Car Ownership Program
The CARes Project's Car Ownership Program not only provides a low-interest car loan, but also gives you money management skills, a personalized household budget, and financial confidence.
Get A Car Loan
The current loan interest rate is 8%. All loans are fixed-rate, simple interest loans. The maximum that will be loaned for a vehicle purchase is $8,000. The term of the loan is 36 months.
WHO CAN APPLY
Credit-challenged working adults with household incomes of less than 80% of the median family income can apply for the program. Contact us for details.
Have been working for at least one year at your current job and work at least 30 hours per week.
Live in Davidson, Davie, or Forsyth County, NC.
Have a valid North Carolina Driver’s License.
Be at least 18 years old.
You must be credit-challenged: “not able to obtain conventional financing from a bank or credit union usually due to a low or no credit score.”
FRANCHISE DEALERSHIP PARTNERS
Cars purchased through the CARes Project come through select franchise dealerships that provide good quality cars at a reasonable cost. Each car comes with a 12-month, 12,000 mile warranty provided by the dealer
Get Better Credit
A good credit score is a mark of financial stability and success. While the CARes Project provides car loans to families with low credit scores, a big part of our job is to help you increase your credit rating in the future.
From the time you apply to become a participant in our program to the day your car loan is paid off, you will have your own Financial Coach to help you each step of the way. Your Financial Coach will provide you with personal, confidential, and professional advice and counsel.
Since the CARes Project will be reporting your loan and payments to the credit reporting bureaus, your full, on-time payments will automatically increase your credit score.
Your Financial Coach will also review your credit reports with you, and provide tips for handling past credit mistakes, removing erroneous credit report data, and putting you in position to have a good score in the future.
Our goal is, after you have paid off your CARes Project car loan, that you will be able to walk into any bank or credit union, and obtain financing--for another car, a home, or a business--based on your own, good credit rating.
Save More Money
There are two ways to save more money, starting today. The first way is to increase your income. The second way is to decrease your expenses. Sounds simple, huh? But most of the families in our program lack the one thing that can help them to achieve financial success—a realistic, workable home budget.
Once you apply for a car loan, you will track your spending for 30 days. Next, your Financial Coach will help you determine where you can cut costs, and suggest alternatives to increase your family's financial stability.
Your Financial Coach will also review all of the sources of your income, to make sure that you can comfortably afford a CARes Project car loan, and save money for the future.
Financial Coaches, and other financial professionals, conduct home budgeting workshops in each county of our service area. While applicants for a CARes Project car loan are required to attend budgeting and money management workshops, the home budget workshop is open to the public, free of charge.
Our goal is for you to have a budget that will give you peace of mind about your money, and a road map to guide your financial future.