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What is a first-time buyer program? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing impartial and original content, by enabling you to conduct your own research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers such as, 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 website are provided by companies that compensate us. This compensation could affect how and where products appear on this website, for example, for example, the order in which they may be listed within the categories of listing, except where prohibited by law. Our loans, mortgages,, and other home loan products. However, this compensation will not influence the information we publish, or the reviews that you read on this site. We do not include the vast array of companies or financial deals that may be open 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.







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









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First-time car buyers programs are designed to help those with no credit history -- and those with a thin credit history get into their first vehicle. These programs usually have lower requirements for credit than those that require a credit check, but acceptance isn't always 100% guaranteed. If you're looking into an initial car purchase program, look into the cars ahead of time, make budget and talk to the person who is offering the programs prior to applying. How do first-time car buyer programs work? Although first-time car buyer programs are more easy to qualify for, acceptance is not assured -- it's not . So if you do not receive approval, you might have to consider alternatives such as cosigners, secured credit cards and checking accounts. What are the requirements for a first-time vehicle buyer program? First-time car buyer programs differ by lender or manufacturer and which means that requirements may change. However, there are some basic guidelines that are the same throughout all programs. In particular, you'll always require at least 18 years of age to qualify for a loan in the majority of states. Specific requirements for eligibility will differ. You will likely require proof of earnings and employment, as well as the basic information about yourself, such as your birthdate as well as your Social Security number. Whether you're expected to depend on the program. There are also programs that be restricted, for instance only being applicable toward specific car models. You might also have to submit supporting documents when the program is intended for certain populations, like recent college grads. Can I be considered a first-time buyer even if I'm not a recent college graduate? Some first-time buyer programs require a buyer to be enrolled in college or a recent graduate. If you're interested in an initial car buyer program, look at the manufacturer's site or ask a dealer. How do I apply for a first-time car buyer program? First-time car buyer programs are offered by dealerships and car manufacturers. Find out about vehicles ahead of time Consider researching the vehicle you'd like to purchase. First-time buyers can also benefit from knowing how to be as informed as possible. Set up a budget: Make your budget to allow you to save for the cost of a substantial down cost. It's recommended you 20 percent on a brand new vehicle as well as 10 percent when you buy used. This will ensure 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 any additional charges and also negotiate the price before purchasing a vehicle from a dealership. Ensure you meet credit requirements: Some first-time car buyer programs require buyers to meet credit requirements. Make sure you have a good enough credit score to qualify for the program and that you meet your obligations to repay. Take into consideration all possibilities you have couple of other options when purchasing an automobile, so think about all options before applying to a first-time buyer program. Do I want to buy a brand new car or used? If you're planning to purchase your first car, a crucial factor to consider is whether to . Both have advantages and disadvantages. While a new car comes with very little maintenance and comes with a warranty and has an . On the other hand the used car with an incredibly lower price in general, however they could also have hidden issues or a lot of mileage already in them. The bottom line is that it's important to inquire with the dealership regarding special first-time buyer programs. You should also with minimum three lending institutions. When selecting a first-time buyer program, consider the requirements of the program, like the need to provide a the proof of graduation from college. Also, you should be aware of the guidelines for buying your first car, such as being open about your needs and being aware of the credit scores of your. We've modified some of the language in several sentences because they didn't separate their content from the source material.


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Written by

The article was created with the help of automation technology, and then checked for accuracy and editing by an editor from our editorial team.



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 passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched data that reduces otherwise complicated topics into bite-sized pieces.






Auto loans editor


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

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






Nationally acknowledged expert in student financial aid




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