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
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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View Rates
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:
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- How many passengers will you typically have?
- What type of driving do you do: highway, unpaved roads, surface streets?
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.
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Why choose South Carolina Federal Credit Union?
We offer competitive rates, flexible payments, and we are local.
New
Effective Date: October 1, 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: October 1, 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
Resources
Frequently
asked questions
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asked questions
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.
Click here to learn more about auto insurance available through our wholly-owned subsidiary, South Carolina Federal Insurance Solutions.
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 Banking or statements.