The CARes Project, Inc.

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 $16,000 for the purchase of a used vehicle. 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, 6-8% 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 $300 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. 

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Call or email Heidi at The CARes Project, heidi@thecaresproject.org if you have any questions throughout your application process. 

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Car Ownership Program Requirements

• Be 18 years old or older

• Have a Valid NC Driver's License

• Live in Forsyth, Davie, or Davidson County

• Be Employed

• Work at least 30 hours per week

• Have sufficient income to afford the monthly payment

• Have a Credit score less than 600

• Have a Household income less than 80% of the median family income for the area

Budget Training

Once we have received the required documents, you will complete the budget training session. This is mandatory!

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1. Follow this link: https://allegacy.everfi-next.net/student/dashboard/member-achieve/building-financial-capability/1688#creating-a-budget/getting-started/page-1                                             

2. Complete the Budget Training Questionaire 

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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.