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Buy or Fix Up A Car To Get To Work

 

Gregory A. Armstrong
Lead Loan Officer
Family Matters of Greater Washington
 http://familymattersdc.org/index.php/what_we_do_matters/ways_to_work/

Ways To Work is national program. In 2011 they originated nearly $5.8 million in loans to 1,165.
To find an office near you go to http://www.waystowork.org/office_locations.php

  Interview Highlights

  • Family Matter helps low income families in certain areas in Washington DC.
  • The Ways To Work Program provides help for people who are not eligible for a bank loan to get a car or fix up a car.
  • They meet with people one on one and work out a budget on how they might be able to afford a car.
  • They provide financial counseling and training that includes information on:
    1. Credit and borrowing
    2. Budget and saving
    3. Checking account and
    4. Maintenance of the vehicle.
  • After the training and if they meet certain criteria their name is presented to the committee to be approved for a loan.
  • The client has 30 months to repay the loan for purchase a car and 24 months to repay a loan for a care repair.
  • The program is also a way for the person to re-establish their credit, if they had credit problems before.
  • They select the car of their choice.
  • The maximum for a car loan is $6,000.
  • The maximum amount for a car repair is $1,500.
  • They service certain areas in the Washington DC area.
  • They have 385 people attend the financial training and about 70 people who received funding.
  • There are other programs around the country like this.. contact the Ways To Work national office at http://www.waystowork.org/office_locations.php.
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