Loans for new-to-credit borrowers
First-Time Car Buyer Loans
Your first car. Your first car loan.
No credit history? No cosigner required. Borrow $500 to $15,000 with a minimum 10% down payment from cash or trade, and start building your credit.
$15K
Borrow $500 to $15,000
Cars, light-duty trucks or motorcycles.
60 MO.
Terms up to 60 months
Manageable monthly payments.
10%
Minimum 10% down
From cash or trade.
0.25%
Autopay discount
Rate discount with automatic payments.
Why choose a TEG first-time car buyer loan?
- 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
- No cosigner required
Current rates
First-Time Car Buyer Rates
Competitive rates for new and used vehicles. Your rate is based on your creditworthiness, term, vehicle model year and mileage. See full rates and disclosures.
Model Years
2026-2025
APR
Model Years
2025-2024
APR
Model Years
2023-2019
APR
Model Years
2018 & Older
APR
First car loans from your local credit union
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.
Can I get a car loan with no credit history?
Yes. TEGFCU’s first-time car buyer loan is designed for new-to-credit borrowers with no credit history on their credit report. You’ll need a debt-to-income ratio (DTI) of 35% or less (including house expenses) and at least 6 months of consistent income (proof required). No cosigner is required.
Ready for your first car? Apply online in a few minutes and start building your credit history.
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
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.
New & Used Auto Loan Rates
First-time car buyers get our competitive new and used auto loan rates. Your rate is based on your creditworthiness, term, vehicle model year and mileage.
| Vehicle Age | APR as low as |
|---|---|
| New Cars 2026-2025 | 5.54% |
| Vehicle Model Years 2025-2024 | 5.65% |
| Vehicle Model Years 2023-2019 | 6.15% |
| Vehicle Model Years 2018 and Older | 7.65% |
Rates effective as of 10/13/2026. 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. A new vehicle is considered one that has never been titled or has less than 3,000 miles. For example, a 48-month new car loan with a 5.54% APR for $15,000.00 would result in 48 monthly payments of $349.16.
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.*
