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New Program To Offer Low-Interest Car Loans

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KAREN BLEIER/AFP/Getty Images

KAREN BLEIER/AFP/Getty Images

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WASHINGTON (AP) — Washington-area residents will soon be able to take advantage of a program that offers low-interest loans to working families to buy or repair used cars.

The goal of the Ways to Work program is to give poor people access to transportation that will improve their job prospects.

Those who want to participate must have past credit problems and must take a financial literacy class.

Qualifying families will get $6,000 loans to buy cars or $1,500 loans to fix them up. The interest rate is 8 percent and is
repayable over 24 to 30 months.

The program will be run locally by Family Matters of Greater Washington. Those funding it include the Walmart Foundation and PNC Bank. Officials will announce its launch at a news conference Tuesday.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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