Skip navigation and go to page content
First Time Auto Buyer Program

first time auto buyer program

Responsibly finance your first car with ALEC.

If you are looking for a way to finance your first car, then ALEC's first time auto buyer program might be the right option for you. Buying your first car is an exciting prospect. We hope to make the process of financing it as easy for you as possible.

Our first time auto buyer program is for members with little to no credit who are ready to buy their first vehicle. The program allows members to get that first car while building their credit history.

Eligibility Requirements:

  • Anyone 18 years and older who is eligible for ALEC membership.
  • No prior auto loan history as indicated on a credit report.

Looking for a great auto loan?

Our loans come loaded with these standard features:

  • Fast approval when you apply online.**
  • Up to a 0.50% discount off our current rates.***
  • Maximum LTV of 100% of vehicle value.
  • Maximum amount financed $30,000.
  • Maximum term 60 months.
  • No prepayment penalty.
  • Easy methods for monthly payments — online, in our mobile app, via automatic withdrawal, telephone, or by mail.
We’ve got the financing to fuel your passion with rates as low as

6.99% APR*

Family Pricing

If you are a parent or guardian, you can help with the process by being a guarantor on the loan. There are additional family pricing discounts available when a guarantor is added to a loan.^ Family pricing requires a guarantor, which is not the same as a cosigner. The guarantor is not required to take ownership of the vehicle. They will only be responsible for making payments should the primary borrower fail to do so themselves.

Easy Loan Application Process

Skip lengthy dealership paperwork and shift your gears into savings by using our online loan applications. Getting new car loan pre-approval with ALEC is as easy as 1-2-3:

Apply Online
Get the loan process started by submitting an online application.
Complete Your Loan Documents
Once you have your purchase agreement, we will help you finalize your loan documents.
Get a Loan Check
You are all set to make your purchase.

Auto Loan Calculator

Est. Monthly Payment:$0

All examples are hypothetical and are for illustrative purposes. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide advice. We cannot and do not guarantee their applicability or accuracy regarding your individual circumstances.

* APR = Annual Percentage Rate.
** All loans are subject to credit approval.
*** ALEC members will automatically earn a 0.50% APR discount if they are new members applying for a loan within the first 60 days of membership OR if they are a returning ALEC loan member. Existing members that do not meet the above criteria earn a 0.50% APR discount with a $500 monthly direct deposit into an ALEC Checking account and enrollment in E-Statements.
^ Family Pricing requires an applicant to have a Guarantor added to their loan. If approved, the rate of the loan will be based on the higher credit score of either the applicant or guarantor. Guarantor does not need to be an ALEC member.