Start shopping for your first car with confidence as we help you navigate the road.
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.*
No Credit History Required
Little or no credit? No problem, we’ll help you build your credit responsibly.
No Payments for 60 days
It's easy to qualify for the First Time Auto Buyer Loan and build your credit
- 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.
Ready to purchase your first car?
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FAQs about First Time Auto Buyer Loans
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.
First Time Auto Buyer Loan Resources
First Time Auto Buyer Loan Rates
Car Payment Calculator
10 Things First-Time Car Buyers Need to Know
Affordable Guaranteed Auto Protection (GAP)
Optional Multi-Shield Coverage
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. First time auto buyer loans are not eligible for our rate match program.
*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.