Auto 101: Tips for young adults buying their first new car

Ability to buy brand-new car with lack of credit

This article is sponsored by North Park Toyota of San Antonio. 

Are you fresh out of college and looking to buy a new car but lack established credit?

It used to be that a young adult who has not yet established credit needed a co-signer to buy a new car, and now that's not the case anymore.

First-time buyer programs are designed specifically to help these first-timers buy a new car on their own.

These programs often offer additional incentive rebates for college grads or those with technical degrees to help with the down payment.

What does it take to qualify for a first-time buyer program?

Someone needs to be employed for at least one year or (for a new college grad) have a letter of intent from a future employer.

This enables first-time buyers to own their first new car and begin to establish good credit.

"We have a college grad program, which is essentially a first-time buyer program," said David Cole, general sales manager at North Park Toyota of San Antonio. "The brand sees that they have worked hard to finish school, and with a letter of intent, we can get them preapproved for a car." 

If you have any questions regarding first-time buyer programs, be sure to ask your local dealership. 

For more information, visit northparktoyota.com or call 210-635-5000.



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