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Description
Ways To Work (WTW) is a program for individuals/families
to obtain low-interest bank financing to purchase affordable transportation
for work. The maximum allowable loan is $4,000. All vehicles must pass
a comprehensive vehicle safety inspection prior to purchase.
Participation
The CAP Agency’s WTW program is available to families
or individuals living in Scott, Carver or Dakota Counties. WTW is designed
to help people to make positive financial changes to enable their household
to be more self-sufficient. Applications are limited to people who would
not normally qualify for a car loan at a reasonable interest rate, due
to a lack of credit history, negative credit history, short employment
history or limited income.
Loans are made available to eligible applicants in the community. As current loan recipients make their car payments on a timely basis, these funds become available to other residents in the community to better their lives through a transportation loan. Because of this and other program requirements, it may take four weeks for loans to be approved.
Eligibility
- Persons
seeking a WTW loan must agree to have the CAP Agency obtain a copy of
their credit report, complete a loan application, meet with a financial
counselor, and attend 12 hours of Financial Literacy classes in order
to be considered for a vehicle loan.
- Applicant(s)
must be a parent of minor dependent child/ren, with the exception of
1-person households that can demonstrate active involvement with their
minor child/ren.
- Applicant(s)
must have a continuous work history of 6+ months at a minimum of 20
hours per week.
- Applicant(s)
must provide copies of their three most recent utility bills showing
no delinquencies at the current address, regardless if the utility is
in the applicant’s name.
- All
approved applicants must be able to provide proof of “full coverage
insurance” prior to loan origination.
- Other
eligibility requirements do exist.
Income Guidelines
Household Size |
Maximum Gross Annual Income |
Household Size |
Maximum Gross Annual Income |
1 |
$40,600 |
5 |
$62,650 |
2 |
$46,400 |
6 |
$67,300 |
3 |
$52,200 |
7 |
$71,900 |
4 |
$58,000 |
8 |
$76,550 |
Contact
Information
For more detailed information about the Ways to Work program,
contact Lisa Bah at 651-322-3544 or Lisa.Bah@capagency.org