For many individuals and families, owning a dependable vehicle is essential for daily life, enabling them to get to work, school, and access essential services. However, securing auto financing can be a significant hurdle, especially for those with limited income or less-than-perfect credit histories. CAP Services understands these challenges and offers vital auto lending options designed to support income-eligible individuals and families in purchasing safe and reliable vehicles. If you’ve faced rejection from traditional banks or credit unions due to poor credit, no credit, or limited income, the Cap Program For Cars from CAP Services might be the solution you’ve been searching for.
CAP Services provides two distinct auto loan programs, each tailored to meet different needs within the income-eligible community: the Work-n-Wheels program and the Affordable Auto Loan program.
Work-n-Wheels Program: Loans for Working Adults
The Work-n-Wheels auto loan program is specifically designed to assist working adults with limited income in obtaining both vehicle purchase and repair loans. This program recognizes the critical role of transportation in maintaining employment and financial stability. Key features of the Work-n-Wheels program include:
- Eligibility for Working Individuals: Applicants must be employed for a minimum of 20 hours per week, demonstrating a commitment to self-sufficiency.
- 0% Interest Loans for Lower Incomes: Households with incomes at or below 150% of the Federal Poverty Level (FPL) qualify 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 responsible borrowing.
- Flexible Loan Terms: Repayment terms are structured to align with the borrower’s financial capacity, promoting successful loan repayment.
- Comprehensive Coverage of Closing Costs: The loan covers essential closing costs such as tax, title, license, and a modest 5% administrative fee at closing.
- Valid Wisconsin Driver’s License Required: Applicants must possess a valid Wisconsin driver’s license, ensuring compliance with state regulations.
- Financial Training for Empowerment: Prior to final loan approval, applicants benefit from mandatory financial training, equipping them with essential money management skills.
- Insurance Requirement for Protection: Full coverage insurance with a $500 deductible on comprehensive and collision is mandatory, safeguarding both the borrower and the lender.
- CAP Services as Lienholder: CAP Services is listed as the lienholder on both the vehicle title and the insurance policy, securing their investment and ensuring proper loan management.
Affordable Auto Loan Program: Expanding Access to Vehicle Ownership
The Affordable Auto loan program broadens the scope of assistance, targeting income-eligible adults who may not qualify for traditional financing options elsewhere. This program aims to make vehicle purchase accessible to a wider range of individuals facing financial barriers. Highlights of the Affordable Auto Loan program include:
- Broader Income Eligibility: Individuals with household incomes at or below 80% of the County Median Income (CMI) are eligible, extending the reach of the program to more families.
- Larger Loan Amounts up to $10,000: Loans up to $10,000 are available for vehicle purchase, accommodating a wider range of vehicle options and needs.
- Affordable 10% Interest Rate: A fixed interest rate of 10% is applied, significantly lower than rates often associated with subprime auto loans.
- Affordable Terms: Loan terms are structured based on the borrower’s ability to repay, promoting financial responsibility and successful outcomes.
- Manageable Closing Costs: Closing costs include tax, title, license, and a reduced 1% administrative fee at closing, minimizing upfront expenses.
- Wisconsin Driver’s License Prerequisite: A valid Wisconsin driver’s license is required for all applicants, ensuring legal compliance and responsible vehicle operation.
- Pre-Approval Financial Training: Applicants participate in financial training before final approval, enhancing their financial literacy and promoting long-term financial health.
- Full Coverage Insurance Mandate: Similar to the Work-n-Wheels program, full coverage insurance with a $500 deductible is required for comprehensive and collision, protecting all parties involved.
- CAP Services Lienholder Status: CAP Services retains lienholder status on the title and insurance, ensuring proper administration of the loan and vehicle ownership.
For individuals seeking a cap program for cars that prioritizes accessibility and affordability, CAP Services offers exceptional programs designed to empower individuals and families to achieve reliable transportation. To discover more about these programs and to apply, please contact CAP Services directly:
Contact Information:
Amanda Much 920-209-1384 [email protected]
or
Kris Murphy 715-340-6248 [email protected]
