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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 better financial decisions by offering interactive financial calculators and financial tools, publishing original and objective content, by enabling you to conduct your own research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted 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 could affect how and when products are featured on the site, such as, for example, the sequence in which they be displayed within the categories listed, except where prohibited by law for our loans, mortgages,, and other products for home loans. However, this compensation will affect the content we publish or the reviews appear on this website. We do not cover the vast array of companies or financial deals that may be available to you.

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2 min read Published November 30, 2022.

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First-time car buyers program is designed to help people with no background of credit — or people with a weak credit history — get into their first vehicle. They typically require less strict credit criteria than , but the approval process isn’t assured. If you’re interested in a first-time car buyer program, do your research on the vehicles ahead of time, make a budget and ask about any prior to applying. How do first-time car buyer programs function? Although these programs are more easy to get approved for, acceptance is not assured — it’s not . If you do not get approved, you may have to consider other options such as cosigners or secured credit cards, as well as checking accounts. What are the criteria for a first-time car buyer program? First-time car buyer programs vary depending on lender or manufacturer and so may change. However there are some essential conditions that are consistent across most programs. For instance, you’ll nearly always need to be at least 18 years of age to get a loan in the majority of states. The requirements for obtaining a loan differ. You will likely have to prove employment and income and verify basic personal details, like your birth date as well as your 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, such as only applicable to certain car models. It is also possible to provide supporting documentation if the program is intended to be used by a certain group, for example, recent college graduates. Can I be considered a first-time buyer if I’m not a recent college graduate? Not all first-time car buyer programs require buyers to be enrolled in college or a recent graduate. If you’re looking for a first-time car buyer program, take a look at the website of the manufacturer or talk to a dealer. How do I apply for a first-time buyer program? First-time buyer programs are available from dealerships and car manufacturers. Consider researching vehicles prior to purchase Find out what car you’d like to buy. People who are first-time buyers may benefit from learning to be as well-informed as possible. Set up a budget: Make an budget that will allow you to save for the cost of a substantial down payment. It is recommended to save 20 percent for a 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. Find out about additional fees It’s always an excellent idea to inquire about additional fees and 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 that buyers meet credit requirements. Make sure you have a strong enough credit score to qualify for the program and that you meet your obligations to repay. Be aware of all possible options: You may have a couple of other options when purchasing the vehicle, so be sure to consider all of your options prior to applying to a first-time buyer program. Should I buy new or used? When it comes to buying your first vehicle, the most important factor to consider is whether to . Both come with advantages and disadvantages. While a new car comes with a minimal maintenance warranty but it also comes with an . On the other hand the used car with an incredibly lower price on average but could be prone to hidden problems or have an excessive amount of mileage on them. The bottom line is that it’s important to inquire with the dealership about special first-time car buyer programs. You should also with at least three lenders. When choosing a first-time car buyer program, you should consider the requirements that the plan has, such as the requirement for a evidence of your college degree. It is also important to be aware of the best practices for buying the first vehicle, including being upfront about your requirements and being aware of your credit score. We’ve modified some of the language in few sentences because they didn’t separate themselves enough from the source material.

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Written by

This article was written by using automated technology. It was then thoroughly edited and fact-checked by an editor from our editorial staff.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers to manage their finances with precise, well-studied data that reduces otherwise complicated topics into bite-sized pieces.

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 anerkannt student financial aid expert

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