When more than 17 million new cars, vans, pickups and SUVs are sold in the United States in a typical year -- and you’re a college graduate -- huffing it by foot won’t cut it anymore.

It’s one thing to trudge across campus to class, but quite another trudging to work when you’ve paid your dues.

As a college graduate heading to your first real-world job, buying your first new vehicle doesn’t have to be a pipe dream. In fact, all the major vehicle manufacturers want you to drive their brands and don’t mind enticing you to do so. And entice you they will. They’ll offer special college graduate financing programs offering benefits like no down payment, cash rebates, affordable interest rates, delayed payments and service support. Surveys show that some 60 percent of first-time auto buyers remain for life with the brand of the first new car they purchased, so you’re in demand. And automakers like young college graduates since they typically don’t yet have mortgages or children competing for auto-buying dollars.

According to the National Automobile Dealers Association (NADA), despite the rigid economy the past two years, vehicle sales have been at record levels. More than 17.4 million new vehicles were sold in 2001 and 17.1 million in 2000. About half of all new vehicles sold are light trucks, including sport utility vehicles (SUVs). The average retail selling price for all new vehicles is about $25,000, according to NADA.

Average rates for financing new vehicles in March 2002 was about 7 percent annually.

While your status as a college graduate will open up numerous programs, you still must qualify. Most programs require that you have a job or offer of employment. Usually you get the process started a few months before graduation and you may be eligible up to a year after graduation. If you’re a graduate student, no problem. And credit is vital to qualifying. While having no credit history won’t disqualify you, adverse credit, such as late payments to department store or credit card accounts, might. Graduates who have established credit should always monitor and understand their credit reports and credit scores, and make sure they are accurate. Credit reports, which are maintained and supplied by credit bureaus, can be bought easily online for nominal fees.

But even before going to a dealership and inquiring about college financing programs on new cars, it always helps to get advance information. Automakers have their own glitzy and well-stocked Web sites, and so do dealerships. Just search on an Internet search engine using the key word: automakers. In addition, information can be found at online independent car-buying sites such as CarsDirect.com and Autobytel.com. These sites will help you calculate the cost of vehicles, options, financing terms and payments. In addition, they will provide articles, reviews and tips on financing and loans. On Carbuyingtips.com, just about everything under the sun on autos and financing is a click away.

And don’t dismiss online buying and financing, too, especially if you are a minority. An October 2001 study by professors at Yale University and the University of California at Berkeley found that African-American and Hispanic car buyers pay about $500 more per average vehicle at dealerships than do whites for identical cars. When buying on the Internet, minorities and whites pay about the same, according to the survey. Additionally, research Web sites, such as Edmunds.com, will offer information about pricing and current rebates and special offers. During February 2002, automakers were offering rebates on new vehicles that averaged around $1,600 per vehicle, but many of those are reserved for top, credit-worthy customers. Doing sufficient advance work will prepare you to meet the dealer head-on. To get started, here is a listing of major auto manufacturer financing programs targeted to college graduates:

General Motors

GM, through its GMAC financing unit, has special financing for eligible collegians who apply within six months before graduation or two years after graduation. They must be graduates from a four-year degree program, two-year associate's degree program or registered nursing degree. Two-year certificate programs are not eligible. Additionally, graduate students may be eligible for the program during their attendance in grad school or for up to two years after graduating.

All new 2001, 2002 and 2003 Chevrolet, Pontiac, Oldsmobile, GMC or Buick vehicles are eligible for the program. Those eligible grads must qualify and finance through Chevrolet, Pontiac, Oldsmobile, GMC or Buick dealers and GMAC. The major requirement is that you must show proof of income or future income. For those short on cash, down payments are not required for the program. And while no previous credit history is required, derogatory credit might cause ineligibility.

Ford

Looking for a new 2001, 2002 or 2003 Ford, Lincoln or Mercury car, minivan, truck or SUV, the Ford College Graduate Purchase Program is hoping to make it happen. The incentive program begins with a $400 cash bonus on a purchase or lease taken between January 4, 2002, and January 3, 2003. Vehicles delivered after January 3, 2003, lose the $400 bonus. Those eligible must have graduated or will graduate from an accredited college or graduate school with at least a bachelor’s degree, junior college or community college degree, nursing school or trade school degree between May 1, 2000, and January 3, 2003. Graduate students enrolled during that period also are eligible.

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, 24-hour 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 two-year 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.

• Mitsubishi offers a special financing program on purchases or leases for new vehicles. Within its program is a choice of four financing programs, such as the Diamond Retail Plan that defers the first payment for 90 days in exchange for a one percent interest rate increase.

So, there are ample financing plans available to purchase your new car.  Check them all out and determine which one is the best deal for you as you start your professional career with a new set of wheels for the road.

Marvin Greene is a frequent contributor to THE BLACK COLLEGIAN Magazine.