No Credit? Limited Credit? Limited time on the job? No Worries!

Post date: 4/1/21
Availability and special terms subject to change.


For first-time auto buyers, First United CU is the place to turn.

Making your way in the world isn’t easy. You get out of school and (hopefully) find a job. With the new job comes the need for a car. After all, nothing is worse than not having reliable transportation.

At First United CU, we’re here to make getting your first car a little easier. We can work with you and design a first-time auto loan just for you. We’re here for all auto buyers, including those with little or no credit!

If you have limited job time and Direct Deposit sent to First United CU, you could qualify without a co-signer and begin building your credit.

Start your loan history with someone you can trust:

We can sit down with you and frankly discuss your budget. Our goal isn’t to sell you the car or the loan — it’s to help you succeed.

Once we determine how much car you can afford, we’ll explain how it impacts your monthly budget. We’ll also look at things like maintenance, fuel, and insurance and add those to your budget as well.

As the bigger picture develops, you might even decide to go for a bit less expensive car. (The dealer may not be inclined to tell you that.)

We can also help you research the vehicle for the features you want and the MSRP (Manufacturer’s Suggested Retail Price) — and offer you recommendations on how to approach the overall negotiation process.

Get preapproved for a better deal.

This means the financing is done ahead of time before you start shopping. We’ll get your credit app loaded, reviewed, and approved. Once you find the car you want to buy, the loan is there. But wait, you still don’t have to visit the dealer quite yet.

If you’re still unsure, ask us for help, and we can explain what you don’t understand. We love to assist in this way, so you save money!

It’s also important not to allow the dealership to pull your credit report or put in an application for you — because they will send it to many financial institutions to find a financial institution to fund your application. In turn, these institutions will pull your credit report, which lowers your credit score.

Once you’re ready with the loan and have a vehicle selected, we’ll explain your payment options. With your new job, you can most likely sign up for Direct Deposit, and payments can be allocated directly from your pay. It works like a charm, smooth and straightforward: make payments without missing a beat! You can also make payments using online or mobile banking.

On-time payments boost your credit score.

Now that you have the loan, the car, and payment method established, you can hit the road. Remember that with every on-time payment, your credit score is growing stronger. Making regular payments is a top factor in increasing your score. On the other hand, late or missed payments hurt your score.

Consider these affordable coverages:

GAP Coverage – If your car is totaled or stolen, this insurance pays the difference after your primary carrier has paid the claim. In other words, if your vehicle is a total loss, you may not recoup the entire amount to pay off the loan. GAP coverage makes sure you’re not left with a loan balance. Other perks include $1,000 towards your next vehicle when the new vehicle is financed at First United CU and $500 towards the insurance deductible.

Extended Warranty and Mechanical Breakdown Insurance – Pays for unexpected repairs, with bumper-to-bumper extended warranty coverage and mechanical breakdown insurance. It also includes emergency roadside assistance.

Credit Life & Disability Insurance – Pays your loan if something happens and you’re unable to work because of illness, accident, or death.

We offer these programs for considerably less money than the dealership. For example, purchasing credit life and disability insurance through the dealer may be marked up as much as 50 percent. So be wary if the dealer tries to include these with your car’s purchase price.

The final point: you’re our member!

As a member-owner, the stronger your relationship with us, the more we can do for you. It’s part of our cooperative nature, and it’s the real deal.

When you start your financial journey, there’s a lot to consider. And trust is essential. For us, it’s not about making a sale or meeting a quota. It’s about you – to help you prepare a game plan that builds your credit and your financial future.

To get started, click here or call or text us at 616.532.9067.