Tips on Buying Cars: will i qualify?, time buyer programs, first time buyer programs

Question
I am eighteen years old, have 7,000 dollars down for a car, no credit history... but am wanting a car payment for the remaining 6000, am I likely to qualify? Thanks for the help
Ive heard of first time buyer programs but how first time buyer??

Answer
Nick,

Thanks for your question.  There are several first time buyer programs out there.  More than likely depending on the qualifications of those programs you will qualify, if not because you meet the criteria, simply because you have $7000 cash down.  That puts your loan into what the lender calls an equity situation thereby making the loan a low risk situation for them.  You will need to make sure that you have a job, and sufficient income to qualify for the remaining $6000 that you are going to finance.  Any loan you get will require that you provide any proof of income, so make sure that you go to the dealership with a copy of your most recent check stub, 6 personal references that do not live with you, and some type of mail showing your name and your address on it for proof of residence.  You will get into a car with your money down.  

Hope this answers your question.

Good Luck,

Jeremy