At a time when reliable transportation is crucial for those on the front lines of the COVID-19 pandemic, San Diego Jewish Family Service encourages them – and anyone else with credit distress in San Diego – to get a loan in 1 hour for their Put back Car Program, which facilitates low interest auto loans for low to moderate income residents of San Diego County.
According to recent data, 25% of essential workers in San Diego do not own their own automobile, making daily work harder and longer. To help you, JFS Put back Cars The program helps working families in the region become self-reliant through financial education and reliable transportation. Customers receive financing to buy a good used car, in conjunction with financial literacy training, auto maintenance education, and personalized coaching.
“For the individuals and families who are working hard to move forward in the face of the pandemic, we want to help them achieve the independence and security that comes with owning their own vehicle,” said Michael Hopkins, CEO of JFS. “This is especially true for essential workers who do not have a reliable vehicle, who have fallen victim to predatory high-interest auto loans, or who depend on public transportation to get to work. Having access to a reliable personal vehicle at a low interest rate can be a game-changer. Where most lenders see a risk, we see a family. ”
To be eligible for a loan, applicants must be employed; a parent or involved guardian of a minor child; low to moderate income with a difficult credit history; be at least 18 years old with a valid driver’s license; and have the ability to repay the loan and the costs of owning a car, including insurance. Applicants must also be able to pay a deposit of 10%.
The maximum loan amount is $ 10,000 with 12% interest and a maximum term of 60 months to purchase a reliable used car. The program is designed to ensure that customers’ monthly car payments will not exceed $ 250. After loan closure, the borrower receives ongoing financial coaching, resource coordination and referral facilitation from a JFS case manager during the term of their loan repayment.