Click on the links below to learn more about the First Time Car Buyers Program!

• Does it matter how long I’ve had my job?
  • You should have one year at your current employer or two years in the same line of work.

• How much can I borrow??
  • The maximum loan amount is $12,000.

• What kind of car can I get?
  • You can choose a car that is a 1999 model or newer with no more than 100,000 miles..

• Does the value of the car matter?
  • Yes! Your loan amount must be at 85% or less of the Kelley Blue Book retail value.
  • Example: If the retail value is $10,000, the loan amount could not exceed $8,500
  • No buyer should finance too much on a vehicle:
    1. If the car is totaled, the insurance company will only pay the value of the car—not what you owe on your loan. You would still have to pay on your car loan--without the car.
    2. If you want to trade the car in after a year or two, you could still owe more than the car is worth at that time.

• How much will my payment be?
  • Your payment is determined by the amount and the term of your loan. We allow a generous payback period of up to 72 months. On a $12,000 loan, that’s about $200 - $250, depending on the rate. Remember, the better price you negotiate, the lower your payment will be.

• Will I need a co-signer?
  • No, adults 18 and over who meet all other criteria will not need a co-signer.

• Will I need a down payment?
  • Yes. You will need a 10% down payment. This can be in the form of cash or as proceeds from a car you are trading in.

• What’s different about Rivermark’s First-Time Buyer Program?
  • Many first-time auto buyer programs are like sub-prime mortgages. The rates and fees are high, the terms benefit the lender more than you, and there is no concern about your long-term financial health. Dealers may also assume that first-time buyers don’t expect the best deal.
  • At Rivermark, we’ll connect you with the resources you need to give you a negotiating edge. You can count on saving money with competitive rates and no hidden fees. Plus, when you need help, we’ll be a local phone call or branch visit away for as long as you have your loan.

• Five Quick Tips for Getting a Good Deal!
  • Beware of the low payment! Payment is important, but it’s a small part of the total deal. A salesman may tell you that he could get you into a car for $150 per month. Well, that could mean you would pay $5000 total or over $12,000 total. A good car loan starts with the right purchase price.
  • Always determine the value before making an offer on any car.
  • Ignore the price on the windshield and go to kbb.com or Edmunds.com (or both) to determine the value. Never make an offer before you’ve had the chance to determine the value and to decide the most you will pay.
  • Don’t ask the dealer “how much” the second you spot a car you like—they won’t tell you the real amount until they figure out how much you’re willing to pay at negotiation time.
  • Don’t make a decision on the spot based on a Kelley Blue Book printout the dealer gives you. Do your own research and come back when you’re fully armed with knowledge.
  • Remember that you can probably negotiate a price that is below the retail Kelley Blue Book Value.
  • A test-drive does not obligate you to make an offer. Don’t be pressured! It’s your money. Even if that car ends up being sold, chances are there’s another very similar car available in your area.
  • Consult your insurance agent before buying. Financing a car means keeping it fully insured. Don’t blow a low payment with high insurance premiums. Some cars simply cost more to insure.
  • Get a pre-approved Rivermark loan before you go car shopping! Command the respect of a cash buyer and have the confidence of knowing exactly how much you can afford. The dealer does not need to know you’re a first-time buyer.