Blue checking accounts icon

First-Time Auto Buyer Loans

Get a first-time auto loan from SELCO in Oregon and Southwest Washington. No credit history needed, up to 90% financing, and fast local decisions.

Apply Now Schedule an Appointment
Woman and man test driving a car with sales rep outside the car.

Get preapproved with little to no credit

SELCO's first-time auto loan is built for first-time car, RV, or boat buyers, plus those with little to no credit history.

  • Preapproval available so know your budget before you shop.
  • Up to 90% financing with low or no down payment required.
  • Quick decisions from local underwriting, no waiting on a distant call center.
  • Extended warranty options available on new and used vehicles.
  • GAP Advantage to cover your remaining loan balance if your vehicle is totaled or stolen.
Extended Warranty Details Explore GAP Advantage

Auto Loans

as low as 5.24 % New APR 6.49 % Used APR
See Auto Rates and Terms

Boat Loans

as low as 8.15 % New APR 8.65 % Used APR
See Boat Rates and Terms

RV Loans

as low as 7.49 % New APR 7.99 % Used APR
See RV Rates and Terms

Earn a rate discount when you take our credit quiz

Learn how credit works and how it can affect auto loan rates. Read our Understanding Credit guide, then take the quiz at the end to earn a rate discount on your first auto loan.

Please note: Discount not available for borrowers already eligible for lowest available rate.

Take the Quiz

Buying from a private seller

Buying a car from a private seller is different from buying through a dealership. Our step-by-step guide will help steer you through the process, from securing financing to signing the final paperwork.

Review Our Car-Buying Guide

FAQs about first-time auto loans

No, SELCO’s First-Time Auto Buyer Program is designed for buyers with little to no credit history. Every application is reviewed individually, and several factors beyond just credit history are considered before approval.

Yes, you can get preapproved for a first-time auto loan at SELCO. A preapproval is beneficial for understanding your budget, shopping with confidence, and streamlining the car-buying process.

Lenders consider factors like income, employment history, ability to repay, and vehicle eligibility. Every application is thoroughly reviewed, and meeting general guidelines does not guarantee approval.

Qualified borrowers may be eligible for financing up to 90% of the vehicle value. Depending on your vehicle and loan structure, a small down payment or trade equity may be required.

Not necessarily. However, in some situations, adding a joint applicant may strengthen an application and provide additional financing options.

Yes, SELCO offers first-time auto loans for eligible vehicles purchased through either a licensed dealership or a qualified private seller. Review our guide to buying a vehicle from a private seller for more details.

Shopping for a new car or truck?

AutoSMART lets you compare millions of vehicles from trusted local and national dealerships. When you find your next ride, get pre approved for a SELCO auto loan without leaving the site.

  • Search millions of new or used cars and commercial vehicles.
  • Filter by make, model, vehicle type, features, cost, and more.
  • Use the comparative pricing analysis, vehicle guides, and trade-in value tools to power your negotiations.
Compare Vehicles With AutoSmart

Resources

A blue toy car sitting on top of a laptop keyboard.

Carvana: An Online Car-Buying Nirvana?

Weigh the pros and cons of Carvana’s online car buying, including convenience, warranties, pricing differences, and delivery considerations.

Young girl driving car with a smile

Before You Sign Your Auto Loan

Financing a new or used car can be complex. Make sure you know all your options and have a clear understanding of what lies ahead.

Two people on a snowmobile.

Recreational Vehicles Made for Winter Adventure Seekers

The weather may be turning colder, but that doesn't mean the adventure needs to end. Maybe it's time to explore with a snowmobile, ATV, or RV.

People making financial mistakes.

The Financial Mistakes of Our 20s and 30s

Start saving for retirement when you get your first job and you’ll develop a healthy savings habit that will serve you well down the road.