Access to reliable transportation is crucial for work, family, and daily life. However, securing a vehicle can be challenging, especially for individuals and families with limited income or less-than-perfect credit histories. If you’ve been turned down by traditional lenders, CAP Services offers a pathway to vehicle ownership through our Affordable Car Loan Programs, designed to get you on the road.
Work-n-Wheels Auto Loan Program
The Work-n-Wheels program is tailored for working adults seeking both vehicle purchase and repair assistance. This program understands the vital link between employment and reliable transportation, offering support to those who need it most.
Here are the key features of the Work-n-Wheels program:
- Employment Requirement: Applicants must be employed for a minimum of 20 hours per week, demonstrating a commitment to self-sufficiency.
- Income-Based Interest Rates: Households earning at or below 150% of the Federal Poverty Level (FPL) are eligible for a 0% interest loan, making vehicle ownership incredibly affordable.
- Loan Amounts Up to $5,000: Loan amounts are determined based on individual affordability, typically reaching up to $5,000 to ensure manageable repayments.
- Flexible Loan Terms: Repayment terms are customized to align with your financial situation, promoting long-term financial stability.
- Essential Closing Costs Covered: The loan covers tax, title, license fees, and a modest 5% administrative fee at closing, simplifying the purchase process.
- Wisconsin Driver’s License Required: Applicants must possess a valid Wisconsin driver’s license, ensuring compliance with state regulations.
- Financial Training Provided: To empower borrowers with financial literacy, applicants receive mandatory financial training before final loan approval, promoting responsible borrowing habits.
- Insurance Requirements: Full coverage insurance with a $500 deductible for comprehensive and collision is required, protecting your investment and ensuring responsible vehicle operation.
- CAP Services as Lienholder: CAP Services is listed as the lienholder on both the vehicle title and insurance, providing security and clear ownership guidelines.
Affordable Auto Loan Program
The Affordable Auto Loan program expands access to vehicle financing for income-eligible adults who may not qualify for traditional loans. This program focuses on vehicle purchase, providing crucial financial support for those seeking affordable transportation solutions.
Discover the details of the Affordable Auto Loan program:
- Income Eligibility: Individuals with a household income at or below 80% of the County Median Income (CMI) are eligible to apply, broadening access to affordable financing.
- Loans Up to $10,000 for Vehicle Purchase: This program offers loans up to $10,000 specifically for vehicle purchase, providing a greater range of vehicle options.
- Competitive Interest Rate: An interest rate of 10% is applied, offering a more accessible option compared to high-interest lenders.
- Affordable Terms: Similar to Work-n-Wheels, repayment terms are structured based on individual affordability, ensuring sustainable repayment plans.
- Streamlined Closing Costs: Closing costs include tax, title, license, and a reduced 1% administrative fee at closing, minimizing upfront expenses.
- Valid WI Driver’s License: A valid Wisconsin driver’s license is necessary for program participation, aligning with state driving regulations.
- Pre-Approval Financial Training: Applicants benefit from financial training before final approval, equipping them with essential money management skills.
- Comprehensive Insurance Coverage: Full coverage insurance with a $500 deductible for comprehensive and collision is mandatory, safeguarding both the borrower and the lender.
- CAP Services Lienholder Status: CAP Services acts as the lienholder on the title and insurance, ensuring a secure and transparent lending process.
If you are seeking an affordable car loan program and believe you meet the eligibility criteria for either Work-n-Wheels or the Affordable Auto Loan program, we encourage you to reach out to our dedicated team.
For additional information and application details, please contact:
Amanda Much 920-209-1384 [email protected]
or
Kris Murphy 715-340-6248 [email protected]
Let CAP Services help you drive towards a brighter future with an affordable car loan program tailored to your needs.
