San Antonio, TX (PRWEB) April 04, 2014
Generations Federal Credit Union has launched its My Ride Rules 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 employment history, be at least 18 years of age, have no previous auto loan credit, and show proof of insurance prior to funding. Applicants do not need a two-year employment history and do not need a co-signer on the loan.
To ensure their financial success, Generations also requires applicants to complete an online First Time Auto Buyer online 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 15 minutes in length.
“Introducing a fixed rate monthly payment 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 the confidence to build credit independently as they begin to go out and establish themselves in today’s challenging economic environment,” said Clay Thompson, Chief Lending Officer at Generations Federal Credit Union.
The credit union originally introduced My Ride Rules as a one-time promotion in March 2013. However, due to the significant success of the campaign, Generations made it a permanent product. To participate in My Ride 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 60 months, and refinance options are available for first-time auto loans with other financial institutions.
“Our goal as a credit union is to be a financial advocate for our members, to help them navigate what can sometimes be a tricky path to success. This program provides first time buyers with the tools they need to not only get a fair deal on that first car, but also how to be successful in paying it off,” concluded Thompson.