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No credit? No problem. We offer no-credit car loans and personal loans

No credit? No problem. We offer no-credit car loans and personal loans

Personal Loans & Car Loans for First-Time Borrowers

Have you never borrowed money before and need to buy your first car? No worries. We’re here to help.

We all need a vehicle to get around. It’s just a fact of life. The tough thing is that cars, SUVs and trucks are expensive, and having the cash on hand to buy one is seriously impractical.

Getting an auto loan is the easiest, most practical way to get the ride you want, but what if you have no credit?

We make it easy for you to get a no-credit car loan


Our first-time borrower program lets you borrow up to $12,000 and gets you in a vehicle at a low rate of 7.50% APR* with up to 60 months to pay off your loan. It will also help you establish credit for future purchases, like more expensive auto loans, credit cards and home loans. Plus, you don’t need a co-signer** for this no-credit car loan. No down payment is required, and up to 100% of the vehicle’s value can be financed.

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This program is exclusively for people without much of a credit history

No-credit car loans at Arsenal Credit Union

To be eligible for this program, you must have no credit history. That means no credit cards, auto loans, etc., but with an exception for student loan debt.

People with derogatory credit (including collection items/judgements) are not eligible for this program.

Other requirements for the no-credit car loan include having consistent employment for at least the past six months (either part-time or full-time). Other factors, like having good grades, being a college graduate and having a consistent residency, are also factored into loan approval.

Any borrower of legal age can apply. A vehicle up to 10 years old, plus the current year, can be financed through this program.

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Learning more about responsible borrowing

No-credit car loans at Arsenal Credit Union

Before you’re approved for financing, your loan officer will help inform you about the importance of paying your loan on time and how it will help you get better interest rates on loans in the future.

Your loan officer will also discuss the importance of having insurance and what happens when it lapses. Proof of insurance is required for you to receive your loan.

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Need extra cash? No problem.

In addition to the no-credit car loan, we offer a personal loan at a special rate, too. Those eligible can borrow up to $2,500 at an annual percentage rate of 13.00% with terms up to 36 months.

Contact us today

*APR=Annual Percentage Rate. Rates as of 1/8/2021. Subject to change.

**If you are 16 or 17, you must have a co-signer of legal age for contract enforceability, but you may still be eligible for the special rate. Co-signer must fully qualified for credit to be eligible