First Time Auto Buyer Loan

When it’s your car, you’re the boss.

Find out how it feels to own a ride that rules.

Tired of asking for rides? Then it’s time to think about owning a car. If you’re a first-time auto buyer with little or no credit, take a look at Generations’ First Time Auto Buyer Program. This competitive auto loan is designed specifically with new buyers in mind. To qualify for this loan, you must meet the following criteria:

MyRideRules Checklist:

  • Be at least 18 years old.
  • Employed for the last 12 months. Verification of income is required.
  • Proof of full coverage auto insurance is required.
  • Have a valid Texas Driver’s License.
  • Make at least $1,500 monthly income.

Some other details you should know about:

  • You cannot have a previous auto loan on your credit report. This loan is for first-time auto buyers only. If you are not a first-time buyer and are interested in Generations financing your next vehicle, you can learn about our regular auto loan here.
  • You must be a member of GFCU in order to qualify for the loan. If you’re not already a member, you can apply online.
  • No joint applicant or cosigner is required, but the option to have a qualified cosigner is available.
  • You can refinance your loan with Generations if you have a first auto loan at another financial institution.
  • Loan terms are up to 66 months. The maximum loan amount for new or used vehicles is $20,000.
  • Motorcycles and recreational vehicles are not eligible for a First Time Auto Buyer Loan. You can learn about financing one of these vehicles with Generations here.

Find out if you’re ready for a First Time Auto Buyer Loan by taking the quiz. Once you pass the quiz, you will be directed to the Application Form.

Note: Passing the First Time Auto Buyer Quiz does not guarantee you will receive a loan. You will still need to qualify through our application process.

FAQs   Take the Quiz

All loans subject to approval. Rates are subject to change without notice. Rates and terms may vary based on creditworthiness. Members bringing over a first-time car loan from another financial institution do qualify for the First Time Auto Buyer Loan. The First Time Auto Buyer Quiz is not a contest. There is no guarantee of a loan approval upon completing the First Time Auto Buyer Quiz online. To be eligible for membership with Generations Federal Credit Union, you must live, work, worship, volunteer or attend school in Bexar County, Texas. You are also eligible for membership if you are family of a current member.