Consumer Car Buying Advice Blog

Program to give financing and consumer assistance to 60 low income Ohio residents

Not just Buckeye fans

Here at Auto Credit Express, our perception of Ohio as a state full of nothing but crazed Ohio State football fans has begun to change. It began with the recent voter support of a law limiting payday lenders to a 28% annual loan rate ceiling. Earlier this month, Ohio took another step, albeit a small one, to provide low-income consumers living in the Buckeye State with a financial helping hand in order to provide them with affordable used car financing.

Cars for Jobs and Diplomas program

According to a press release, the Ohio Department of Development’s Office of Community Services along with the Finance Fund, a statewide nonprofit financial intermediary, are introducing a program called “Cars for Jobs and Diplomas.” The program is an effort to provide financing for used cars as well as assistance to approximately 60 low-income participants statewide in Ohio.

The purpose of the program, to be administered by the Ohio Community Action Network, is to provide those participating in the program with an opportunity to purchase a vehicle that will enable them to retain employment or continue their education. According to Lieutenant Governor Lee Fisher, who also serves as the director of the Ohio Department of Development, “Inadequate transportation is a major obstacle to finding and keeping a good job. We believe that the Cars for Jobs and Diplomas program will serve as a helping hand in giving Ohioans the opportunity to save for a car, access quality education, and travel to and from work.”

How the program works

The program does not involve giving away 60 used cars. Instead, participants will be required to deposit money in a qualified savings account. For each dollar deposited into the account, two dollars in matching funds will be deposited into a reserve account, enabling participants to save up funds for a car more quickly. According to the press release, the Office of Community Service will determine eligibility for the program based on information received from local case management agencies.

The Bottom Line

Any program that helps lower-income individuals become more independent and self-sufficient is a bright spot in an otherwise gloomy economy. Kudos to the Ohio Department of Development for their efforts.

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