Getting that first car is truly an American rite of passage. For most teens and young adults, that first vehicle is usually already well used, bearing dents, scratches, worn seats, high miles on the odometer and funky engine noises.
But no matter how humble, faded, or scarred, those first cars represent a newfound freedom to be able to go where you want, when you want – at least before curfew!
There are many roads to helping your kids get behind the wheel of their new car, from handing down a family car to encouraging them to save up to buy their own.
One middle road to consider is to assist them buy a car with various lending options.
Loans for Older Vehicles
At SAFE, we offer special rates on loans for vehicles older than 10 years or with more than 100,000 miles on the odometer. To determine the rate, visit our vehicle loan rate page and add 1% point to the rates for used cars. These loans are also a good option for moms and dads who are vintage car buffs!
“You First” Vehicle Loans from SAFE
SAFE offers a program that helps people with lower credit scores to qualify for a vehicle loan. Vehicles for personal use up to 11 model years old and up to 60,000-100,000 miles are eligible. The You First program is a great fit for young adults just starting out who need a vehicle for the onramp to their next stage.
Insurance
Of course, that new set of wheels will need to be insured and protected. SAFE members can get quotes from Apollo Insurance Services to find the best fit and access a variety of vehicle protection plans such as Guaranteed Asset Protection (GAP), Mechanical Breakdown Insurance, and TotalRestart Protection.
When you’re ready to consider helping your teen or young adult get their first vehicle, contact SAFE! Our loan experts can answer questions about eligibility, loan rates, and the purchasing process so you have information to make a confident, informed decision.
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