Whether you’re coming of age to drive or coming into your own financially, you may find it difficult to obtain a car loan. That’s because most first-time car buyers have little to no credit history, making some financial institutions shy away from loaning money to you. At Alabama Telco Credit Union, we feel this should be an exciting first purchase, and we want to make sure it is. With our first-time car buyer’s loan, we can help you establish positive credit while getting you in a car you can finally call yours.
Our first-time car buyer’s loan features:
Plus, we offer optional features to help you feel secure with your loan:
To qualify for this loan, you must be 19 years of age or older or 18 and married with no previous history of a car loan (or car trade). Your monthly payment may not exceed 12% of your monthly gross income (proof of income required) or $300, whichever is less. You must have a minimum of six months employment with present employer and have a minimum monthly income of $1,800. No credit required; however, no derogatory credit is allowed. Proof of automobile insurance is required at closing. Minimum loan amount of $5,000.
Let us help you build credit and buy your first car! Ask us how to apply today.
*Rate accurate as of 12/18/2013 and subject to change. Payment Example: For a term of 60 months, your monthly payment will be $18.87 per $1000 borrowed at 4.99% APR. Term dependent upon loan amount, year model, and credit worthiness. For a list of our current rates, visit www.alatelco.org.
Our First-Time Buyer’s Car Loan offers financing up to 100% of the manufacturer’s suggested retail selling price (MSRP) for new cars and up to 100% of the NADA retail value for used cars. Includes sales tax, license and warranty.