Buying your first car. Getting your first car loan.
Buying your first car is an exciting time! For most people, their first car is their first significant purchase. However, it’s not just about selecting a car. You must set a budget, find the right car, and determine how to pay for your new ride.
At TEGFCU, we want to get you on the road to financial success, including your first auto loan. As a first-time auto buyer, you may have little car-buying experience, and with limited or no credit history, you may be concerned about getting approved for financing.
Our special first-time car buyer loan program is designed to help new-to-credit borrowers get an auto loan and successfully repay it. We offer competitive rates and manageable terms and will work with you to build your credit history. Let us help you get behind the wheel of your new car.
First-Time Car Buyer Loan Features:
Borrowers must have:
New & Used Auto Loans
| Vehicle Age | APR as low as |
|---|---|
| Vehicle Model Years 2025-2022 | 6.99% |
| Vehicle Model Years 2021-2017 | 7.04% |
| Vehicle Model Years 2016 and Older | 9.59% |
Rates effective as of 4/1/2024. APR = Annual Percentage Rate. Advertised rate is lowest offered and includes a .25% rate discount for automatic payments for the life of the loan. APR is based on creditworthiness, term, vehicle model year, and mileage. Your rate and term may vary. Maximum APR is 18%. Maximum term is 84 months. Maximum term for vehicles older than 10 model years is 60 months. Internal refinances, and auto equity loan rates are different and are not eligible for promotional rates. For example, a 48-month loan with a 6.99% APR for $1,000.00 would result in 48 monthly payments of $23.95.
Get Pre-Approved for your Vehicle Loan
Shift into drive and lock in your rate today!
Getting pre-approved lets you know how much you can afford and helps you stick to a budget. It gives you a bargaining chip to negotiate the best deal to save time and money and get the right vehicle for you.
3-Step Online Application
Get a 0.25% Interest Rate Discount
In addition to a great rate, save even more on your Unsecured Personal Loan and Vehicle Loan when you set up automatic payments. Get a 0.25% interest rate discount on your loan when your loan payment is routinely deducted from your checking or savings account.*
Used Auto Loan FAQs
*APR = Annual Percentage Rate. Rates effective as of 4/1/24. Advertised rate is “as low as” and includes a .25% rate discount for automatic payments. Rate is based on credit rating, term, vehicle model year, and mileage. Your rate may vary. Other rates and terms available. Rates subject to change. All loans are subject to approval. Internal refinances and auto equity loan rates are different and are not eligible for promotional rates. For example, 48 monthly payments of $23.95 per $1,000 borrowed at 6.99%.
