Qualifying families will get $6,000 loans to buy cars or $1,500 loans to fix them up. The interest rate is 8 percent and is repayable over 24 to 30 months. The program will be run locally by Family Matters of Greater Washington.
Many companies offer low income car loans to families that meet the income guidelines. Depending on family size, an income of about $30,000 or less is usually applied. These loans tend to offer lower monthly payment options that conventional loans provide. This makes them especially appealing to people with low incomes. However, low income car loans will likely carry a higher interest rates than conventional loans. This provides a kind of safety valve for the lender in case the borrower is unable to pay back the money according to the terms. Experts advise borrowers to apply for the smallest possible amount of money to buy a vehicle. This may mean settling for a car that is not as nice in terms of features and so-called bells and whistles, but it will be worth it when the bill comes. "But godliness with contentment is great gain," (1 Timothy 6:6).
The easiest way for someone to obtain a low income car loan is to speak with a representative at his or her bank. They already have much of the financial information on hand and they will do their best to get the money for a vehicle.
For many working families, the latest economic difficulties have left many dealing with less. Lower incomes, less credit, even their savings are running on low. Unfortunately many of these families are finding that while they are dealing with less, the banks will not deal at all. Dropped down to poor credit? Sorry. Not making enough? They won't talk to you. However there are alternative means you and your family can apply for financing for a car besides banks or credit unions.
Auto Loans Financing Online with Carloan2:
If you have had trouble getting a car loan because of your low income, we can help. Lotpro.com is partnered with national financing services to provide all our customers, even if they have bad credit or low income the means to an affordable auto loan. That means if you are buying a car with bad credit, we can help. If you make over $1800 a month before taxes, with a steady income or employment we can get you into a local new or used car for sale. An application is quick, secure, and completely online.
Get Approved For Low Income Car Loan: http://www.carloan2.com/
And since for many low income families their savings are stretched as tight as possible, we also work with no money down or low income car dealerships to help get you off the ground if you want to put zero down on a new or used car. So now even if your financing won't afford you the time to save up for a down payment, you can still get into a car and keep working. Like to learn more about how we can help you with your financing needs or want to apply online? Click the banner below to get started.