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Capital Good Fund car loans are designed for low-income families that have few affordable financing options. All credit types are welcome, and it offers support in both English and Spanish.
However, it’s only available in three states. And you need a bank account and regular source of income to qualify.
$6,000
Min. Loan Amount
$20,000
Max. Loan Amount
7% to 17.99%
APR
Product Name | Capital Good Fund Car Loan |
---|---|
Min. Loan Amount | $6,000 |
Max. Loan Amount | $20,000 |
APR | 7% to 17.99% |
Interest Rate Type | Fixed |
Requirements | 3+ on-time repayments on current car loan, resident of Rhode Island, Florida or Massachusetts, bank account, regular income |
You must meet the following criteria to qualify:
Capital Good Fund car loans are only available in the following states:
Capital Good Fund car loans come with some of the most competitive rates for a car loan open to all credit types. That’s because it’s a community financial development institution (CDFI). Its mission is to offer affordable financing to low-income families to get around typical barriers to success — like high-interest car loans.
You can apply online, though Rhode Island residents can also visit its office to have someone walk you through the application. In addition to loans, it also offers financial wellness coaching to residents of eligible states.
Capital Good Fund offers one standard car loan you can use to buy a new or used car from a dealership. You can borrow between $6,000 and $20,000 at APRs ranging from 7% to 17.99%. All loans come with a five-year term, though Capital Good Fund charges no prepayment penalty so you could pay it off early to save on interest.
As of May 2019, it’s offering a special $0 down payment offer. However, you typically need to make a $500 down payment before getting your loan. You might want to consider making one anyway if you can swing it, since a down payment can help reduce the cost of your loan.
On top of car loans, Capital Good Fund also lets you refinance your current car loan for more favorable rates and terms. Here’s how it breaks down:
From its lenient credit requirements to its multilingual support, here are a few perks of borrowing from Capital Good Fund:
Consider these potential drawbacks before taking out a Capital Good Fund car loan:
There aren’t much in the way of customer reviews online for Capital Good Fund. WalletHub hosts a couple hundred — mostly positive. But the normal spaces of Trustpilot and Better Business Bureau don’t have profiles for the company, and there are less than 10 reviews each on Yelp and Facebook.
Most customers can apply online, though you can stop by Capital Good Fund’s headquarters to apply in person if you live in Rhode Island. Capital Good Fund’s application involves a hard credit pull, which temporarily lowers your credit score. You might want to check to make sure you’re prequalified before you get started.
Eligible? You can get started on your loan application by following these steps:
After uploading your documents, a loan officer should contact you with an offer within two business days.
You typically need to provide the following documents:
You’ll have to start paying off your car loan. Each loan comes with a five-year term, which can give you low monthly repayments but increases how much you pay in interest in the long run. Use a car loans calculator to figure out how much you can afford to pay extra — if possible — to lower the cost.
If you have any questions about your loan or repayments, reach out to customer service either by using the live chat feature on its website or by calling 866-584-3651.
Capital Good Fund could be a great resource if you have a low or nontraditional income and need help financing a car. Its multilingual services are available to all credit types, and you don’t need to have a job to qualify. However, it’s only available in three states and comes with a fixed five-year term, which can be expensive.
You can learn more about how borrowing works and compare other lenders with our guide to car loans.