First Community CU
First Community Credit Union Auto Loans
Finance a new or used vehicle starting at 5.49% APR with terms up to 84 months. No prepayment penalty. We also refinance existing auto loans from other lenders.
First Community Credit Union provides competitive auto loan financing for new vehicles, used vehicles, refinances, and specialty vehicles including motorcycles, RVs, and boats. As a not-for-profit member cooperative, our auto loan rates are consistently lower than the national average, and our loan officers are focused on finding terms that fit your budget rather than maximizing lender profit.
Whether you are purchasing from a dealership, buying from a private seller, or looking to reduce your current monthly payment by refinancing with us, First Community makes the auto financing process fast and transparent. Most applications receive a same-day decision, and pre-approval is available before you start shopping so you can negotiate from a position of strength.
Auto Loan Products
New Vehicle Loans
Our new auto loans start at 5.49% APR with terms up to 84 months, giving you the flexibility to choose a payment that works within your monthly budget. We finance up to 110% of MSRP on new vehicles, which means we can cover taxes, title, and registration costs in addition to the purchase price. New vehicle loans are available for cars, trucks, SUVs, and vans purchased from franchised dealerships.
Used Vehicle Loans
For pre-owned vehicle purchases, First Community offers used auto loans starting at 6.25% APR with terms up to 72 months and financing up to 100% of Kelley Blue Book (KBB) value. We finance both dealer and private-party purchases. Our used vehicle loan program covers vehicles typically up to 10 model years old with qualifying mileage. Contact us to confirm eligibility for the specific vehicle you are considering.
Auto Loan Refinancing
If you financed your vehicle elsewhere at a higher rate, refinancing with First Community could save you money every month. Our refinance rates start at 5.75% APR with terms up to 72 months. The process is simple: provide your current loan information, vehicle details, and income documentation, and we will calculate your potential savings. Many members save $50 to $150 per month by refinancing a high-rate dealer loan with First Community.
Motorcycle, RV, and Boat Loans
First Community also finances specialty vehicles and recreational equipment. Motorcycles, recreational vehicles (RVs), campers, and boats can be financed starting at 7.25% APR with terms up to 60 months and loan-to-value up to 90%. These products are subject to the same credit review process as standard auto loans and are available to all eligible members.
Classic Vehicle Loans
For members purchasing a classic or collector vehicle, we offer specialized financing with flexible terms. Classic vehicle loans are evaluated individually, taking into account the vehicle's appraised value rather than standard depreciation tables. Contact our lending team at (800) 342-8575 to discuss your specific vehicle and financing needs.
GAP Insurance and Payment Protection
First Community offers optional GAP (Guaranteed Asset Protection) insurance on all auto loans. GAP covers the difference between your loan payoff balance and your vehicle's actual cash value in the event of a total loss or theft — protecting you from owing money on a vehicle you no longer have. Optional payment protection plans may also be available to cover loan payments in the event of job loss, disability, or other qualifying life events.
Auto Loan Rates and Terms
| Vehicle Type | APR From | Max Term | Max LTV | Notes |
|---|---|---|---|---|
| New Auto | 5.49% | 84 months | 110% MSRP | Includes taxes & fees |
| Used Auto | 6.25% | 72 months | 100% KBB | Dealer or private sale |
| Refinance | 5.75% | 72 months | — | Refinance from any lender |
| Motorcycle / RV / Boat | 7.25% | 60 months | 90% | Specialty vehicles |
APR = Annual Percentage Rate. Rates shown are lowest available and subject to credit approval. LTV = Loan-to-Value. Rates accurate as of April 2026.
How to Apply for an Auto Loan
Applying for a First Community auto loan takes just minutes. You can apply online through online banking, via the mobile app, by phone at (800) 342-8575, or in person at a branch. For pre-approval before you shop, simply provide your income information and desired loan amount. Pre-approval gives you a firm rate and maximum loan amount so you can shop with confidence and negotiate with dealers as a cash buyer.
For guidance on understanding auto loan terms, interest calculations, and your rights as a borrower, the Consumer Financial Protection Bureau's auto loan resources provide unbiased, government-backed information.
Frequently Asked Questions
Can I refinance my existing auto loan with First Community Credit Union?
Yes. Refinancing your current auto loan — even from another lender or dealership — is one of the most effective ways to reduce your monthly payment or total interest cost. Our refinance rates start at 5.75% APR. To get a refinance quote, have your current loan payoff amount, vehicle year/make/model/mileage, and recent income documentation ready. Apply online or call (800) 342-8575 for a no-obligation quote.
Does First Community Credit Union finance private-party vehicle purchases?
Yes. First Community finances both dealership and private-party vehicle sales. For private purchases, you will need to provide the vehicle's VIN, current odometer reading, title information, and a signed bill of sale. Getting pre-approved before finalizing a private sale is recommended. The vehicle must have a clean, lien-free title and meet our standard age and mileage requirements. Call (800) 342-8575 to discuss your specific situation before completing the sale.
What is GAP insurance and do I need it?
GAP (Guaranteed Asset Protection) insurance covers the "gap" between your outstanding loan balance and your vehicle's actual cash value (ACV) if the car is totaled or stolen. Because new vehicles can depreciate 15–25% in the first year, your insurance payout may be less than what you still owe on the loan. GAP insurance is particularly valuable if you financed more than 80% of the vehicle's purchase price, chose a long loan term (72 or 84 months), or made a small down payment. Ask your loan officer for details and pricing.
How much can I borrow for a vehicle with First Community?
For new vehicles, we finance up to 110% of MSRP, which can include taxes, registration fees, and dealer fees in the loan amount. For used vehicles, we lend up to 100% of the Kelley Blue Book value. The actual loan amount you are approved for depends on your credit profile, income, and existing debt obligations. There is no fixed maximum loan limit — each application is evaluated on its merits. Get pre-approved first to know exactly what you can borrow.
Is there a prepayment penalty on First Community auto loans?
No. First Community Credit Union never charges prepayment penalties on auto loans. You can make extra payments at any time, pay a lump sum toward your principal, or pay off the entire balance early without any additional fees. Paying down your loan faster reduces the total interest you pay and builds equity in your vehicle more quickly.