How to finance your new car

Black Collegian, Apr 2002 by Greene, Marvin V

Financing is through Ford Credit. Conditions that must be met include active employment or have verifiable evidence of employment that begins within 120 days of the vehicle purchase or lease date at a salary sufficient to cover ordinary living expenses and the vehicle payment. Any credit history must indicate that past payments were made as agreed. Buyers may also qualify for no down payment and/or a 120-day deferred first payment. Vehicles not eligible for the program include the Ford Thunderbird, Lincoln Blackwood and other vehicles Ford will supply further details on.

Toyota

Through Toyota Financial Services, graduates can participate in the Toyota College Graduate Finance Program, including a $400 rebate on a new Toyota vehicle, which is applied to a down payment. Those seeking to lease instead of buy can go for the College Graduate Lease Program. Besides the rebate, Toyota sweetens the pot by offering a year of free, 24hour roadside assistance, along with no down payment and a 90-day deferred payment. The primary eligibility requirement is to earn a degree from an accredited four-year college, university, or registered nursing degree program during the last two years, or graduate from such a school/program within the next six months. Graduates of accredited twoyear colleges during the last two years also are eligible as well as those in graduate school or with a graduate degree during the last two years. Graduates must also get a job or show proof of future employment with a start date within 120 days of your purchase. Proof of collision insurance also is required and credit history must meet the Toyota Financial Services credit standards.

Honda/Acura

Honda Finances' College Graduate Program will also offer graduates ways to get behind the wheel of a new Honda or Acura vehicle. Like other programs, graduates from accredited four-year colleges, graduate school students, or graduates or registered nursing program graduates qualify. Once you are within four months of graduation or no more than a year after graduation, you can get going on the process. The other key qualification is that you have no adverse credit history. In addition, Honda Finance offers a plan that allows buyers to buy cars more often, particularly those whose tastes and needs change. A lump sum, end-of-term plan is designed to give buyers options at the end of the financing terms without worrying about resale value.

Other Programs

Mazda administers its college graduate program through Mazda American Credit, which works closely with Mazda dealers to accommodate graduates' needs.

DaimlerChrysler provides a cash allowance of $400 to graduates, applicable to the purchase or lease of an eligible 2002 Chrysler, Dodge or Jeep vehicle. Graduates are asked to see Chrysler, Dodge or Jeep for program details.

Hyundai Motor Finance provides qualified applicants with special interest rates and no down payment. Those within six months of graduation can apply and recent graduates can apply up to 12 months from leaving school. Buyers are asked to visit Hyundai dealerships and bring a copy of your diploma or a letter from the registrar if you are about to graduate. You will also need to show proof of employment or an offer letter from a prospective employer.