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How do I sign up for a new car buyer program? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing impartial and original content. This allows users to conduct research and compare information at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on the site, such as the order in which they be listed within the categories of listing, except where prohibited by law. This applies to our loans, mortgages,, and other home lending products. However, this compensation will not influence the content we publish or the reviews that appear on this website. We do not cover the universe of companies or financial offerings that could be accessible to you.



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2 min read published November 30, 2022
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Edited 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 confidence to control their finances with clear, well-researched information that break down complex subjects into bite-sized pieces.







Reviewed by Mark Kantrowtziz Reviewed by Nationally recognized Student Financial Aid expert

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









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First-time car buyers programmes are intended to help car buyers without a credit history -- or those with a thin credit score -- obtain their first car. These programs usually have lower requirements for credit than other programs, however the approval process isn't assured. If you're looking into a first-time car buyer program, do your research on the vehicles in advance, create a budget and ask about any before applying. How do first-time buyer programs work? Although these programs are easier to get approved for, acceptance is not guaranteed -- it is . If you do not be approved, you might require alternatives such as cosigners secure credit cards and checking accounts. What are the criteria for a first-time buyer program? First-time car buyer programs vary according to lender and manufacturer, which means that requirements can change. However there are some fundamental requirements that remain consistent throughout all programs. For example, you'll almost always have to be more than 18 old age to qualify for a loan in all states. Specific requirements for eligibility will differ. It is likely that you will need to provide proof of employment and income and verify the basic information about yourself, such as your birthdate or Social Security number. What you're required to do be able to do this will depend on the particular program. There are also programs that have limitations, like being only available to specific models of cars. You might also have to submit supporting documents when the program is intended to be used by a certain group, for example, recent college grads. Do I be considered a first-time buyer if I'm not a recent college graduate? Some first-time buyer programs require buyers to be in college or be a recent graduate. If you're interested in a first-time car buyer program, look at the manufacturer's site or ask an agent. How can I apply for a car buyer program? First-time buyer programs are offered by car manufacturers and dealerships. Consider researching vehicles prior to purchase: Research what vehicle you'd like to buy. First-time buyers can also benefit from learning the to be as informed as they can. Make a budget: Develop a budget that allows you to save money for the cost of a substantial down payment. It is recommended to save 20 percent for a new vehicle as well as 10 percent when you buy used. This will help you find the most affordable price on a vehicle and the best interest rate. Be sure to inquire about any additional charges: It's always a good idea to ask about any additional charges and to negotiate the purchase price before purchasing the vehicle at a dealership. Be sure to meet the requirements for credit Certain first-time buyers programs require that buyers satisfy credit requirements. Check to see if you have a good enough credit score to qualify for the program and that you can meet your repayment commitments. Be aware of all possible options you have few other options when buying an automobile, so think about all of your options prior to applying for a first-time car buyer program. Should I buy new or used? When you're looking to buy your first car, a crucial consideration is whether to . Both come with advantages and drawbacks. While a new car comes with minimal maintenance and a warranty, it also comes with a . However there are used cars that have a significantly lower cost on average but could have issues that are not obvious or lots of miles in them. The bottom line It is beneficial to speak to the dealer about special first-time car buyer programs. Also, you should have the minimum of three banks. When choosing a first-time car buyer program, be aware of the conditions of the program, for instance the requirement for a the proof of graduation from college. It is also important to know the guidelines for purchasing the first vehicle, including being honest about your needs and knowing your credit score. We've restructured some phrasing in few sentences in case they weren't able to separate them enough from the original material.


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Written by

This article was generated using automation technology and thoroughly verified and edited by an editor from our editorial team.



Edited 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 control their finances by providing precise, well-studied information that breaks down complicated topics into bite-sized pieces.






Auto loans editor


Review by Mark Kantrowtziz. Reviewed by Nationally recognized expert in student financial aid

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






Nationally anerkannt student financial aid expert




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