Ex-felons who would like to buy a vehicle are in luck. Being an ex-felon has no real impact on whether or not you can purchase a vehicle. That is an issue that is separate from being able to purchase something like a vehicle. If you are struggling financially to come up with the funds to purchase a vehicle, or you don’t have good credit, those are issues that could impact your ability to purchase a vehicle.
There is help for ex-felons who want to buy a vehicle. Knowing what your options are is going to make a big difference when you are making your plans. Depending on whether you are having difficulty purchasing a vehicle due to being financially challenged or because you don’t have the best credit, there are some different options you can consider.
Help for Ex-Felons Who Want to Buy a Vehicle :::: If you are an ex-felon who doesn’t have much of a credit score, due to being incarcerated, your best option is likely to be paying cash to purchase a vehicle. That is easier said than done, however, because many people find it challenging to come up with the cash to purchase something like that. If you find yourself in a similar situation, look into getting a personal loan from someone you know or at a local credit union. They may help you build some credit and help you be able to purchase a vehicle.
Those who feel they can afford to make payments to purchase a vehicle may still struggle when it comes to getting approval. In order to make payments to purchase a vehicle you have to be able to get approved for a loan. Getting approved for a loan usually takes either good credit, or a co-signer. If you have good credit then you are in luck and shouldn’t have an issue being able to find a place to sell you a vehicle.
Those who don’t have great credit may have difficulty getting a loan to purchase a vehicle. If this is the case, you will need to find a lender that is willing to take a chance on someone who doesn’t have the best credit, or you will need to find a co-signer. A co-signer who has good credit will essentially be vouching for you, and saying that they believe you will make the loan payments, and if you don’t for some reason, then they will be held responsible for them.
Getting someone to co-sign for a vehicle can be easy or difficult, depending on the people you know and the relationships you have with them. If you have someone that you are close to that trusts you will make the payments and wants to help you, ask if they would consider being a co-signer. When you get someone to co-sign on a vehicle it is their credit that would be looked at for loan approval.
Additional Help for Ex-Felons Who Want to Buy a Vehicle
There are many small car dealerships that make it easy to purchase a car, including if you struggle financially or if you don’t have a great credit score. The places are typically known as “buy here, pay here” dealerships. When you buy a vehicle from a larger dealership, the loan goes through a bank, but when you buy at a buy here, pay here dealership, the loan goes through the actual dealership.
These buy here, pay here dealerships exist to provide help for ex-felons who want to buy a vehicle, as well as others who may struggle financially or with their credit. These smaller dealers usually have a limited selection of vehicles. They may only have 20 or so cars on their lot for you to look at. They are used vehicles, but they will serve the purpose of helping you get transportation of your own.
Buy here, pay here car dealerships are essentially allowing you to take the vehicle with the agreement that you will pay them monthly for it. Rather than pay a bank, you will make a payment directly to the small dealership. They are extending a personal loan to you, rather than involving a bank. In order to be approved for purchasing at a place like this, you need to have a job. Their most important criteria in approving you is that you prove you have an income source and will be able to make the monthly payment for the vehicle.
Organizations that May Help
There are a few organizations that provide help for ex-felons who want to buy a vehicle. Some will even provide you with a free vehicle. Reach out to churches and helpful programs that are local to your area. Additionally, contact the organizations below for more information on how to qualify.
Vehicles for Change – This organization accepts donated cars and has a training program where ex-felons learn how to work on them. Once they are in good running condition, they will then give the vehicle to someone in need. You may be able to get approved to receive one of the vehicles they give away. To get more information, click here.
Wings 4 Wheels – This organization takes donated vehicles, motorcycles, and more, and they use the items to help ex-felons. Their mission is to transform the lives of ex-prisoners and their families. Contact the organization to see if you can qualify to receive help purchasing or obtaining a vehicle. To get more information, click here.
Wheels 4 Hope – This is another organization that provides help for ex-felons who want to buy a vehicle. Rather than spend money purchasing them, they give the vehicles away to those who qualify. In order to receive a vehicle, you have to apply for it, attend an orientation to get more specifics about the program, and insure the vehicle. To receive a vehicle you will have to pay a $500 fee and cover the costs of a title transfer, fees, and applicable taxes. To get more information about this program or apply for help, click here.
