Pros Explained

• Financing for many vehicle types: While First Tech FCU offers financing for new and used cars, it also provides financing for other vehicles like motorcycles, recreational vehicles, and even boats. 
• No application, origination, or prepayment fees: While some lenders do charge in these situations, First Tech FCU doesn't charge application fees, origination fees, or prepayment fees. 
• Higher-than-usual maximum mileage: Many lenders limit financing for used cars to vehicles with fewer than 100,000 miles. But First Tech FCU allows borrowers to finance vehicles with as many as 150,000 miles, making it a useful option if you're shopping for a less-expensive, higher-mileage vehicle.

Cons Explained

• Higher-than-average rates: First Tech FCU's best-possible rates are higher than the national average for car loans with 48-month and 60-month terms, so those with excellent credit may find better rates with another lender.
• Cannot purchase from private parties: First Tech FCU loans can only be used to purchase vehicles from authorized dealers; they can’t be used to buy vehicles from private parties. Instead, check out our picks for the best private party car loans. 
• Does not provide rates for longer loan terms: Online, you can only view rates for loans with terms as long as 60 months. If you want a 72-month or 84-month term, you must submit a full application or work with a First Tech FCU loan specialist.
  

Types of Auto Loans Offered by First Tech FCU

First Tech FCU offers auto loans for new and used cars, and borrowers can also refinance existing loans. 

Rates vary by state; the rates listed below are for most but not all states. 

New Auto Loans

• APR: 7.50%–18.00%
• Loan amounts: $1,000–$300,000 
• Loan terms: 12–84 months

For new and used car loans, the rates increase on longer terms. To qualify for the 84-month term, you must finance at least $20,000. 

Used Auto Loans

• APR: 7.70%-$18.00%
• Loan amounts: $1,000–$300,000 
• Loan terms: 12–84 months

Used car loans can be used to purchase vehicles that are 1 to 10 years old. Once again, you must finance at least $20,000 to qualify for the 84-month term. 

Refinance Auto Loans

• APR: 7.50%–18.00%
• Loan amounts: $1,000–$100,000 
• Loan terms: 12–84 months

To refinance your existing car loan with First Tech FCU, your car must be less than 10 years old and have fewer than 150,000 miles.

RV Loans

• APR: 9.10%–18.00%
• Loan amounts: $1,500–$300,000 
• Loan terms: Up to 180 months

RV loans are available for new and used RV purchases, as well as refinancing. Vehicles must be 10 model years old or newer. RV financing is available for motorhomes, pop-up campers, fifth wheels, slide-on campers, and travel trailers. First Tech offers GAP protection and RV insurance as well.

Motorcycle Loans

• APR: 8.55%–18.00%
• Loan amounts: $1,500–$100,000 
• Loan terms: Up to 60 months

New and used motorcycle loans are available for bikes up to five model years old. You can finance up to 100% of the motorcycle’s value.

Boat Loans

• APR: 9.10%–18.00%
• Loan amounts: $1,500–$500,000 
• Loan terms: Up to 180 months

New, used, and refinance boat loans are available for boats up to 10 model years old. Boat trailers can be financed, as well.

Time to Receive Funds

If you apply for a loan online, you can receive a decision as soon as the same day you apply. And if you use First Tech FCU's auto-buying service, you can enjoy a streamlined dealership experience and complete the purchase faster.

Borrower Requirements

• Minimum recommended credit score: 660
• State availability: All 50 states and the District of Columbia
• Membership requirements: Must be a current First Tech FCU member; those who aren't members can join online by joining a partnering organization.

