Your Ride, Your Rules helps first-time buyers establish their credit and their independence
San Antonio, TX (PRWEB) March 22, 2013
Generations Federal Credit Union has launched the Your Ride, Your Rules first-time auto buyers program which is designed to assist first-time car buyers overcome many of the financial hurdles they face as they look to purchase their first new or used vehicle. Generations is the only financial institution in San Antonio that offers a program of this type.
To qualify, first-time buyers need to provide proof of three months of income, be at least 18 years of age, have no previous auto loan credit, and show proof of insurance prior to funding. To ensure their financial success, Generations also requires applicants to complete an online Financial Literacy 101 course that covers topics such as The Total Cost of Ownership, Financing A Car Purchase, Negotiating a Price, Avoiding Surprises, and Common Mistakes When Buying A Car. The online Financial Literacy course is approximately one hour in length.
Additionally, and most notably, Your Ride, Your Rules applicants do not need a two-year employment history and do not need a co-signer for the loan.
“Buying your first car, no matter if it’s new or used, can be a nerve-wracking and difficult experience; especially when it comes to financing,” said Andrew Wilson, vice president of lending at Generations Federal Credit Union. “As a credit union we are committed to being an advocate for our members. Your Ride, Your Rules helps them get a fair deal on that first car and also to be successful in paying it off and building a strong credit history.”
To participate in Your Ride, Your Rules, first-time buyers cannot have derogatory history and their payments cannot exceed 20% of monthly gross income. The loan maximum is $25,000 and the term is for 48 months.
“Introducing a fixed rate monthly payment schedule enables that first-time buyer to establish a history of monthly budgeting and paying off a loan. It provides them with successful building blocks and, perhaps most importantly, provides them with the confidence to build credit independently as they begin to go out and establish themselves in today’s challenging economic environment,” concluded Wilson.