For many Wisconsin residents, owning a reliable vehicle is essential for daily life, enabling them to get to work, access healthcare, and manage family responsibilities. However, for individuals and families with limited income or facing financial hardship, securing an auto loan can feel like an insurmountable challenge. Traditional lenders often deny applications due to poor or no credit history, leaving those who need transportation the most stranded. Fortunately, programs like the Work-n-Wheels and Affordable Auto loan initiatives offered by CAP Services in Wisconsin are stepping in to bridge this gap, providing crucial pathways to vehicle ownership. These programs are not welfare in the traditional sense but rather welfare-enhancing, designed to empower individuals to achieve self-sufficiency through access to reliable transportation.
Work-n-Wheels: Your Path to a 0% Interest Auto Loan
The Work-n-Wheels program is specifically tailored for working adults in Wisconsin with limited income who need a vehicle for work but are struggling to secure financing. This program stands out by offering a 0% interest loan to households earning at or below 150% of the Federal Poverty Level (FPL). This is a game-changer for eligible families, significantly reducing the overall cost of vehicle ownership and making it truly affordable.
To qualify for Work-n-Wheels, applicants must be employed for at least 20 hours per week and possess a valid Wisconsin driver’s license. The loan amount, typically up to $5,000, is determined based on the applicant’s affordability, ensuring responsible lending practices. The loan terms are also flexible and customized to individual financial situations. While there are closing costs covering tax, title, license, and a 5% administrative fee, the absence of interest charges makes this program exceptionally beneficial. Furthermore, CAP Services provides financial training to all applicants before final approval, equipping them with the knowledge and skills for long-term financial stability and responsible vehicle ownership. Participants are required to maintain full coverage insurance with a $500 deductible, and CAP Services acts as the lienholder, ensuring the investment is protected.
Affordable Auto Loan: Expanding Access to Vehicle Ownership
Recognizing that transportation needs extend beyond those eligible for the 0% program, CAP Services also offers the Affordable Auto loan program. This initiative is designed for income-eligible adults in Wisconsin who may not qualify for traditional financing but still need a dependable vehicle. The Affordable Auto Loan program serves individuals with household incomes at or below 80% of the County Median Income (CMI), a broader income bracket than Work-n-Wheels, making it accessible to more families.
This program provides loans up to $10,000 for vehicle purchase, with a 10% interest rate. While not 0%, this rate is often significantly lower and more manageable compared to predatory lending options that individuals with poor credit might otherwise face. Similar to Work-n-Wheels, loan terms are based on affordability, and applicants benefit from financial training. Closing costs are also in place, including tax, title, license, and a reduced administrative fee of 1%. The requirements for a valid Wisconsin driver’s license and full coverage insurance remain consistent, and CAP Services is also the lienholder for these loans.
Take the First Step Towards Reliable Transportation
Both the Work-n-Wheels and Affordable Auto loan programs represent vital resources for Wisconsin residents striving for financial stability and independence. By offering accessible auto financing and support, CAP Services is empowering individuals to overcome transportation barriers and build better futures for themselves and their families. If you believe you might be eligible for either of these programs, reach out to Amanda Much at 920-209-1384 or [email protected], or contact Kris Murphy at 715-340-6248 or [email protected] to learn more and begin your application process. Don’t let transportation challenges hold you back – explore these valuable Wisconsin programs today.
