First-Time Buyer Car Loan | Publix Employees Federal Credit Union

Need A Reliable Ride? We Can Help YOU!

Do you need a reliable ride to work, but don’t have the credit history needed for an affordable auto loan? A word to the wise: don’t run to the “Buy Here Pay Here” dealer and empty your pockets for a clunker. Come to PEFCU, where we’re helping our members drive their best commutes ever with our First-Time Car Buyer Program.

With our First-Time Car Buyer Program, having no credit history won’t be a roadblock to getting you behind the wheel of your own vehicle. In fact, all first-time buyers approved for a PEFCU auto loan will be automatically approved for a PEFCU Visa® Credit Card* to help you get on the road to establishing credit. Learn how you can take the wheel!

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We are ready to help YOU jumpstart your best financial life by financing your vehicle--and building your credit history. Eligible first-time car buyers will be automatically approved for a non-variable-rate PEFCU Visa® Credit Card—no additional credit screening is required. And yes, you can also earn ScoreCard reward points for each purchase! Apply for the FTCB Program to get started.

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Qualifications: Our First-Time Car Buyer Program is offered to PEFCU members exclusively. If you or your immediate family member want to buy an automobile and have never had an auto loan before, we recommend this program for you. You can be approved for this special loan if you have no credit history, but we do require proof of at least six months of employment and at least a $750 cash contribution toward the purchase of the vehicle. Other terms and conditions may apply. The annual percentage rate (APR) is subject to credit requirements. The maximum loan amount is $30,000 for both new and used vehicles. Maximum LTV is 100%.

Terms and conditions: Advertised as low as 7.25% APR (Annual Percentage Rate) assumes no credit score. Your actual APR may differ based on your credit score/history, approved loan amount, and terms. Loans are subject to Credit Union membership eligibility, credit approval, and certification of information provided on the application. The maximum loan term is 72 months. Payment example: a $20,000 loan amount, 72-month term at 7.25% APR would result in a monthly payment of $343.39.

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First-Time Auto Buyer Program FAQs

What is the First-Time Car Buyer Program?

PEFCU’s First-Time Car Buyer Program gives members who have no credit established to date the opportunity to purchase their first vehicle.

Who qualifies for this program?

PEFCU members qualify if they have no credit, need to establish credit, and are purchasing their first vehicle. This program does not require a co-borrower/co-signer. All members who apply for this product are subject to other approval guidelines.

How can I apply?

We have multiple options for you to apply. You can apply via online banking, the mobile app, or telephone; or you can visit your nearest branch location to apply in person.

Is there a down payment required?

Yes, this program will require a minimum $750.00 cash contribution toward the transaction.

How long do I need to be on my job before I qualify?

We require you to have a minimum of six (6) months of employment with your current employer to qualify. Proof of income is also required. We may take other sources of income into consideration if you provide verification that you have been receiving them for at least the past six months.

Need A Reliable Ride? We Can Help YOU!

First-Time Auto Buyer Program FAQs

What is the First-Time Car Buyer Program?

Who qualifies for this program?

How can I apply?

Is there a down payment required?

How long do I need to be on my job before I qualify?

What documentation do you need from me?

What is the maximum amount you will finance for the First-Time Car Buyer Program?

To qualify, are there vehicle mileage or age restrictions?