Introducing myFirst Auto Loan
The below content is meant to be informational and not used as financial advice.
April 1, 2025
When my son bought his first car, he went to one of the ‘special credit’ places with a good amount of money that I gave him for a down payment. I don’t know what the interest rate was, but I’m sure that in the end he paid much more than that car was worth.
But he made all of his payments in full and on time and wound up with a decent credit score through the financing. Right? Wrong. This particular dealer doesn’t (or at least didn’t) report to any of the credit agencies. So, mom to the rescue again as a co-signer for his second vehicle.
I know...he's lucky to have me. But a lot of young adults just like him don’t have anyone in their lives who can help with a sizable down payment or are able to co-sign for them. That’s where our myFirst Auto Loan comes in.
While I did have my son in mind when proposing the idea for myFirst, it is available to anyone at any age who has never had an auto loan before. We put some flexibility into the requirements and created a car-buying checklist that helps with the process - from determining how much car you can afford right through what to look for when test driving. We also added a financial education component that comes with a reward! Our loan specialists are very good at taking the extra time needed to explain everything and guide applicants along the way.
But he made all of his payments in full and on time and wound up with a decent credit score through the financing. Right? Wrong. This particular dealer doesn’t (or at least didn’t) report to any of the credit agencies. So, mom to the rescue again as a co-signer for his second vehicle.
I know...he's lucky to have me. But a lot of young adults just like him don’t have anyone in their lives who can help with a sizable down payment or are able to co-sign for them. That’s where our myFirst Auto Loan comes in.
While I did have my son in mind when proposing the idea for myFirst, it is available to anyone at any age who has never had an auto loan before. We put some flexibility into the requirements and created a car-buying checklist that helps with the process - from determining how much car you can afford right through what to look for when test driving. We also added a financial education component that comes with a reward! Our loan specialists are very good at taking the extra time needed to explain everything and guide applicants along the way.
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