield and warranties. First payment required after 60 days. 

*APR=Annual Percentage Rate. Members Choice members can get up to .30% in rate discounts: .10% for an automatic loan payment transfer from an MCCU checking account, .10% for checking account direct deposit at the time of funding, .10% for a new or increased Credit Card. Discounts are for first time auto buyer loan only.

**Interest still accrues during this time.

If not currently a Members Choice member, a $5 deposit is needed to establish membership. All memberships are subject to approval including credit approval.