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 $15,000 for the purchase of a used vehicle. All cars are purchased from franchise dealerships and offer every CARes Project car buyer a 12-month/12,000-mile warranty on the car. All loans are 36 to 54-month, 9% simple interest loans. Loans can be paid off early without additional fees. Paying off the loan early decreases the amount of interest you would pay through the life of the loan. Monthly car payments are from $280-$380, depending on the length and amount of the loan. 

 

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. 

​

• In Step 1, you will complete the CARes Project application.  As part of the application, you will be asked to upload copies of your most recent month's worth of paystubs, a copy of your NC Driver's License, and bank statements.

• In Step 2, you will provide financial information to your financial coach and attend an online financial education workshop. 

• In Step 3, you will meet (online via Zoom or face-to-face) with your financial coach.  During your financial coaching, you will build a budget that demonstrates your ability to add a car payment and associated costs of car ownership.  You will also create some financial goals and receive credit advising. At this time, you will also complete your personal statement. Your personal statement 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 Project car loan. This is your chance to tell your story - how you will benefit from the service. 

 

This process takes time to complete (6 to 8 weeks on average).  If you are approved for a loan, you must also provide a down payment of $300.00. Scroll down to Step 1 to begin the application. 

​

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

​

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 steadily employed for a year

• Work at least 30 hours per week

• Have sufficient income to afford the monthly payment

• Have a credit score of 600 or less

• Have a household income of 80% AMI or less and/or live in a CDFI Investment Area

• Be willing to participate in the financial coaching and credit counseling process