We're here to help you get YOUR FIRST CAR LOAN

Are you ready to buy your first car? It can be pretty overwhelming, but our First Time Auto Loan Program is designed for those who have a limited credit history. This auto loan comes with a competitive rate, easy to manage terms, and is an excellent opportunity to establish positive credit history. We’ll help you every step of the way and get you on the road in no time! Here's what you need to know...

First Gear Auto Loan Qualifications:

• Must be at least 18 years old
• Limited credit history required (with no negative credit)
• Minimum six months employment required
• Employment and income verification required
• No co-signer required
• Proof of auto insurance required
• Debt-to-Income ratio not to exceed 40%

First Gear Auto Loan Features:

• Great Fixed Rates. Click here to see current rates.
• Maximum loan amount is $25,000 for Model Years 2009-2016
• Maximum loan amount is $20,000 for Model Year 2008
• Terms up to 60 months
• 10% cash down payment or trade-in equity required (excluding tax, title, license, etc.)



Have a car in mind? You can take advantage of our auto research center called AutoSMART. Here you can The American Eagle FCU Auto Center is your one stop for everything you need to RESEARCH, REVIEW, BUILD, LOCATE, APPLY, and BUY a new or used vehicle.  Test drive our AutoSMART service. It has all the tools to guide you through the car-buying process from start-to-finish.  You can research all makes and models. Read articles and reviews, and build a new car with a few clicks. 

WhOA....What does all of this mean? 

There is a lot to think about when buying a car. How do you finance it? What does all the terminology mean? Below will help to explain certain definitions used in the lending process so that you can be fully informed about your auto buying decision before you buy.

Credit Score: Typically referred to as your “FICO” (Fair Isaac Credit Organization) score. The higher the number the better the score. A variety of factors go into your credit score, including if you pay your bills late, how long your loans have been open, etc. An absolute must for building credit is to make your payments on time!

Interest: Interest is the cost you pay to borrow money. Interest rates are determined by several factors, including the government, economy, the financial institution giving the loan, your credit score, and the length of the loan.

Finance Charge: This is how you will pay in interest and fees over the life of the loan. A car might be $10,000 but if you pay 7% for 60 months the total amount you will have paid back will be $11,883. Your finance charge would be $11,883 – $10,000 = $1,883.

Lienholder: The lienholder is the lender whose name is on your collateral during the term of the loan. For instance, if you take out a car loan from American Eagle Financial Credit Union, until you pay off your loan, your car is the collateral and American Eagle Financial Credit Union is the lienholder.

Debt Ratio: How much money you owe each month (your debt) compared to how much income you receive. For example, if you owed 3 loans totaling $850 dollars each month, and your income was $2,500 per month, you would divide $850 by $2,500 to figure out your Debt to Income ratio. In this case, it would be 34% (the lower the number the better).

Loan Term: This is how long it will be before your loan is paid off. Most are 60 months.

If you have questions and would like to speak to someone, feel free to stop in any branch or call our Loan Phone Center at 800.842.0145, ext. 5111.