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First-Time Auto Buyer

Your First Car, Your Best Deal

Get low rates and flexible terms designed for first-time buyers.

Apply for an Auto Loan

Get 0.25% OFF your qualified rate¹
Get $100 OFF GAP coverage²
Find your next vehicle with our Auto Shopping Center
Determine what you can afford with our Auto Loan Calculator
Low-cost Mechanical Repair Coverage available

PLUS: With every approved First-Time Auto Buyer Loan, you could be eligible for a Visa® Classic Credit Card with a maximum $1,000 limit.³

It's Easy to Qualify for the First-Time Buyer Loan

Must be at least 18 years old
No previous auto trade history on credit report
Proof of employment required

Auto Loan Features

Financing for new or used vehicles

Easy online and mobile payments

Flexible terms up to 84 months

No application fees or early payoff penalties

The Anatomy of a Car Payment

What goes into figuring out the payment, and what other expenses will you have?

How to Purchase Your First Car

Buying your first car can be exciting! Learn what you need to know as a first-time buyer.

Certain conditions and restrictions may apply. To be eligible for the First Time Auto Buyer loan, borrowers must be at least 18 years old, have no previous auto trade history on their credit report and be able to provide proof of employment. Not all applicants will qualify.

(1) Rate discount offer of 0.25% will be applied based on the applicant's qualified rate. AgFed reserves the right to terminate or amend this and other offers at any time without notice. Certain restrictions and conditions may apply. This offer may not be combined with other offers. Use promo code 2886 when applying.

(2) GAP is a Guaranteed Asset Protection. GAP is not intended to replace your automobile insurance. To qualify for the $100 GAP discount, GAP coverage must be added to the auto loan at the time of booking and maintained for a minimum of 90 calendar days to receive the incentive. AgFed reserves the right to terminate or amend this and other offers at any time without notice. Certain restrictions and conditions may apply.

(3) Not all applicants will qualify for this offer. All loans are subject to credit approval and underwriting. Certain restrictions and conditions may apply. AgFed reserves the right to terminate or amend this and other offers at any time without notice.

Questions & Answers

Auto Loans

Can you get a car loan after filing Chapter 7 bankruptcy?

As an AgFed member, you are always eligible to apply for a loan. Loan approvals are determined by reviewing many factors. These include, but are not limited to, credit score, debt-to-income ratio, employment history and stability and other determining factors. Filing bankruptcy does not preclude you from getting a loan, although it is a factor in the decision making process.

How do I get a copy of my current auto title and is there a fee?

You may request a copy of your title from us at 202-479-2270 or 800-368-3552. The fee is dependent upon the situation.

What is GAP coverage and who pays for it?

GAP coverage is designed to help eliminate the difference between how much a vehicle is worth and how much a consumer owes in the event the vehicle is totaled or stolen and not recovered. You pay for the coverage and it can be included in the loan or paid by cash.

Do I have to buy from an auto dealer?

No, you could purchase a vehicle from a dealer or a private seller. Please contact us at 202-479-2270 or 800-368-3552 for additional details if you are purchasing from a private seller.

How do I determine the value of a used car?

Car values can be easily obtained at www.edmunds.com or www.nada.org.

Do you have auto loans for fleets?

At this time, Agriculture Federal Credit Union does not offer auto loans for fleets.

How can I apply for an auto loan?

To apply, simply call 888-451-5626 to speak to a representative or apply online at the ‘Loans’ tab of our home page, 24 hours a day, 7 days a week. If you prefer to apply in person, stop by one of our branches and our Member Service Representatives will be glad to assist you.

Do I have to go to specific dealerships to buy my vehicle?

No, we will finance vehicles purchased from any dealership.

If my credit is not very good, does that mean my interest rate will be higher?

Rates are typically higher for individuals who have a lower credit score.

How often do the rates change for car loans?

Rates on automobile loans may change at any time. Once you have been pre-approved for an auto loan, your approved rate is guaranteed for 30 days.

How can I get a copy of my credit history?

You can obtain a copy of your credit history online at www.annualcreditreport.com.

Where can I obtain NADA or Blue Book values?

NADA values can be obtained at www.nada.org.

How long do I have to wait for my title when the vehicle is paid off?

The title should arrive at your current address within two weeks. If you made your payoff in cash, you may request that we expedite the title. There are additional fees for this service.

Do I need to get an appraisal on my used car to refinance?

An appraisal may be required for a classic car, but not for a car within the last nine model years.

How many years may I finance a new auto loan?

New and used vehicles can be financed for up to 84 months. Please look under the ‘Loans’ tab on the AgFed home page for additional information. Certain terms and conditions may apply.

What happens when I'm approved for a loan?

You will need to provide certain documents, such as purchase/buyer's order, proof of insurance, etc. A loan officer from AgFed will contact you with the specific information needed to complete your loan.

