Auto Loans for First Time Buyers

Low Rates, Flexible Terms & Convenient Online Application

First Time Buyer Vehicle Loans

If you think you can’t get a car loan because you don’t have credit, think again! Start your credit history with TEG’s First Time Borrower Vehicle Loan program. 

Get an additional 0.25% rate reduction when you set up direct deposit to automatically make payments, no cosigner required!

TEG has relationships with many area auto dealers, so you can finance with us right from the dealership! See our list of participating dealers.

  • Finance Cars or Light Duty Trucks
  • Amounts from $500 to $15,000
  • Rate Reduction With Automatic Payments
  • Terms Up to 60 Months
  • Just 10% Down Cash or Trade
  • No Cosigner Required

First Time Auto Buyer Rates

APR as low as:
Vehicle Model Years 2023-20215.99%*
Vehicle Model Years 2020-20166.09%*
Vehicles model years 2015 and Older9.04%*
*APR = Annual Percentage Rate. Rates effective as of 6/1/23. 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 $23.49 per $1,000 borrowed at 5.99%.

Loan Calculator

Buying your first car can seem overwhelming. Get an idea of what your monthly loan payments might look like before you even get your pre approval loan offer.

First time car buyers are often nervous about their credit score and what impact their credit report will have on their rates. Whether you have good credit or bad credit, find out more about how you can improve and build credit, and to get a free credit review.



Auto Loan Calculator

Est. Monthly Payment: 0

*Interest rate shown includes 0.25% discount for automatic loan payment and does not reflect the age of vehicle purchased.


Applying is Quick and Easy


Apply Online

Complete our convenient online application.


Loan Review

We review your information to determine eligibility, loan amount, rates, and terms.


Get Pre Approved

Use your loan pre approval to negotiate with confidence at the dealership.

First Time Buyer FAQs

Can I pay my loan online?

We make loan payments accessible and convenient. You can sign up for online banking, get eStatements, and sign up for autopay.

How do I apply for an auto loan?

Apply online with our accessible, user-friendly application.

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

There’s no application fee when you apply for an auto loan at TEG FCU.

When will I know if my application is approved?

Once you’re pre approved, we will notify you and you can start shopping.

Do I have to know what car I am buying before I apply?

No, but it helps to have an idea of what you can afford. Use our loan calculator above to determine what you can feasibly expect to pay. You can also browse online to get an idea of what types of cars are available and of vehicle prices.

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

Shop from our list of participating dealerships to enjoy transparency, to shop with confidence that you’re getting the best deal available to you, and to take away the stress of worrying about figuring out financing and rates on your own.

Auto Loan Resources

Mechanical Breakdown Protection

Make sure you’re covered if your car breaks down or you need roadside assistance.

TEG Payment Assurance

Purchase loan insurance to cover payments if extreme life events leave you unable to fulfill your obligation.

GAP Protection

Protect yourself and your finances if your car is a total loss before you’ve completed your loan payments.