It is not that easy for a struggling or poor family to own a car because of the low income and huge expenditure. Most of them always resort to public means of transport which is not that convenient most of the times. Efforts to help such families have in most cases just focused on healthcare, education, housing and nutrition. Little has however been done to help them afford cars, though research shows that it can be a way of alleviating their poverty. Car purchase assistance programs have therefore been developed by various organizations to help these families own vehicles.
There are various national benefits that can be achieved if low-income families are helped to own cars, and you may just not realize it. For example, according to some research that has been done, it has been found that poor families which acquire cars through this means tend to have an income increase at the end of the day. Those that get public assistance may not even need it after sometime because they become financially stable.
With a car, a low income earner is able to get involved in more community based activities because he/she can easily go to different places within a short time. Such an individual also has better access to various healthcare facilities. Children from such families have been found to be participating in more after school programs once their families own vehicles, something that helps in their development.
The car purchase programs help low-income people in buying new or late-model cars. They are also able to get reliable and fuel-efficient vehicles once they get into the program. This is normally the basic idea behind all such programs.
The car buying assistance programs operate on a simple methodology. The organizations intending to provide these services go out and make agreements with car dealers to supply the vehicles to them. They can also look for other organizations within the region that are already acquiring cars and make deals with them.
After a deal has been struck with a car dealer, the organization goes ahead to get new and late-model cars for its members. They then supply them at a very low-profit basis or no profit at all. This is because the main idea was to enable to poor family get the vehicle and not to make money out of them.
These programs are normally backed with a partnering bank. They will therefore provide the loan to the organization to help them offer these poor families with some low-cost financing. In essence, if the loan becomes default because the member who received it has not paid, then the organization will take it up on themselves because they have already agreed so with the bank.
Families meant to receive the assistance are first screened in order to determine their eligibility for the loan. Once that is done and they are approved, they are then educated of financial management. The revenues earned in the whole process are then used to keep the program running.
Car purchase assistance programs are of big help to low-income families. They are able to get good cars that are fuel efficient of which otherwise it would have been impossible. The loans also have low interest rates and are therefore affordable.
There are various national benefits that can be achieved if low-income families are helped to own cars, and you may just not realize it. For example, according to some research that has been done, it has been found that poor families which acquire cars through this means tend to have an income increase at the end of the day. Those that get public assistance may not even need it after sometime because they become financially stable.
With a car, a low income earner is able to get involved in more community based activities because he/she can easily go to different places within a short time. Such an individual also has better access to various healthcare facilities. Children from such families have been found to be participating in more after school programs once their families own vehicles, something that helps in their development.
The car purchase programs help low-income people in buying new or late-model cars. They are also able to get reliable and fuel-efficient vehicles once they get into the program. This is normally the basic idea behind all such programs.
The car buying assistance programs operate on a simple methodology. The organizations intending to provide these services go out and make agreements with car dealers to supply the vehicles to them. They can also look for other organizations within the region that are already acquiring cars and make deals with them.
After a deal has been struck with a car dealer, the organization goes ahead to get new and late-model cars for its members. They then supply them at a very low-profit basis or no profit at all. This is because the main idea was to enable to poor family get the vehicle and not to make money out of them.
These programs are normally backed with a partnering bank. They will therefore provide the loan to the organization to help them offer these poor families with some low-cost financing. In essence, if the loan becomes default because the member who received it has not paid, then the organization will take it up on themselves because they have already agreed so with the bank.
Families meant to receive the assistance are first screened in order to determine their eligibility for the loan. Once that is done and they are approved, they are then educated of financial management. The revenues earned in the whole process are then used to keep the program running.
Car purchase assistance programs are of big help to low-income families. They are able to get good cars that are fuel efficient of which otherwise it would have been impossible. The loans also have low interest rates and are therefore affordable.
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