If you have money, you can pay for a car in full. If you have good credit, you can get some great loans from credit union. But if you lack both, you're left with options like those "NO CREDIT!" buy-here-pay-here dealerships, which are notorious for taking advantage of people.
That's where our car loans come in. Our car loans are a more affordable alternative to buy-here-pay-here loans, and can save people up to $9,000 over the lifetime of the loan.
Yesterday, we held a press conference to announce this much-needed alternative for Rhode Islanders, and we've already gotten some great press (including video segments on NBC 10 WJAR and WPRI). Check our website or read the press release below for more information.
Andy Posner, Founder & CEO
866-584-3651, Ext. 105
Nonprofit Lender Launches Car Loan Program
RI General Treasurer Seth Magaziner Joins Capital Good Fund CEO Andy Posner to Announce Launch of Car Loan Program
August 19, 2015-(Providence, RI)—This morning Rhode Island General Treasurer Seth Magaziner joined Capital Good Fund, a Providence-based nonprofit that provides financial services—small personal loans and Financial Coaching—to low-income Rhode Islanders, to announce the launch of a car loan to finance the purchase of high-quality, low-mileage used vehicles. They were joined by Capital Good Fund staff, clients, and supporters in the State Room at the State House. The new loans range from $8,000 to $13,500 with a five-year term and carry interest rates of 9% to 15%. These loans will enable low-to-moderate-income families to invest in safe, affordable and reliable transportation, while also building their FICO credit score. What’s more, the borrower will save up to $,9000 in interest and fees compared to predatory loans from sub-prime auto lenders.
“For the past six-years we have worked to provide equitable alternatives to high-interest, predatory loans targeted at lower-income families,” said Andy Posner, Founder & CEO of Capital Good Fund. “There has been a lot of attention recently on the rise of predatory, sub-prime auto loans. Given how important transportation is to workers and their families, we saw an opportunity to offer a life-changing loan product. Compared to our competitors, our loans are far cheaper, more transparent, build credit, and finance well-maintained vehicles. We are excited to make our Car Loans available to all Rhode Islanders!”
"My old car kept breaking down. Mornings were stressful because I didn't know if my car would start or not.” said Sherlie Martinez, Capital Good Fund’s first Car Loan borrower. “Capital Good Fund helped me buy a reliable car to get to work and take my daughter to school. They took a very heavy load off my shoulders. I can’t recommend them enough!”
"As our economy continues to recover, access to reliable transportation remains a critical issue," says Rhode Island General Treasurer Seth Magaziner. "By financing good, affordable cars for working families, Capital Good Fund is helping to make sure that no one loses a job—or is unable to take a job—for lack of a car that reliably runs. In short, this is of vital importance to the economy of our state."
Interested applicants can apply at GoodFund.US/car or by calling 866-584-3651 X 302.
For more information:
Capital Good Fund: www.capitalgoodfund.org (866-584-3651)
Founded in 2009, Capital Good Fund is a Providence-based social change organization whose mission is to provide equitable financial services that create pathways out of poverty. As a nonprofit, certified Community Development Financial Institution (CDFI) and proud member of the Opportunity Finance Network, we offer impoverished families one-on-one Financial & Health Coaching and personal loans of up to $13,500. Since our founding we have disbursed 850 loans totaling $750,000 and graduated 1,000 people through our Coaching programs. As one of only a handful of CDFIs that offer small personal loans, we provide financial services to those that would normally only have access to capital through fringe and predatory lenders such as payday lenders, check cashers, pawn shops, auto title lenders and other subprime lenders.