In many areas of the country, having a car is essential to being able to get around. There are many places, including larger cities that do not have good public transportation. This makes it necessary that people have a car, so they can make it back and forth to work, and be able to go other places as needed. However, buying a car is not cheap, and many people struggle with coming up with enough money to make it happen. The good news is there are programs offering financial help for ex-felons who want to buy a car.
Whether or not you are an ex-felon should not have an impact on buying a car. What banks will look at in determining if you can get a loan is what your credit score is. They may also look at your employment status, to ensure that you have a job and can afford the car payments, but they will not look at whether or not you are an ex-felon. That’s great news, because it’s the money you need to focus on when buying a car, not your criminal record.
Determine Your Needs and Options
The first thing you will need to do is to determine if you want to buy a new car, used car, and if you want to pay cash for a car or take out a loan. These decisions will impact the route you take to obtaining a car. If you will be paying cash for a car, then you will need to follow a path that will lead to you having enough financial help to pay for it outright. If you plan to take out a loan for a car, then you will need to focus having the cash for a down payment, and finding a lender that will allow you to take out a loan.
An option to consider if you do not have enough cash to pay outright for the car and you do not have good credit is to look at what are called “buy here,” dealers. They are small car lots where they have a variety of vehicles for sale and they make it easier for you to be able to purchase. They tend to cater to people who do not have good credit or a lot of money to put down on purchase a vehicle. You will pick out a car, put down a small down payment and show your proof of income, and then you will make the payments to that dealership until the car is paid off. You will likely pay more in interest buying this way, but it is a good option for those who need it.
If you would like to buy a new car and do not have good credit or the cash to do so, you can also consider getting a co-signer. A co-signer is someone who will help you take out the loan to buy a car, by adding their name to the loan agreement. They are telling the bank that they will help make sure the car is paid for if you default on the payments. Many people do not want to co-sign for others, but if you have a good friend or family member who is willing to it can help you get the loan and build your credit.
Programs Offering Financial Help for Ex-Felons Who Want to Buy a Car
If you want to purchase a car and need financial help to do so, you have options. First, you may want to start with friends and family members. Determine if there are any that will lend you the money, or donate to the fund, to help you be able to buy a car. If you start a collection drive, for example, and explain to people that you need the car for work, then they may want to chip in and help you out. People in your life want to see you succeed, so they are likely willing to help you if they are able to.
Another option is to ask your employer about help with purchasing a car. If the car is affordable they may have a program that will help you buy the car and then money can be taken out of your paycheck each week until it is paid off. Not all employers will do this, but if you have a good relationship with yours and have been at the job for a while they may be willing to help you out in this manner.
There are also some organizations that will provide financial help for ex-felons who want to buy a car. These include:
Wheels 4 Hope – This organization provides help for ex-felons who want to buy a vehicle. To receive a vehicle, you have to apply for it, attend an orientation, and insure the vehicle. You also have to pay a $500 fee and cover the costs of a title transfer, fees, and applicable taxes. To get more information, click here.
Wings 4 Wheels – People donate vehicles to this organization, and then they give them away to ex-felons. If the cards need repairs when they receive them they fix them first, and then give them away. They do this so they can help transform the lives of those who have been incarcerated. When ex-felons are able to obtain vehicles they know they will be in a better position to hold down a job. Contact the organization to see if you qualify for help obtaining a car. To get more information, click here.
Vehicles for Change – This organization gets many cars donated to them by the public. The cars often need repairs in order to be in good working order. They teach ex-felons how to work on the cars, which helps give people additional skills they can use in their professional and personal lives. Once the vehicles are repaired and driving as they should be then they are given away to an ex-felon. To get more information, click here.