How do I find the value of my vehicle?

If you are interested in knowing the value of your vehicle, or a vehicle you may be interested in purchasing, you can go to NADA at www.nada.org online and input the information for your vehicle. You may also call 800-368-3552 and one of our representatives can assist you.

How do I determine the value of a new car?

New car values can be easily obtained at www.edmunds.com.

How much does it cost to refinance a vehicle?

There are no application, loan origination, or closing fees associated with refinancing auto loans from another institution.

Do you offer classic car loans?

The Credit Union does finance classic cars on a case-by-case basis. Please contact us at 202-479-2270 or 800-368-3552 for more information.

How do I finance the buy-out of my auto lease?

Submit your application as a used auto loan. Please call 888-451-5626, submit your application online at the ‘Loans’ tab on our home page or visit one of our branches.

Can I lease a vehicle through the Credit Union?

At this time, Agriculture Federal Credit Union does not offer the financing of leased vehicles.

May I have my loan payment deducted from my paycheck?

You can have your scheduled loan payments deducted monthly, bi-weekly or weekly from your account at AgFed. This can be scheduled at the same time as your direct deposit.

Is there a pre-payment penalty on car loans?

There are no pre-payment penalties for any auto loan that we offer.

Do you offer leases for vehicles?

At this time, Agriculture Federal Credit Union does not offer financing for leased vehicles.

Can I refinance my car?

Yes, as long as your vehicle is within 9 model years. Certain restrictions and conditions may apply.

Can I finance add-ons such as a service contract?

Yes, but certain restrictions may apply.

If I want to apply for an auto loan and another loan, do I have to complete more than one application?

If you apply online, a separate application must be submitted for each loan product requested. However, if you apply through our 24 hour loan line at 888-451-5626, you will only need to provide the information once.

Can I borrow more than 100% on my auto value?

Yes, the rate may vary, as it is determined by an evaluation of credit history, amount borrowed, term and other factors. Certain restrictions may apply.

If I pay off my loan on my vehicle, could I get my title today?

At this time, we are unable to provide titles on the same day as the loan payoff. If you pay your loan off with cash, we can expedite the title release and should be able to provide it the day after the payoff. You can request that your title be expedited at an additional charge.

If I have bad credit, can I still buy a car?

Yes, your rate may vary as it is determined by an evaluation of credit history, amount borrowed, term and other factors. Certain restrictions may apply.

Can I apply if I haven't found the car I want yet?

Yes, once your application is pre-approved, you have up to 30 days to search for your vehicle.

What is the oldest car model I can get an auto loan on?

Agriculture Federal Credit Union will finance any vehicle up to 9 model years and up to 100% NADA value. Classic cars are financed on a case-by-case basis. Certain restrictions and conditions may apply.

If I have a purchase order from a dealer and they have included a warranty in the price of the car, can I cancel it and purchase the CU warranty?

Yes, we believe that the warranty we can offer you is as good, or better, than the warranty from the dealership. Certain restrictions and conditions apply.

How do I payoff my car and get the title?

Make the payoff amount at any branch or share branch location or mail your payoff to:

Agriculture Federal Credit Union

PO Box 2225

Merrifield, VA 22116

Once the payoff amount has been posted, your title should arrive at your current mailing address in about two weeks.

Does the title have to be in my name?

The name(s) on the title must be the same as the name(s) on the loan.

What are the insurance requirements for an auto loan?

You must have insurance for any vehicle you purchase, in accordance with your state laws. For any vehicle financed for an amount in excess of $30,000, the Credit Union must receive proof of insurance.

Can I get my interest rate lowered if I find a lower interest rate at another financial institution?

In the event that you find a lower rate while you are shopping for your vehicle, we will match another financial institution's rate on any approved vehicle request with proof of the institution's offered rate. Rates will never go below our current vehicle offering rate. Certain restrictions and conditions may apply.

How long can I take to repay my auto loan?

Our auto loan terms are offered up to 84 months depending on amount financed, credit history and other factors. Certain restrictions may apply. Please click on the ‘Loans’ tab for more information.

What are your auto loan rates?

Please click on the ‘Rates’ tab under 'Loans & Credit Cards' for our current auto loan rates.

Do you offer warranties on new and used vehicles?

We offer an excellent warranty for new and used vehicles. Prices and eligibility are based on year, make, model and mileage of your vehicle. Warranties may only be purchased with vehicles financed by the Credit Union.

How much can I borrow on an auto loan?

The amount is determined by many variables, including but not limited to, credit history, term and overall ability to pay.

My vehicle is financed with the Credit Union. May I take the vehicle out of the country?

Yes, as long is the loan is in good standing and the vehicle is fully insured. Contact the Loan Department at 202-479-2270 or 800-368-3552 for a permission letter.

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