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:

Finance cars, light-duty trucks, or motorcycles

Minimum 10% down payment from cash or trade

Borrow $500 to $15,000

Terms up to 60 months

Car and Loan protection available

0.25% rate discount with automatic payments

Borrowers must have:

No credit history on their credit report

A debt-to-income ratio (DTI) of 35% or less (includes house expenses)

At least 6 months of consistent income (proof required)

No cosigner required

New & Used Auto Loans

Vehicle Age	APR as low as
Vehicle Model Years 2025-2022	6.39%
Vehicle Model Years 2021-2017	6.79%
Vehicle Model Years 2016 and Older	9.09%

Rates effective as of 12/20/2024. 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 6.39% APR for $1,000.00 would result in 48 monthly payments of $23.39.

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.

Get Pre-Approved

3-Step Online Application

1. Apply Online

It only takes a few minutes to complete our online application.

2. Application Review

We’ll review your information to determine your eligibility and loan terms.

3. Get a Check

Use your bank-issued check at the dealership or with a private party.

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

Can I pay my auto loan online?

Absolutely. Just sign up for online banking, get eStatements, and sign up for autopay.

How do I apply for an auto loan?

Apply online with our easy, user-friendly application.

Does TEGFCU charge a fee when I apply for the loan?

There’s no application fee for an auto loan.

Do I have to know what vehicle I’m buying before I apply?

No, but it helps to have an idea of what you can afford. Use our loan calculator to get an estimate.

When will I know if my application is approved?

Once you’re pre-approved, we’ll notify you so you can start shopping.

Where can I use my loan once I’m approved?

Shop from our list of participating dealerships to have more confidence that you’re getting the best deal and less stress about financing and rates.