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Routing # 307075259
A young smiling woman being handed her first car keys in the driver's seat

First Time Auto Buying

Avoid the hassles and enjoy the open road

Purchasing your first vehicle is an exciting time in your life! Credit Union of Denver is here to help you understand the car buying process. Let’s get started!

First, review our infographic below with suggestions about preparing and getting an auto loan to purchase your first car, truck, or SUV. 

First Time Buyer's Guide

Secondly, we have a lot of resources to help you along the way. One of those is our First-Time Auto Loan which is designed for those who have little to no credit and are ready to buy their first vehicle! 

NOTE: Your auto loan repayment will depend on how long your loan term is, the amount borrowed and interest rate that is approved for the vehicle selected. As an example: If you borrow $8,500 for 60 months at 6.48% APR3, your payment will be $166.23 each month.²

Benefits to our Smart Buying Experience:

Credit Union of Denver First-Time Auto Loan offers:

  • Research the type of vehicle you would like by using  these questions to narrow your search:
    • What type of driving do I need a vehicle for? Commute only?
    • Do I need good gas mileage or 4x4? Can I get both?
    • Do I need extra room inside the vehicle for carrying around people or stuff?
    • Is the vehicle I want going to be reliable and not break down a lot?
  • Go to and to research your selection choices. These trusted sites will help you narrow down the information and help you to make a wise decision when selecting your next vehicle.
  • Gain a better understanding of the cost of owning a vehicle 
    • Get pre-approved to avoid guessing
    • Price of Vehicle – figure out a price range that fits your budget – as an initial guide, use our auto loan calculator to estimate your payment with these guidelines. Don’t forget to calculate taxes into the price when you figure out your payment.
    • Tax on Purchase – this is based on where you live (use the average of 8%)
    • Down Payment of 20% is recommended
    • License Plates – (example: $25 for each $1,000 of value, paid per year)
    • Maintenance – tires, brakes, fluids, regular oil changes, etc.
    • Fuel Cost – this cost will depend upon fuel economy of the vehicle you choose and the average miles you drive. Use this fuel cost calculator for expense consideration to your budget.
    • Insurance – full coverage required with no more than $1,000 deductible. Check with your agent PRIOR to purchasing the vehicle as this could make a huge impact on your budget.

  • You must be at least 18 years of age (to be on a contract)
  • You will need a Valid Driver’s License
  • Maximum Auto Loan amount is normally $10,000 – $14,000
  • You will need Proof of Income – show how you are able to repay the auto loan
  • Time on job of at least 12 months is required. It can be multiple employers, but in the same field would be preferable
  • Your rate will be determined on credit, money down, term and age of vehicle
  • Other alternatives to an independent auto loan could be one of these options:
    • You may need a qualified co-borrower
    • Consider using your savings account or Certificate at the Credit Union to secure the loan amount requested

2 Rate and terms subject to underwriting guidelines.

3 APR=Annual Percentage Rate