You’re getting a loan designed around your needs.
Built for First-Time Buyers.
First-Time Buyer? We've Got You. Built for First-Time Buyers
We designed this program to open doors, not close them.
At least 12 months of continuous work with no more than a 30‑day gap. (Proof of income required.)
Perfect for brand‑new borrowers.
Credit history optional — no baggage required.
If you're starting fresh, you're in the right place.
On‑time payments help you build a strong credit foundation.
Affordable terms that match where you are in life.
Make a big purchase with confidence — and learn healthy habits along the way.
Your first car should feel empowering — not stressful. We’re here to guide you, support you, and help you make the smartest financial move.
Let’s get you driving — and building your financial future — boldly.
Eligibility note: You may be eligible if you have at least 12 months of continuous work with no more than a 30-day gap. (Proof of income is required.)
| Feature | First-Time Auto Buyer Program | Traditional Auto Loan |
|---|---|---|
| Down Payment Required | No | Usually yes |
| Co‑Signer Required | Not required (unless minor) | Often required for no/low credit |
| Payments Begin | 60 days after loan | Immediately |
| Credit History Needed | Minimal or none | Yes |
| Loan Amount | Up to $30,000 | Varies |
| Eligible Vehicles | Up to 10 years / 100k miles | Wider range; depends on lender |
| Interest Rate | 2% above published rates | Based on credit score |
| Designed For | First‑time buyers, young adults, new credit builders | Established borrowers |
| Credit‑Building Opportunity | Strong | Strong |
| Parental Co‑Borrower Option | For minors | Rare |
First-Time Car Buyer Loan Program is designed to support members purchasing a vehicle for the first time by offering favorable loan terms and comprehensive support. To qualify for this program, applicants must meet the following criteria: be at least 18 years of age, or if the borrower is a minor, a parental co-borrower is required; attend a financial education session with one of CFCU certified financial counselors; have no credit history (applicants must not have any outstanding derogatory credit or unpaid collections); have a minimum of 12 months of continuous employment history with no more than a 30-day gap in employment, and provide proof of employment and income; and have no previous auto loans. No co-borrower or signer is required unless the borrower is a minor. Loan-to-Value (LTV) is available up to 105%, including all add-ons and processing fees. The maximum loan amount is $30,000, with a maximum vehicle age of 10 years and a maximum mileage of 100,000 miles. The maximum loan term is 72 months. Interest rates for this program will include an additional 2% added to the current published rates by credit tier. Rates, terms and conditions vary based on creditworthiness, qualifications and collateral conditions. All loans are subject to approval and rates are subject to change without notice. Other conditions may apply.
