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How do I sign up for a new vehicle buyer program? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive financial calculators and financial tools as well as publishing impartial and original content. We also allow you to conduct research and compare information for free and help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site come from companies that compensate us. This compensation may impact how and where products appear on this site, including for instance, the order in which they be displayed within the categories listed, except where prohibited by law for our mortgage, home equity and other products for home loans. However, this compensation will have no impact on the content we publish or the reviews appear on this website. We do not cover the universe 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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The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances with precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.







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

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









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First-time buyer programs are designed to assist car buyers without a credit history -- and those with a thin credit history to get their first car. These programs usually require less strict credit criteria than other programs, however the approval process isn't 100% guaranteed. If you're interested in an initial car purchase program, look into the cars ahead of time, make a budget and ask about any before applying. How do first-time car buyer programs work? Although these programs are simpler to qualify for, approval isn't 100% guaranteed - it's a guess . If you don't get approved, you may require alternatives like cosigners, secured credit cards and checking accounts. What are the criteria for a first-time vehicle buyer program? First-time car buyer programs differ depending on lender and manufacturer, and can change. However, there are some basic requirements that remain consistent across most programs. In particular, you'll always need to be more than 18 old age to be eligible for a loan in the majority of states. The requirements for obtaining a loan differ. It's likely you'll need to provide proof of employment and income and verify the basic information about yourself, such as your birthdate and Social Security number. The amount of information you're required to provide will also vary by program. The programs also may have limitations, such as only being applicable toward certain car models. You may also need to present supporting documentation when the program is intended for certain populations, like recent college graduates. Do I qualify as a first-time car buyer if I'm not a Recent college graduate? Not all first-time car buyer programs require a buyer to be enrolled in college or a recent graduated. If you're looking for a first-time car buyer program, check the site of the manufacturer or contact a dealer. How do I apply for a car buyer program? First-time buyer programs are available from dealerships and manufacturers of cars. Consider researching vehicles prior to purchase: Research what vehicle you'd like to purchase. First-time buyers can also benefit from knowing how to be as well-informed as possible. Set up a budget: Make a budget that allows you to save for an enormous down cost. It is recommended to save 20 percent when purchasing a brand new car and 10 percent for used. This will help you find the most affordable price on an automobile and also the most favorable interest rate. Find out about additional fees It's always an excellent idea to inquire about any additional charges and to negotiate the purchase price when you purchase an automobile from a dealer. Make sure you meet the credit requirements: Some first-time car buyer programs require buyers to meet credit requirements. Check to see if you have a strong enough credit score to qualify for the program and that you can meet the repayment obligations. Consider all options: You may have a few other options when buying a vehicle, so consider all of your options prior to applying to a first-time buyer program. Should I buy new or used? When you're looking to buy your first car, an important factor to consider is whether to . Both come with advantages and drawbacks. A brand new car comes with very little maintenance and comes with a warranty and has a . However the used car with an incredibly lower price generally, but may have hidden issues or an excessive amount of mileage on their plates. The bottom line It is important to inquire with the dealership regarding special first-time buyer programs. It is also recommended to have minimum three lending institutions. When selecting a first-time buyer program, you should take into consideration the requirements that the plan has, for instance the need for a or the proof of graduation from college. You should also be aware of the tips for buying your first car, including being honest about your needs and knowing your credit score. We've restructured some phrasing in a handful of sentences, because they didn't separate themselves enough from the source material.


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Written by

The article was created by using automated technology. It was then thoroughly verified and edited by an editor from our editorial team.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers to take control of their finances by providing clear, well-researched facts that break down complex topics into manageable bites.






Auto loans editor


Reviewed by Mark Kantrowtziz Reviewed by Nationally known expert on student financial aid

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






Nationally recognized student financial aid expert




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