Looking to finance your first vehicle? Our first-time auto loan program is designed for you!
Qualifications for our first-time auto loan program are:
- Must be an established member with at least 6 months of positive account management history with FCCCU
- Must complete and pass (with a score of 80% or higher) 3 of the 7 Financial Basics educational classes through Balance.
- Down payment will be required*
- Loan can be refinanced in 12 months if payments have been made on time and credit score allows.
Please follow the instructions below to access Balance educational classes:
- Click to begin the BalanceTrack program.
- Click on “Register” in the upper right. It only takes a quick minute to get registered.
- Once registration is complete, click on “Programs.”
- Once you are in Programs, find “BalanceTrack” and click on “Learn More.”
- The required modules will appear under Financial Basics,
- Three of the seven BalanceTrack Financial Basics Modules must be completed:
-
- BalanceTrack: High-Cost Financial Services
- BalanceTrack: The Psychology of Spending
- BalanceTrack: Drive Away Happy
- BalanceTrack: Credit Matters
- BalanceTrack: The World of Credit Reports
- BalanceTrack: Money Management
- BalanceTrack: Checking Account Management
Feel free to check out the other products our educational website has to offer. If needed, PCs may be made available to potential borrowers to complete the program at the credit union.
Ready to Apply? We make the process simple!
Want to learn more?
- Contact a Loan Officer
- View our current rates
*Contact a loan officer for specific down payment requirements. Other restrictions apply which your loan officer will go over.
First Time Auto Borrower FAQs
What is a first time auto borrower program?
FCCCU’s first‑time auto loan program helps members with little or no credit history qualify for their first car loan.
Can I get a car loan with no credit history?
Yes. FCCCU’s first time auto loan program is designed for first‑time borrowers. The program considers income stability and payment ability in addition to credit history.
Will my first auto loan help build my credit?
Yes. Making consistent on‑time payments can help establish and strengthen your credit profile.
Do first time car buyers need a co signer?
Some borrowers may need a co‑signer depending on income, credit history, and other guidelines.
How much car can a first time buyer afford?
Your budget should consider monthly payments, insurance, fuel, and maintenance costs.
Are interest rates higher for first time car buyers?
Rates can vary, but establishing credit with your first loan may lead to better financing options in the future.
What documents do I need to apply for my first auto loan?
Begin with identification, proof of income, and employment information; however, additional documents might also be required.
Can students qualify for first time auto loans?
FCCCU’s first‑time auto loan program is designed for students or young borrowers starting their credit journey.
How long does it take to get approved for a first auto loan?
Approval times vary but can often happen within a day once required documents are submitted.
Can I refinance my first auto loan later?
Yes. You can refinance anytime, especially if your credit improves because you may qualify for a lower interest rate.