Auto Loans
No payments for 90 days!1
No matter where you are in life, purchasing your first vehicle is an exciting time. We also understand it can come with a lot of decisions. With a flat rate of 10.99% APR4, our first-time auto loan program is designed for those with limited or no credit history. Financing a vehicle for the first time can be an intimidating process, but Parda is ready to help you get on the road.
The details:
- Great rate of 10.99 APR4
- 1% rate discount5 available
- No previous credit history required
- Must be 18 years old older
- $500 minimum down payment required
- Loans available up to $20,000
- Terms available up to 60 months
- Vehicle must be newer than 15 years old with mileage under 120,000
Five things to do before visiting a dealership
To help make your next car-buying experience as smooth as possible, here is a list of things to do before you step foot on a dealer’s lot.
1. Set a budget
Establishing the amount you want to spend shows the car salesperson that you have thought through the process. Doing so will provide you with more control to get the deal you deserve. It is also important to understand how much you can afford in monthly payments and how much you will have to pay in interest over the course of the loan. Don’t forget to consider operating costs, including insurance.
2. Do your research
Thanks to the internet, there’s no need to enter a car dealership uninformed. Don’t know where to start? Parda has partnered with Banzai, a not-for-profit financial literacy organization that provides an entirely FREE collection of courses, coaches, calculators, and more, specifically about the car buying/financing process!
3. Apply for financing
Securing Credit Union financing before visiting a car dealership is usually the smartest bet and will put you at a tremendous advantage. You can apply for a car loan and get pre-approved with Parda beforehand, so that you can shop at the dealership as a cash buyer and/or be able to negotiate better.
4. Take your time
We get it. A new car is exciting. But it’s also a big decision. You should never feel pressured into making an impulsive decision about buying a car. The car that you buy will effectively be a “life partner” for the duration of your ownership period. Getting the car-owner match right (or wrong) can affect your daily life from the moment you buy it until the day you sell it. So, take all the time you need. Test drive different vehicles, complete as much research as needed, and compare all the pros and cons.
5. Plan your visit
Before visiting the dealership, create a specific plan. Planning in advance can help withstand the high-pressure tactics that some dealerships employ. Choosing the right dealership, getting a loan pre-approved at Parda, having your research done, and more, will help you save the time and the stress that can come with buying a new car.
Discounted auto insurance for members
Insurance can be one of the most expensive parts of car ownership. Thankfully, Parda’s partnership with TruStage gives you access to members-only savings on quality coverage.6
Already financed a car elsewhere?
If you have any of your vehicles financed through another organization, it pays to get a second opinion from Parda.
Chances are good that we can lower your interest rate, your monthly payment, or both. Compare our auto loan rates to those on your current loan, and then contact us to find out how much you can save by refinancing your vehicle with Parda.6
Membership required. For qualified borrowers. Approval, rate, and term based on individual credit, value of collateral, and ability to repay. Rates and terms subject to change at any time.
1 Interest accrues at the time of the loan. Parda reserves the right to end this promotion at any time. Some restrictions may apply.
2 APR — Annual Percentage Rate. Rate disclosed above is the lowest rate available and includes a direct deposit discount with Parda Federal Credit Union. Rate is based on individual credit history (credit score), term, collateral value, and ability to repay (proof of income). APR is subject to change. Contact a Credit Union representative for complete details. Refinancing option does not apply to current Parda Federal Credit Union loans. Some restrictions may apply. The estimated monthly payment is $29.86 per $1,000 borrowed at 4.74% for 36 months.
3 Skip-A-Pay offers exclude Line of Credit, Parda Premier Line of Credit, all Real Estate Loans, and balloon auto loans. Interest will continue to accumulate on your loan(s) during the month you skip your payment.
4 APR = Annual Percentage Rate. Membership required. Must be 18 years or older to apply. To qualify, you must be a first-time buyer with no previous auto credit. The maximum amount of $20,000. Max term 60 months. Minimum down payment of $500 required. Minimum job time required is 90 days for loan amounts up to $15,000 and 180 days for loan amounts up to $20,000 with verified income. Vehicle must be 15 years old or newer with less than 120,000 miles. For qualified borrowers. Not all applicants will qualify. Approval based on loan to value and ability to repay. Not eligible for Skip-A-Pay.
5 1% discount offered for completion of Banzai Teen Course Life Scenarios. Borrower must show proof of course completion with a passing score of 80% before loan closure to earn discounted rate.
6 TruStage® Auto and Home Insurance program is made available by TruStage Insurance Agency, LLC and issued by ©Liberty Mutual. The insurance offered is not a deposit account, and is not federally insured, sold, or guaranteed by Parda Federal Credit Union. Discounts are not available in all states, and discounts vary by state.
7 Refinancing option does not apply to current Parda Federal Credit Union loans. Some restrictions may apply.
