First Time Auto Buyer Program
Are you ready to buy your first car? If so, we can help with our First Time Auto Buyer Program.
This loan type is designed for those who have little to no credit and are ready to embark on the purchase of their first automobile. This loan comes with low rates, manageable terms and is an excellent way to establish a credit history.
Planning is important to prevent surprises when you buy your first car. We offer guidelines on vehicle searches and online resources, as well as our friendly loan professionals are experienced in vehicle lending and can guide you through many of your auto buying considerations.
In order to get started, please review the topics below. You will find:
- Qualifications and Program Details
- Lending Definitions
- The First Time Auto Buyer Quiz .
- When you submit the quiz, you will be directed to the Application Form .
Qualifications and Program Details:
Please note, to apply for the First Time Auto Buyer Program, you must be a PrimeSource Member (or Eligible for Membership) Click here for complete PrimeSource Eligibility guidelines.
- Must be at least l8 years old and able to repay the loan
- Must be employed for a minimum of one year or have a qualified co-signer
- No more than 12 months of auto loan payment history reflected on credit report and no derogatory credit may be present
- Minimum gross monthly income requirement is $1,000.00
- Monthly payment to not exceed 20% of gross income, including insurance premium
- Proof of auto insurance required
- Maximum loan amount is $15,000.00
- Terms up to 72 months
- Maximum Loan to Value 95% with a minimum 5% cash down. Minimum cash down requirement is not required when a qualified co-signer is provided
- Must complete the First Time Auto Buyer Quiz prior to applying for the First Time Auto Buyer Loan
Membership Eligibility Requirements
Subject to membership eligibility, click here for details.
PrimeSource can provide assistance with your auto buying decisions before you buy!