First Time Auto Buyer
MVFCU is proud to offer new First Time Auto Buyer loans to our members!
Ready to get preapproved?
Call us at 907-745-4891 or toll-free at 800-976-5198.
In order to obtain an auto loan, members must demonstrate the ability to repay the loan.
- Job Time: 12 consecutive months on the job.
- Credit: None required. No derogatory credit allowed. Report must show no previous automobile ownership.
- Verification of income & employment is required.
- Must meet debt-to-income requirements.
- 10% minimum cash down payment; rebates are not considered a down payment.
- Must be at least 18 years of age.
- Maximum Loan: $15,000 for individual; $20,000 for joint.
- Terms up to 60 months.
MVFCU Car Buying Guide
Things to Consider:
- Affordability: Don't get carried away with the sporty car of your dreams, you should purchase a vehicle that fits your needs.
- Additional expenses: Make sure and factor in other costs you have; rent, utilities, auto insurance, cell phone bill, etc.
- Auto maintenance: Don't forget about up keep of the vehicle. The foreign car may look cute and sporty, but the average cost of an oil change can be up to $200. The average oil change should be $45-$75. Factor in any additional costs of the vehicle.
- Value: Make sure and check the NADA value of the vehicle you are purchasing.
- Peace of mind: Has the vehicle been checked over by a mechanic before you purchase used.
Keep in Mind:
Reliability, affordability and dependability!