Into a CAR and onto FINANCIAL INDEPENDENCE
Apply for the Car Ownership Program
Welcome to the Car Ownership Program Online Application
The CARes Project, Inc. is a nonprofit organization whose mission is to help low- and moderate-income individuals and families in our service area to become financially stable and self-sufficient. A CARes Project car loan can provide you with safe, affordable, and reliable transportation. Through our Car Ownership Program, customers learn to practice good money management skills, increase their creditworthiness, and receive reliable transportation to get to work and to school.
Our Car Ownership program loans up to $10,000 for a car purchase. All cars are purchased from franchise dealerships and offer every CARes car buyer a 12-month/12,000-mile warranty on the car. All loans are 36-month or 48-month, 8% simple interest loans. Loans can be paid off early without additional fees and paying off the loan early will save you from paying some interest. The minimum payment on our car loans is $180 with $250 being the maximum.
Process of Getting a Car Loan
To obtain a car loan through The CARes Project's Car Ownership Program, you must complete a series of steps including an application with several forms, attend a budgeting class designed specifically for you, and provide a down payment of $300.00. Below is the list of all documents needing completion with a description. There are 4 attachments that will need to be completed and returned. You will need to click on each document, fill in the blanks, then save with changes made. Once ALL forms are completed, you may send all application documents in one email to heidi@thecaresproject.org or upload them below.
Step 1. Application
Customer Application and Credit Release Agreement
This application provides our organization all the information we need. It includes your contact information, demographics, income, employment, household information, and references. This three-page application will need to be completed and signed. Once received and accepted you will be a Car Ownership Program Participant.
Step 2. Prepare for Your Financial Coach
Once your application is accepted you will need to complete the following:
This is a document needing to be completed before you meet with our financial coach. This document asks about your income and expenses.
This form is presented to the Community Loan Committee, who will be approving your application. It is your opportunity to present why you should receive a CARes car loan. This is for you to tell your story - how you will benefit from the service. Do not use your name or the names of family members or anything else that could reveal your identity to the Loan Committee.
Step 3. Budget Training
Budget Training
Once we have received the required documents, you will complete the budget training session. This is mandatory!
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Follow this link: https://allegacy.everfi-next.net/student/dashboard/member-achieve/building-financial-capability/1688#creating-a-budget/getting-started/page-1
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Complete the Budget Training Questionaire
The Community Loan Committee
Once your application is completed, you have taken the budget training, and have workable budget, your request for a loan will be presented to our Community Loan Committee. This is a meeting that you will not attend (so make sure your “Personal Statement” is strong!). The Loan Committee will look over all the information and make their decision. Sometimes they require more information before approving a loan.
We invest in people who invest in themselves
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 Kia purchase photo |
Once you have completed all the necessary and required forms either upload them or email them as an attachment to Audrey at audrey@thecaresproejct.org.
We will confirm with you that we have received your program application.