First-Time Car Buyer Loan

Looking for a first time car loan with no credit? We make auto financing affordable for first time buyers like you.

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Starting your journey as a car owner in South Florida—or anywhere else these days— can feel overwhelming, especially with no credit history. At Power Financial Credit Union, we designed a First-Time Auto Buyer Program to help you get your first set of wheels with terms you understand and rates you can afford.

We will guide you through every step of the process, from finding the right vehicle to finalizing your loan with payment terms that fit your budget. Get pre-approved today and shop with confidence knowing exactly what you can afford.

What Makes Our First-Time Buyer Car Loans the Best Choice

No Credit History Required

As long as you don’t have major negative marks in your credit report, you may qualify for our First Time Auto Buyer Program.

Personal Guidance You Can Trust

We'll guide you through every step of the process so that you can make a smart decision on your first car.

Terms to Suit Your Budget

Get pre-approved for terms up to 72 months, making your new responsibility manageable.

Stress-Free Car Buying

We’ve partnered with Auto Advisors to help you find the right vehicle at the right price with concierge car-buying services.

Auto Loan Rates

Unlock competitive rates on your first car purchase with Power Financial Credit Union.

New Auto Rates

Term	APR¹ (Rates as low as)
up to 36 months	5.12%
37-60 months	5.25%
61-72 months	5.50%

Used Auto Rates

Term	APR¹ (Rates as low as)
up to 36 months	5.37%
37-60 months	5.50%
61-72 months	5.75%

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Calculate Your Auto Loan Payment

Use our Auto Loan Calculator to find out your monthly payment.

What You Need to Know About PFCU’s First-Time Car Buyer Loan

Before getting into your very first car loan, it’s important to understand all the details. Here’s everything you need to know about our first time car buyer loans:

No Credit History Required: No outstanding collections, derogatory tradelines, repos, charge-offs, or foreclosures allowed
Offers Flexible Financing Terms: Up to 72 months available
Must Show Stable Income: Proof of income required
Must Show Employment Stability: At least 2 months with current employer
Must Reside in the US: Proof of a valid US address required
Requires Valid Documentation: Driver's license in the state of residency
Includes Insurance Requirement: Proof of auto insurance is needed
Provides Generous Financing Options: Up to 100% of purchase or 109% LTV (lesser of)
Offers Substantial Loan Amounts: Maximum of $45,000

We’re here to make your first car-buying experience a smooth ride. Click below to get started and see how much you could qualify for.

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“Very good service. Every question and concern I had was satisfied in the most efficient, quickest, and effective way. Katevia was an excellent representative and was extremely professional. The manager also provided some of the best service I’ve received at any bank and was very respectful. Would recommend this bank for customer service.”

– C F., Florida City, Florida

Applying for a Power Financial Credit Union First-Time Car Buyer Loan Is Easy!

Step 1

Apply

You can apply online, in-branch or by speaking with one of our trusted advisors.

Step 2

Get Pre-Approved

We’ll review your auto loan application and, if approved, offer you a loan amount and rate for your preferred term.

Step 3

Shop for Your Car!

Now you’re set to negotiate at the dealership. We’ll give you the funds once you find the right vehicle.

Get Started

FAQs About First-Time Car Buyer Loans

It can be challenging to get approved for a car loan when you don’t have a credit history, but that’s exactly why programs like PFCU’s First-Time Auto Buyer Program exist.

This program is designed to help first-time buyers with little or no credit history get behind the wheel. With flexible requirements and affordable terms, it makes car ownership more accessible, so you can focus on the excitement of your first ride, not the stress of financing it.

At Power Financial Credit Union, we offer first time car buyer loans with no credit requirement. That said, to qualify for this program, you can’t have any outstanding collections, derogatory tradelines, repos, charge-offs, or foreclosures in your credit report.

First Time Auto Buyer Programs offer financing for people with limited or no credit history, and they normally have higher interest rates than a regular auto loan. That’s because lenders take on more risk when working with someone who has little or no credit history.

However, First-Time Auto Buyer Programs are designed to make financing more accessible—even if your rate is slightly higher, the terms are often flexible and tailored to help you build credit and get on the road confidently.

Any member of Power Financial Credit Union who meets the following requirements is welcome to apply for a first time buyer car loan:

Must be employed with current employer for at least 2 months
Must provide proof of income
Must reside in the U.S. and provide a valid U.S. address
No credit history required; however, credit report must show no outstanding collections, derogatory tradelines, repossessions, charge-offs, or foreclosures
Must have a valid driver’s license issued by the state of residence

Membership is open to those who live, work or go to school in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota, or St. Lucie counties in South Florida.

We’re also proud to offer membership to our Select Employee Groups. Employees of Ryder System, Inc. FPL/NextEra Energy, Sanitas and members and employees of Bonefish & Tarpon Trust, no matter where you’re located, are welcome to join. Immediate family of current members is also eligible to join.

Ready to Get Started with Our First Time Car Buyer Loan?

Get Started Call: 800-548-5465 Contact Us

Resources to Protect Your Vehicle and Auto Loan

Auto Insurance

We’ve partnered with Travelers and TruStage so you get to choose which auto insurance works best for your needs. Enjoy member discounts, a 24/7 claims service, and easy payments.

Learn More

GAP Insurance

Guaranteed Asset Protection (GAP) insurance covers the difference between your insurance and loan in case of a serious accident. Plus, members get a discount.

Learn More

Mechanical Breakdown Protection

Whether you have a new or pre-owned vehicle, there’s no reason repairs should break your budget. Extend your warranty, get roadside service, and more.

Learn More

Depreciation Protection Waiver

Protect your vehicle’s equity and ensure you’re not caught with an outstanding loan balance if your car is totaled.

Learn More

¹New Auto Rates: Eligibility for the lowest rate is based on credit worthiness, year of vehicle, ability to repay, credit score, down payment and loan to value. Example: With a 66-month, $20,000 auto loan at 5.50% APR, you would make 66 monthly payment of $351.86. Interest rates include a .25% discount for automatic payment from your Power Financial Credit Union account and a .25% discount for previous Power Financial Credit Union borrowers. Other conditions may apply. Rates are subject to change at any time. New Autos are defined as current and prior year models that have never been titled. Minimum loan amount of $7,501 to qualify for lowest advertised rate.
¹Used Auto Rates: Eligibility for the lowest rate is based on credit worthiness, year of vehicle, ability to repay, credit score, down payment and loan to value. Example: With a 66-month, $20,000 auto loan at 5.75% APR, you would make 66 monthly payment of $354.19. A fee of $350 will be charged when an existing Power Financial Credit Union auto loan is being refinanced. Interest rates include a .25% discount for automatic payment from your Power Financial Credit Union account and a .25% discount for previous Power Financial Credit Union borrowers. Other conditions may apply. Rates are subject to change at any time. Minimum loan amount of $7,501 to qualify for lowest advertised rate.