Buying your first car is a significant milestone, but if you’re a first-time buyer in Arkansas with limited or no credit history, securing a car loan can feel challenging. Many lenders offer less favorable terms to those without established credit. However, Arkansas Federal Credit Union understands this hurdle and has created a first time car buyer program in Arkansas designed specifically to help you get behind the wheel and start building a positive credit history.
No Credit? No Problem: Start Your Credit Journey Here
Worried about your lack of credit history? Don’t be. This first time car buyer program in Arkansas acknowledges that everyone starts somewhere. Instead of penalizing you for not having a long credit record, Arkansas Federal Credit Union offers a pathway to responsible credit building through auto financing. This program is tailored for individuals with no prior auto credit, a clean credit history, and who do not have a co-borrower available. Whether you are interested in a brand-new car or a reliable used vehicle, this program can work for you.
Flexible Loan Terms to Fit Your Budget
Understanding that managing finances as a first-time car owner can be new, this program offers flexible repayment terms. You can access financing for up to 60 months, making your monthly payments more manageable. The specific term length available depends on the age of the vehicle you choose. For new cars and models up to four years old, terms extend up to 60 months. For vehicles up to seven years old, terms are available up to 48 months. To take advantage of this fantastic first time car buyer program in Arkansas, you will need to become a member of Arkansas Federal Credit Union.
Finance Up to 90% and Drive Away
This program provides substantial financial assistance, offering up to 90% financing of the total sales price of the vehicle. This significantly reduces the upfront amount you need to pay, making car ownership more accessible.
Qualifying is Easier Than You Think
The first time car buyer program in Arkansas has straightforward qualification requirements:
- You need to have been a member of Arkansas Federal Credit Union for at least three months.
- Demonstrate a stable employment history with at least one year at your current job and provide proof of income.
- Be prepared to make a 10% cash down payment based on the sales price of the vehicle.
- Finance the sales tax or provide proof of payment for it.
- You will also need to provide proof of auto insurance.
New Cars and Quality Used Autos Available
The program is applicable to both new and used vehicles, giving you a wide range of choices.
- You can finance a maximum of $15,000, covering up to 90% of the MSRP, including taxes and fees.
- Enjoy loan terms up to 60 months for new vehicles and models up to four years old, and up to 48 months for vehicles up to seven years old.
- There are no prepayment penalties, giving you flexibility in managing your loan.
- Making payments is convenient with options to pay by phone, mail, in person, or through online banking.
- Interest rates are competitive and depend on the vehicle’s age and the loan-to-value ratio. Contact Arkansas Federal Credit Union for the most current rates.
The first time car buyer program in Arkansas at Arkansas Federal Credit Union is your opportunity to achieve car ownership and build a strong financial future. Take the first step towards your new car today!
