First-Time Auto Buyer – Downeast Credit Union
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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 credit score education.
• 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

Learn More:

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.

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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. Other restrictions including vehicle and mileage limitations may apply. * Check our Rates Page for the current loan rates. The calculator on this page may help you determine estimated monthly payments. Not all applicants will qualify for the lowest rate. The rate you receive on your loan will be the rate in effect at the time of loan disbursal. *APR=Annual Percentage Rate. APRs shown above are stated as low as and may vary based on make and model of the vehicle. APRs and loan approval are based on collateral type, payment method, creditworthiness and ability to repay. Auto terms up to 84 months. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. 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 a monthly payment of $391.69 at an annual percentage rate (APR) of 6.54%. Rates effective as of 09/03/2024. All rates and terms subject to change at any time.