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Are you a part of a 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 offering interactive tools and financial calculators, publishing original and objective 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 restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that pay us. This compensation may impact how and when products are featured on the site, such as the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our loans, mortgages,, and other home loan products. This compensation, however, does affect the content we publish or the reviews that you see on this site. We do not cover the universe of companies or financial offers that may be available to you.



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2 min read published November 30, 2022
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The article was created by using automated technology. It was then thoroughly 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.







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

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









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First-time car buyer programmes are intended to help people with no background of credit -- and those with a poor credit history -- get into their first vehicle. They typically require less strict credit criteria than other programs, however acceptance isn't always guaranteed. If you're looking into a first-time car buyer program, look into the cars prior to the time you create budget and talk to the person who is offering any before applying. How do first-time buyer programs function? Although these programs are simpler to get approved for, approval is not guaranteed -- it is . So if you do not receive approval, you might need to look into other options such as cosigners, secured credit cards and checking accounts. What are the prerequisites for a first-time buyer program? First-time car buyer programs vary depending on lender as well as the manufacturer and they can be different. However there are some fundamental guidelines that are the same for all programs. For example, you'll almost always require more than 18 old age to get a loan in all states. Specific requirements for eligibility will vary. It's likely you'll need to provide proof of earnings and employment, as well as the basic information about yourself, such as your birth date as well as your Social Security number. What you're required to do will also vary by program. Some programs may also have limitations, such as only applicable to specific models of cars. You may also need to submit supporting documents when the program is intended to be used by a certain group, for example, recent college grads. Are I able to be considered a first-time buyer if I'm not recent college graduate? Not all first-time car buyer programs require buyers to be in college or be a recent graduated. If you're looking for a first-time car buyer program, check the manufacturer's site or ask an agent. How can I apply for a first-time car buyer program? First-time buyer programs are available from car manufacturers and dealerships. Consider researching vehicles prior to purchase: Research what vehicle you'd like to buy. New buyers also benefit from knowing how to be as informed as they can. Set up a budget: Make an budget that will allow you to save for the cost of a substantial down payment. It's recommended you 20 percent on a brand new vehicle and 10 percent for used. This will allow you to find the most affordable price on car and also get the best interest rate. Be sure to inquire about any additional charges It's always a good idea to ask about additional fees and negotiate the purchase price when you purchase a vehicle from a dealership. Ensure you meet credit requirements: Some first-time car buyer programs require buyers to meet credit requirements. Ensure that you have a solid credit score to qualify for the program and that you can meet the repayment obligations. Be aware of all possible options: You may have a number of alternatives when you purchase the vehicle, so be sure to consider all of your options prior to applying to a first-time buyer program. Should I purchase a new or used? When it comes to buying your first car, an important factor to consider is whether to . Both have their benefits and drawbacks. While a new car comes with a minimal maintenance warranty but it also has a . However, used cars with an incredibly lower price on average but could have hidden issues or a lot of mileage already in their plates. The bottom line It is beneficial to speak to the dealer about special first-time buyers programs. It is also recommended to have at least three lenders. When choosing a first-time car buyer program, you should be aware of the conditions that the plan has, such as the requirement for a evidence of your college degree. It is also important to be aware of the tips for purchasing the first vehicle, including being upfront about your requirements and knowing the credit scores of your. We've changed the phrasing of a handful of sentences, in case they weren't able to separate their content from the source material.


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Written by

This article was written with the help of automation technology, and then verified and edited by an editor from our editorial staff.



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 passionate about helping readers to manage their finances with precise, well-studied data that reduces otherwise complex topics into manageable bites.






Auto loans editor


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

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






Nationally acknowledged expert in student financial aid




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