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First Time Auto Buyer Loan
If you’re buying a car for the first time and have limited credit history, this program is a great opportunity for you to build credit and get a competitive rate so you can enjoy a budget friendly payment!
Features of the First Time Auto Buyer Loan:
- Borrow up to $25,000.00
- Rates as low as 8.24%*
- Flexible terms up to 72 months
- Get financing for up to 105% of the cars value**
How to qualify:
- Have a minimum of one account on your credit report***
- Have credit history of at least 1 year
- Have no auto trade history
- Employed in the same job/field for at least 6 months
- Have at least 5% to use as a down payment
- Purchase from a factory authorized dealer
Ready to take the next step?
Answer a few questions below to determine if the First Time Auto Buyer Loan is right for you!
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Is a SECU First Time Auto Buyer Loan For You?
Click below to begin the loan process.
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* APR = Annual Percentage Rate. Rate advertised above applies to specific terms and conditions depending on the term of the loan. Advertised rate includes auto pay and are subject to change without notice. Membership required.
** The maximum loan to value is 95% before add-on products or 105% with add-on products (i.e., GAP, Mechanical Breakdown Protection).
*** Does not include student loan tradeline accounts and tradelines indicating the applicant is an authorized user of the account.
Program conditions may apply. To be eligible for the First Time Auto Buyer loan, borrowers must be at least 18 years old, have a minimum credit score of 670, and be able to provide proof of employment and income. Auto purchases made at independent dealers or through a private party sale are not eligible for this loan. Applicants wishing to take advantage of the First Time Auto Buyer loan can apply at any SECU financial center, online via the loan application on www.secumd.org, or through our contact center. Loan closings will only be available at a local Financial Center or through the Virtual Financial Center.
** The maximum loan to value is 95% before add-on products or 105% with add-on products (i.e., GAP, Mechanical Breakdown Protection).
*** Does not include student loan tradeline accounts and tradelines indicating the applicant is an authorized user of the account.
Program conditions may apply. To be eligible for the First Time Auto Buyer loan, borrowers must be at least 18 years old, have a minimum credit score of 670, and be able to provide proof of employment and income. Auto purchases made at independent dealers or through a private party sale are not eligible for this loan. Applicants wishing to take advantage of the First Time Auto Buyer loan can apply at any SECU financial center, online via the loan application on www.secumd.org, or through our contact center. Loan closings will only be available at a local Financial Center or through the Virtual Financial Center.