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Celebrate Your Independence

It's exciting when you finally find that first set of wheels to call your own. Lucky for you, we have a loan designed especially for the first time auto buyer. Celebrate your new found independence with a competitive rate, customized payment plan, no loan fee and best of all, a free gas gift card.

First Time Auto Loan

• First time auto purchase/financing
• No previous auto loan reporting on credit report (open or paid)
• Max loan amount: up to $15,000
• Loan to value not to exceed 95%
• Six months employment/job history
• No adverse credit
• Call today for our SPECIAL first time auto buyer rate.
• Up to 48 month repayment term
• Proof of insurance required
• Loan fee waived
• Will receive $20 gas card from Dakotaland

FREQUENTLY ASKED QUESTIONS

you have questions, we have answers
The best way to answer this question is by analyzing your budget. Review your expenses and determine what you can comfortably afford. In general, it is recommended you keep your car payment below 10% of your monthly take-home pay. Remember to create a plan with money left over for ongoing expenses such as gas, insurance, vehicle registration, etc. Considering these additional costs will allow you to enjoy your new vehicle without stressing over how you’re going to pay for it.

Before applying for any loan, you should know and review your credit report. You can get your credit report, score, and history online from the three major credit reporting agencies (Equifax, Experian, and TransUnion). Visit annualcreditreport.com to get started or stop into your credit union and a loan officer will be happy to assist and ensure you understand your negotiating power when discussing loan terms. Don’t be alarmed if you don’t have any credit history, your loan officer can help you get started.


When it comes time to apply for a loan, you have options. You can get pre-approved for an auto loan at your credit union – giving you the advantage of knowing how much you can afford before you go shopping. A pre-approval also shows the seller you’re a serious buyer and can have a positive impact on price negotiations.


A new car can provide peace of mind with a factory warranty and knowing you’re the first to own the vehicle. However, new cars are typically more expensive and depreciate quickly in the first few years of ownership. Buying a used car can be a better option for first-time buyers on a budget. The previous owner covers the initial depreciation cost, which can leave you with potential savings of a few thousand dollars or more. Many times, you’ll find you can buy a used car with more bells and whistles for less than you’d spend on a new vehicle. However, make sure you have the vehicle inspected and review the vehicle’s history report.

You do not always have to put money down if you have a great credit score and history to support it. However, making a down payment can lower your monthly payments.

Placing at least 20% down on a new vehicle and about 10% on a used one could reduce your chances of becoming “upside-down” (owing more on your car than it's actually worth) and also lower your interest charges. If you’re unable to put down 20%, you could pay to cover the tax, title, license, or any extra fees associated with your purchase.


Your credit union loan officer can advise you on affordable payment protection plans and warranty programs designed to cover repairs and breakdowns, taking the worry out of auto ownership.

Costs vary based on the vehicle and driving history. Check for affordable models as some vehicles are known for their less expensive insurance rates. Reach out to a local insurance provider for quotes and consider bundled coverage or higher deductibles for lower costs.

Contact Us

Have more questions regarding our First Time Auto Loans? Let us know!
Dakotaland Federal Credit Union DFS Insurance Dakotaland Financial Services