A down payment for an auto loan is not always required at People Driven Credit Union. PDCU offers 100% financing for eligible new vehicles, including cars, trucks, and vans that are 5 years old or newer.
That said, we still recommend making a down payment when you can. Putting money down lowers the amount you need to borrow, which may reduce your monthly payment and help you pay less interest over the life of the loan.
For used vehicles older than 5 years, People Driven Credit Union finances up to 80% of the vehicle’s value, also known as loan-to-value or LTV. In that case, a down payment may be needed.
