First Time Auto Buyer Loans

Shop for your first car with confidence—we'll be your GPS on this journey!

icon-gold cut rate symbol

Competitive Low Rates, Money-Saving Discounts

Check out our competitive loan rates. Plus we offer members up to 2.00% APR in standard rate discounts.1 

icon-red badge symbol

No Credit History Required

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

icon-green calendar symbol

No Payments for 60 days

Start driving today, but make your first payment in 60 days.2 

First time buying a car? Let's get you in the driver's seat.

Whoa, look at you go! Buying your first car is a big deal, and we’re here to help you score the best financing so you can keep living your best life without spending all your cash on bills. Sounds pretty good, right? We’ve got a super easy process just for first-timers like you, with a simple application, manageable payment plans, and a great way to build your credit for the future, especially if you’re starting from scratch!

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

We know that first-time car buyers often struggle to find good loan options, so we've made it easier for you to get your first car and start on the right path. If you’re ready to buy your first car or want to help a younger family member, take that step, come 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
  • Financing is limited to vehicles with a valid Texas title. Out-of-state titled vehicles may not be eligible.  
  • Program does not apply to boats, recreational vehicles or motorcycles.

Reduce your qualifying rate even more with our member relationship discounts

  • Members Choice members can get up to 2.00% APR in standard rate discounts:1 .25% for an automatic loan payment transfer from an MCCU checking account, 1.00% for MCCU checking account direct deposit within 60 days of funding with a minimum of $1,000 per month, .25% for a new or existing MCCU credit card, .25% for MCCU extended warranty, and .25% for MCCU Payment Protection.   
  • HERO Members may be eligible for additional discounts.
  • 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, book an in-person appointment at 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.






Disclosures

Loans are subject to credit approval.

1Members Choice members can get up to 2.00% APR in standard rate discounts: .25% for an automatic loan payment transfer from an MCCU checking account, 1.00% for MCCU checking account direct deposit within 60 days of funding with a minimum of $1,000 per month, .25% for a new or existing MCCU credit card, .25% for MCCU extended warranty, and .25% for MCCU Payment Protection.  HERO Members may be eligible for additional discounts. 

2Interest 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.