Ready to Buy Your First Car?
Whether you’re a student or a working adult, buying your first car is an exciting time in your life. A vehicle is a major purchase, and many of us need some form of financing to complete that purchase. We want to help you get into your first car and get moving.
One Detroit Credit Union is pleased to announce simple and affordable auto loans for first-time buyers. They're a great way to build credit and get on the road to a successful future.
Introducing First Time Auto Loans
Special Rate for First-Time Buyers
First-Time Auto Buyers receive a flat 8.99% APR*.
No Co-Signer Required
For qualified applicants.
Turn Your Down Payment Into Savings
We'll convert your down payment into a savings account after 12 consecutive months of on-time payments.
Good Grade Discount
Are you a student with a cumulative GPA of 3.50 or higher? Get an additional 1% discount on your interest rate when you show us your report card!
Details You Need to Know
- Maximum Loan Value: $15000
- Maximum Term: 60 months
- First Time Auto Buyer Loans are available through October 30, 2020
- Qualified applicants may be eligible for lower APR*
*APR = Annual Percentage Rate
To qualify, you must be a first-time buyer with no previous auto credit. The maximum loan amount is $15,000. Maximum term of 60 months. Vehicles must be model year 2013 or newer with fewer than 105,000 miles. Required deposit of $500 will be placed on hold in a savings account. After first 12 consecutive months of contractual on-time loan payments, the required deposit will be released to the borrower. If there has been a missed or late payment, the required deposit will not be released to the borrower until the loan has been paid in full. Applicants must be employed for a minimum of 90 days with verifiable income. *No cosigner required with antitheft device installation. Cumulative G.P.A of 3.5 or higher to qualify for the 1% discount or participant of the Center for Working Families Coaching Program (proof of participation will be required). Rate discounts cannot be combined. Offer valid during the promotional period. For qualified buyers only, not all applicants will qualify. Qualified applicants are eligible for standard annual percentage rates. This offer ends October 30th, 2020.