Vehicle Requirements

• Maximum accepted mileage: 150,000
• Maximum accepted age: 10 years
• Maximum loan-to-value ratio: Not disclosed

First Tech FCU Auto Loan Features

• 90-day payment deferral: You may defer making your first payment for up to 90 days, but remember that interest will continue to accrue during this period.
• Origination fee: First Tech FCU doesn't charge origination fees. 
• Prepayment fee: There are no prepayment penalties. 
• Discounts: First Tech FCU doesn't have any specific discount programs, but you may save money with the car-buying services described below.
• Pays creditors directly for refinance loans: If you refinance your loan, First Tech FCU will pay off your existing loan for you. 
• Can change due date: First Tech FCU allows you to change your monthly payment due date. 
• Car-buying service: First Tech FCU partners with AutoSMART and Tred to allow customers to shop for a car and apply for financing in one place; perks include a streamlined buying process, more effective negotiations when buying and selling, and special prices at dealers when buying and trading in.
• Partner dealerships: First Tech FCU works with certain dealers through AutoSMART, including dealers of Chevrolet, Ford, Hyundai, Subaru, and many other makes. 
• First-time car buyer program: First Tech FCU does not have a first-time car buyer program. 
• Mobile app: First Tech offers a mobile app (for iOS and Android) you can use to apply for First Tech FCU's financial products, manage your accounts, and make payments.
  

Co-Signers and Co-Applicants

If you don't meet First Tech FCU's credit or income criteria, you can add a co-borrower or co-signer to your application. You can better the odds of qualifying for a loan with a competitive rate if you apply with someone with good credit, but take note that co-borrowers on the loan will share ownership of the vehicle. A co-signer, on the other hand, does not share ownership of the car and only becomes responsible for paying if the primary borrower fails to pay.

Customer Service

You can contact First Tech FCU's through secure message, live chat, phone, or by scheduling an appointment. If you don't live near a First Tech FCU branch—or simply don't want to leave home—you can schedule a virtual appointment. 

Customer Satisfaction

First Tech FCU was not included in the J.D. Power U.S. Consumer Auto Financing Study or its U.S. Dealer Satisfaction Study.

However, it has strong reviews on Trustpilot. Its rating is 4.2 out of 5, but based on fewer than 500 reviews; still, this places it in the "Great” category.

To our knowledge, First Tech FCU has not been involved in any large lawsuits related to its auto lending division. 

How to Apply for a First Tech FCU Auto Loan

To apply for a loan, you'll need your driver's license and Social Security number, plus income and employment details. When you're ready, follow these steps: 

1. Check your rate: First Tech FCU has a tool you can use to check your eligibility for a loan and view potential rates and terms without impacting your credit. It only provides options with loan terms up to 60 months; if you want a longer term, you'll have to fill out the full application and undergo a hard credit inquiry. 
2. Fill out the application: If you see a loan offer you want, you can fill out the full application and submit your driver's license and proof of income. You must consent to a hard credit inquiry. First Tech FCU typically issues decisions within minutes. 
3. Visit a dealer: Once you're approved, you can shop for a car through AutoSMART or visit an authorized dealer to complete your purchase. Bring a copy of your approval letter to simplify the process.

Alternatives to First Tech FCU

Loan Types Offered	New, used, refinance, motorcycle, RV	New, used, refinance, cash-out refinance, motorcycle, RV	New, used, refinance, cash-out refinance, lease buyout, motorcycle
States Available	All states and D.C.	All states and D.C.	All states and D.C.
New APR Range	7.50%–18.00%	6.84% and up	2.99% and up
Used APR Range	7.70%–18.00%	8.19% and up	2.99% and up
Refinance APR Range	7.50%–18.00%	5.49%–8.54%	2.99% and up
Min. Time to Receive Loan	Same day	1 day	Not disclosed
Recommended Min. Credit Score	660	Not disclosed	500
Max. Accepted Mileage	100,000	None	150,000 miles
Max. Accepted Age	10	None	10 years
Max. Accepted Loan-to-Value Ratio	120%	125%	Not disclosed

Final Verdict

If you're shopping for an inexpensive car for your teen or have your heart set on an older vehicle, First Tech FCU offers financing for cars with up to 150,000 miles. And its loan minimum is $1,000, so you can borrow just what you need to complete the deal. But First Tech FCU's starting rates are relatively high, so borrowers with very good to excellent credit should shop around to see if they can get better rates from other car loan companies. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of auto loan lenders. To rate providers, we collected hundreds of data points across more than 20 auto loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews help users make informed decisions for their borrowing needs. We also conducted a survey of 1,016 auto loan borrowers for attitudes and opinions about lenders and the loan approval and disbursement process. See our full auto loan review methodology for more information.