Detroit Michigan Ways To Work Poor Credit Car Loans Program
Ways to Work, a natural non profit organization that helps people with poor credit or with low income purchase a car will be launching its program in Detroit MI.
Ways to Work will give up to $6000 for car loans and $1,500 for repairs and maintenance of vehicle to eligible families in Macomb, Wayne and Oakland counties. The non profit organization will work with two other Detroit non profits: Spectrum Human Services and Matrix Human Services.
In a time when sub prime bad credit car buyers are charge over 18% for car loans (in some cases over 24% for deep subprime poor credit buyers) Ways to Work is offering a flat 8% APR interest rate on car loans with loan term of 24 to 30 months.
The average monthly payments fall between $150 and $220, and Detroit car owners can save up to $750 to $3,000 in interest fees.
The program target lower-income workers with a past history of bad credit or other credit problems.
To qualify car buyers must take a financial literacy class, be continuous employment for at least six months and enrolled in a post high school program.
A thorough inspection of the vehicle is done prior to purchase and vehicles are only purchased from reputable dealers.
Assistance for Ways to Work car loans is sourced through Bank of America, Kellogg, Kresge, Walmart foundations, and other philanthropic organization.
Detroit low income car buyers can contact:
Matrix Human Services
13560 East McNichols
Detroit, MI 48205
Spectrum Child and Family Services
16250 Northland Dr.
Southfield, MI 48075