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How do I sign up for a new 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 financial tools as well as publishing impartial and original content, by enabling you to conduct research and compare information at no cost and help you make sound 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 Earn Money The products that are featured on this site come from companies that compensate us. This compensation can affect the way and where products appear on this site, including, for example, the order in which they be displayed within the categories listed and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will not influence the information we publish, or the reviews you see on this site. We do not include 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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At Bankrate, we consider the quality of our content very seriously. “Expert verified” signifies we have the Bankrate Financial Review Board thoroughly evaluated the article for clarity and precision. This Review Board comprises a panel of experts in finance whose goal is to ensure that our content remains impartial and balanced. The reviews of the Review Board ensure that we are publishing quality and reliable content.

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Editor: Rhys Subitch Edited by Auto loans editor

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

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First-time car buyers programs are designed to assist people with no credit history — and those with a poor credit history — to get their first car. They typically require less strict credit criteria than those that require a credit check, but 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 a budget and ask about any before applying. What are the first-time car buyers programs function? Although these programs are easier to qualify for, approval is not 100% guaranteed – it’s a guess . So if you do not be approved, you might need to look into other options such as cosigners, secured credit cards and checking accounts. What are the requirements for a first-time vehicle buyer program? First-time buyer programs differ depending on lender or manufacturer and so may change. However, there are some basic conditions that are consistent throughout all programs. For example, you’ll almost always need to be minimum 18 old age to be eligible for a loan in all states. Specific requirements for eligibility will differ. It’s likely you’ll need to provide proof of earnings and employment, as well as the basic information about yourself, such as your birthdate and Social Security number. What you’re required to do be able to do this will depend on the particular program. Some programs may also have limitations, like being only available to specific car models. You might also have to submit supporting documents in the event that the program is designed for certain populations, like recent college grads. Do I qualify as a first-time car buyer even if I’m not a Recent college graduate? Some first-time buyer programs require that a buyer be in college or a recent graduate. If you’re looking for an initial car buyer program, check the website of the manufacturer or talk to the dealer. How can I apply for a first-time car buyer program? First-time car buyer programs are available from dealerships and car manufacturers. Find out about vehicles ahead of time Find out what car you’d like to purchase. New buyers also benefit from knowing how to be as well-informed as possible. Set up a budget: Make a budget that allows you to save money for the cost of a substantial down payment. It is recommended to save 20 percent when purchasing a brand new vehicle and 10 percent for used. This will allow you to find the best price for car and also get the best interest rate. Ask about additional fees It’s always recommended to inquire about any additional fees and to negotiate the purchase price before purchasing an automobile from a dealer. Be sure to meet the requirements for credit Certain first-time buyer programs require applicants to satisfy credit requirements. Ensure that you have a good enough credit score to qualify for the program and that you can meet your repayment commitments. Take into consideration all possibilities There are a couple of other options when purchasing an automobile, so think about all of your options prior to applying for a first-time buyers program. Should I purchase a new or used? If you’re planning to purchase your first car, an important consideration is whether to . Both come with advantages and disadvantages. While a new car comes with very little maintenance and comes with a warranty but it also includes the benefit of a . On the other hand, used cars with an incredibly lower price in general, however they could also be prone to hidden problems or have a lot of mileage already in the vehicle. In the end, it is beneficial to speak to the dealership about special first-time car buyer programs. It is also recommended to have minimum three lending institutions. If you are choosing a first-time buyer program, it is important to take into consideration the requirements that the plan has, for instance the requirement for a evidence of your college degree. It is also important to know the best practices for purchasing an initial car like being open about your needs and being aware of the credit scores of your. We’ve modified some of the language in a handful of sentences, because they didn’t separate their content from the source material.

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The article was created 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances by providing precise, well-studied data that reduces complicated topics into bite-sized pieces.

Auto loans editor

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

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

Nationally recognized student financial aid expert

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