What is a first-time car buyer program?

A first-time buyer program is a financing option, often offered by automakers' finance companies or credit unions, for people with little or no auto-loan history. Requirements vary but commonly include proof of steady income, a minimum time at your job, and sometimes a cap on the vehicle price or loan amount. They don't guarantee approval or a low rate, so compare them against other lenders. Ask the lender for the full requirements in writing before you apply.