G I OODWILL NDUSTRIES
GOODWILL INDUSTRIES Ways to Work Car Loan Program Webinar Training -- November 10, 2010 WHAT IS WAYS TO WORK? A special loan program to help people with limited income purchase a used car Provides loans up to $6,000 with 8% interest and a payback period of 3 years Supported by a grant from Walmart, the Ways to Work Program, and Goodwill Industries of San Antonio WHO QUALIFIES FOR THE PROGRAM? Participants must meet the following criteria: Be an involved parent Grandparents with legal custody of grandchildren under 18 Be a resident of Bexar, Comal, Guadalupe, or Wilson Counties Presently not own a car and able to provide proof traditional car loan was denied due to low credit score Be employed with same employer for at least 6 months Have enough income to cover repayment plan Have poor credit rating (<580) or no established credit Meet income guidelines (80% Area Median Income) 80% AMI 1 $32,050 2 $36,600 3 $41,200 4 $45,750 5 $49,400 6 $53,050 7 $56,750 8 $60,400 WHAT ARE THE PARTICIPATION REQUIREMENTS? Must attend a 2-hour orientation and financial literacy class Must use a Ways to Work-approved car dealer for your car purchase We will provide a list of car dealers we have a contract with Must purchase car within 2 weeks of loan approval Must notify the Loan Coordinator if you move, change employment, etc. WHAT ARE THE STEPS FOR QUALIFICATION? STEP 1: Attend an orientation and financial literacy class STEP 2: Complete an application and submit supporting documents 4 page application Basic demographic info STEP 3: Wait for loan committee review Loan Committee meets once a month Please note: Loan can still be denied even if all phases and conditions of eligibility are met The entire qualification and approval process can take 4-6 weeks OTHER QUESTIONS? Here are some frequently asked questions: Can I qualify if I receive SSI? What about if I am paying back child support? You can if you are employed for at least 6 months with the same employer and working part-time (20 hours or more) If your child is over 18 and in college, you may apply What if I have a car that is about to give out? We must have proof that the car is either not worth the money to fix or repair parts are difficult to find due to car age. A letter from a mechanic stating this can serve as proof FOR MORE INFORMATION… Mary Aguilar, Ways to Work Coordinator [email protected] 210-924-8581 ext. 5517 Crystal Gonzalez, Ways to Work Assistant [email protected] 210-924-8581 ext. 5518
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