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What is a first-time buyer program? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive financial calculators and financial tools that provide objective and unique content. We also allow users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this site are from companies that compensate us. This compensation could affect how and where products appear on the site, such as, for example, the sequence in which they be displayed within the categories listed in the event that they are not permitted by law. Our loans, mortgages,, and other home lending products. However, this compensation will affect the content we publish or the reviews appear on this website. We do not cover the vast array of companies or financial offerings that could be available to you.



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2 min read published November 30, 2022
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Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances through providing clear, well-researched information that break down complex topics into digestible chunks.







Reviewed by Mark Kantrowtziz Reviewed by Nationally known scholar financial aid specialist

Mark Kantrowitz is an expert on student financial aid including the FAFSA as well as 529 plans, scholarships educational tax benefits, student loans.









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First-time car buyer programs are designed to aid people with no previous credit record -- or those with a thin credit history -- get into their first vehicle. These programs typically have less stringent credit requirements than , but approval is not 100% guaranteed. If you're considering a first-time car buyer program, research vehicles ahead of time, make an outline of your budget, and inquire about any prior to applying. How do first-time car buyer programs perform? Although these programs are simpler to qualify for, approval is not guaranteed -- it is . If you don't get approved, you may have to consider other options such as cosigners or secured credit cards, as well as checking accounts. What are the prerequisites for a first-time buyer program? First-time car buyer programs vary by lender as well as the manufacturer and they can be different. However, there are some basic guidelines that are the same throughout all programs. In particular, you'll always require minimum 18 old age to get a loan in all states. Specific requirements for qualification will vary. It's likely you'll need to provide proof of employment and income and verify basic personal information, like your birth date as well as your Social Security number. Whether you're expected to be able to do this will depend on the particular program. The programs also may have limitations, like only being applicable toward certain car models. You might also have to submit supporting documents in the event that the program is designed for a specific group of people, such as recent college grads. Can I be considered a first-time buyer if I'm not recent college graduate? There are a few exceptions to this rule. programs require a buyer to be in college or be a recent graduated. If you're interested in the first-time buyer program, take a look at the website of the manufacturer or talk to an agent. How do I apply for a first-time car buyer program? First-time buyer programs are available from car manufacturers and dealerships. Research vehicles in advance: Research what vehicle you'd like to buy. First-time buyers can also benefit from knowing how to be as informed as they can. Set up a budget: Make your budget to allow you to save toward an enormous down payment. It's recommended that you save 20 percent for a new car and 10 percent for used. This will help you find the best price for an automobile and also the most favorable interest rate. Be sure to inquire about any additional charges: It's always recommended to inquire about additional fees and also negotiate the price before purchasing the vehicle at a dealership. Be sure to meet the requirements for credit: Some first-time car buyer programs require buyers to satisfy credit requirements. Make sure you have a solid credit score to qualify for the program and that you can meet your obligations to repay. Consider all options: You may have a couple of other options when purchasing a vehicle, so consider all options before applying for a first-time car buyer program. Do I want to buy a brand new car or used? When it comes to buying your first vehicle, the most important decision to make is whether you should . Both have advantages and disadvantages. While a new car comes with a minimal maintenance warranty but it also has an . However there are used cars that have considerably lower costs in general, however they could also have hidden issues or lots of miles on the vehicle. In the end, it is important to inquire with the dealer about special first-time buyers programs. It is also recommended to have minimum three lending institutions. When selecting a first-time buyer program, it is important to be aware of the conditions that the plan has, such as the need to provide a the proof of graduation from college. Also, you should know the best practices for purchasing your first car, including being upfront about your requirements and knowing what your score on credit is. We've changed the phrasing of few sentences because they didn't separate themselves enough from the source material.


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Written by

This article was generated with the help of automation technology, and then checked for accuracy and editing by an editor on our editorial team.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing clear, well-researched facts that break down otherwise complicated topics into bite-sized pieces.






Auto loans editor


Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized student financial aid expert

Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships as well as tax benefits for education and student loans.






Nationally anerkannt student financial aid expert




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