In 2015, we saw a real need in our market for auto financing for young professionals who have limited to no credit and are just entering their full-time careers. Previously, the only options available to them were to have a cosigner on their loan or to pay a higher interest rate -- sometimes as much as 18 percent. At a time when they are going out on their own and trying to become financially independent, the last thing they want to do is ask a parent for help. Nor do they want to become stuck with a higher-than-average car note. Therefore, we created a First Time Auto Buyer Program with these young professionals in mind. For approval, the EFCU Financial First Time Auto Buyer Program requires only a few months of job history and a small down payment. Best of all, no cosigner is needed. Members of this newly employed segment of our market now not only have cars to call their own but also can establish credit for themselves. To help ease the monthly payment, we gave this program excellent interest rates and terms up to 75 months. For example, someone who financed a $25,000 vehicle in this program would save $13,000 in interest over the life of a 75-month loan.
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