First-Time Auto Buyers

You will always remember your first set of wheels.
And at South Carolina Federal Credit Union, we hope you remember our simplified financing process in the same positive light. We are passionate about exceeding your expectations as we guide you through this exciting experience. To help you get started, we offer a how-to guide for first-time car buyers.
1. Set a Budget
Unless you plan to purchase your car with cash, you will need a loan. Before applying for one, it is important to establish a budget. A good starting point is having enough savings for a 20% down payment and then being able to dedicate 20% of your monthly take-home pay to your auto payment.

Calculate Your Monthly Auto Payment
2. Obtain Financing
After determining your budget, you are ready to begin exploring financing options. Even if you have little to no credit, we offer low rates, payment deferment for the first 90 days*, and an excellent means to establish your credit history. As a South Carolina Federal member, you receive access to your credit score with the option to enroll in free credit monitoring.

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3. Choose and Find a Car
Everyone’s needs are different, so basing your vehicle choice on functionality is key. Here are some questions to keep in mind that can help determine the type of car that best fits your needs:
  • How many passengers will you typically have?
  • What type of driving do you do: highway, unpaved roads, surface streets?
  • Is fuel economy important because you have a long commute?
  • What safety features are important to you?
  • How much cargo space do you need?
  • Do you prefer new or used?
  • Do you need auto insurance for your teen driver? Check out the Parent Portal to learn more.
Everyone’s needs are different, so basing your vehicle choice on functionality is key. Here are some questions to keep in mind that can help determine the type of car that best fits your needs:
  • How many passengers will you typically have?
  • What type of driving do you do: highway, unpaved roads, surface streets?
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4. Complete the Transaction
When you have found your right car, the next step is to talk numbers. If you decided to get prequalified for an auto loan with South Carolina Federal, you will have peace of mind knowing exactly what you can spend at the dealership. If the conversation leads to a negotiation, stay firm on what you can spend and ask for the full purchase price breakdown of the car - as there may be hidden fees, including car preparation or delivery fees.

As the paperwork process begins, be sure to review all of it thoroughly, ask questions about anything you do not understand and keep copies for yourself. After it is all said and done, once those keys are in your hands, you will officially be a car owner. Congratulations!
 
When you have found your right car, the next step is to talk numbers. If you decided to get prequalified for an auto loan with South Carolina Federal, you will have peace of mind knowing exactly what you can spend at the dealership. If the conversation leads to a negotiation, stay firm on what you can spend and ask for the full purchase price breakdown of the car - as there may be hidden fees, including car preparation or delivery fees.
 
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Why choose South Carolina Federal Credit Union?
We offer competitive rates, flexible payments, and we are local.
(800) 845-0432
See what our members have to say.
I purchased my first car on my own and I must say that it was not stressful. 
 
Read More of this testimonial
- Krystal C.
I called for an auto loan and 2 hours later was picking up my check. Amazing service. 
 
- Michelle B.
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New

Effective Date: December 23, 2024
New1 Auto Loan Term APR As Low As
0 - 63 Months (As low as)6.49%
64 - 75 Months (As low as)6.49%
76 - 84 Months (As low as)7.24%

Used

Effective Date: December 23, 2024
Used Auto Loan Term APR As Low As
0 - 63 Months (As low as)6.99%
64 - 75 Months (As low as)6.99%
76 - 84 Months (As low as)7.74%
Auto Loan
Resources
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Frequently
asked questions
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For all loan requests you will be asked to provide personal information:

  • Name of each applicant
  • Physical address (P.O. Box does not apply)
  • Length of time at address
  • Phone number
  • E-mail address
  • Social Security number
  • Date of birth
  • Income information
  • Name of current employer
  • Employer's address and phone number
  • Length of employment
  • Salary
  • Position held
  • Other applicable income (for example, retirement and/or pension)
  • Current mortgage or rent obligations
  • Name and phone number of nearest relative not living with you
  • Loan application purpose
  • Collateral information, if applicable.

Click here for more information about the loans we offer, or visit a local financial center or contact us. 

Loan payment due dates are generally 30-45 days from the loan closing date. The payment due date is notated in your loan documents and agreed upon before disbursement of your loan. Due dates and loan payment amounts can also be viewed through Online Banking, Mobile Banking5All of our Digital Banking products require an Online Banking login, and in some cases, enrollment into Bill Pay. Terms and conditions are available through Online Banking and must be agreed to before use. Mobile Banking products also require a data plan with a wireless provider. South Carolina Federal Credit Union provides Mobile Banking as a free service. Consult your provider for any fees associated with your mobile web service, such as message and data rates., or statements.

Click here to learn more about auto insurance available through our wholly-owned subsidiary, South Carolina Federal Insurance Solutions.
 

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