John, a 21-year-old oil worker, used to head out each morning in an old family truck that often broke down, causing him to miss work. His coworkers told him about Estacado Federal Credit Union, which has a First Time Buyers Program to help members who have good jobs but little or no credit. A member with proper income verification can finance 80 percent of the value of a vehicle. Because John worked in the oil fields, his income was good, and he had saved enough for a down payment on a new truck. He opened a savings account with the money he had saved and applied for a loan. Even though he had very little credit, we got him preapproved so that he could go shopping with the confidence that he would be able to buy. Considering his age and limited credit, the dealership offered him a loan at over 18 percent, but he wisely financed the truck for a much lower rate at the credit union. We gave him a free National Automobile Dealers Association (NADA) value report to make sure he was getting a great deal. John was extremely happy that he needed to make no payments for 45 days and that his direct deposit was used to automatically make his loan payments, saving him a trip to the credit union. Now he can review his loan online at any time, and he no longer drives a beat-up, undependable old truck to work. John recently got his first low-rate Visa card through Estacado and tells his family, coworkers, and friends how good it is to be part of a credit union family.
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