First-Time Auto Buyer Program

It’s time to purchase your first vehicle! An exciting time, yet you may be concerned about getting approved for financing. For those with little or no credit, Downeast Credit Union is here to help with the purchase of your first vehicle.

Why try our First-Time Auto Buyer Program?
• An ideal way to establish credit.
• Flexible repayment terms.
• Low down payment required.
• Free auto buying service.
• Free online search and research tools.

The amount of your loan will be based upon your annual income, credit history and other factors. A qualified co-signor may be needed.

Do you qualify?

  • Driver's license

  • Proof of income

  • Proof of auto insurance

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Educational Resources

Loan Planner Calculator

Find the Best Loan for Your Needs

If you know any 3 of a loan's 4 terms (principal, interest rate, payments remaining, and payment amount), this calculator will compute the missing term. Enter the 3 known loan terms in the appropriate entry fields and click on "Compute." One empty field is required for recalculations.


How can a Vehicle Service Contract help me?

A VSC pays for the labor and replacement of covered parts. It helps you avoid costly repair bills down the road and includes 24/7 Road Side Assistance.

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What does Guaranteed Asset Protection do?

What you owe on your vehicle and the actual value might vary. Protect that gap in the worst-case scenario that your auto becomes a total loss in an accident.

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How much auto insurance is right for me?

Auto insurance can be tailored for your exact needs. Our friends at Downeast Insurance can help shop through multiple carriers to find you the best deal.

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*First-time auto buyer program available to qualifying members, based on approved credit and other established requirements such as a verifiable employment record or proof of education enrollment. Not all applicants will qualify for the lowest rate. Other restrictions including vehicle and mileage limitations may apply. For example, a 60-month, fixed-rate Auto loan for $20,000 would have 60 monthly payments of $363.70 at an annual percentage rate (APR) of 3.49%. All rates and terms subject to change at any time. Rates effective as of 10/1/2020. The calculator above may help you determine estimated monthly payments. Auto terms up to 84 months.