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Capital Good Fund car loans review

Dealership financing for all credit and income types — but only for residents of three states.

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.

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Min. Loan Amount


Max. Loan Amount

7% to 17.99%



Min. Loan Amount$6,000
Max. Loan Amount$20,000
APR7% to 17.99%
Interest Rate TypeFixed
Requirements3+ on-time repayments on current car loan, resident of Rhode Island, Florida or Massachusetts, bank account, regular income

First, do I qualify?

You must meet the following criteria to qualify:

  • Have a bank account
  • Earn regular income
  • Reside in an eligible state

What states are Capital Good Fund car loans available in?

Capital Good Fund car loans are only available in the following states:

  • Florida
  • Massachusetts
  • Rhode Island

What makes Capital Good Fund car loans unique?

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.

What types of car loans does Capital Good Fund offer?

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.

Capital Good Fund auto loan refinancing

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:

  • APRs: 7% to 17.99%
  • Amounts: $6,000 to $20,000
  • Terms: 5 years
  • Eligibility: 3+ on-time repayments on current car loan, resident of Rhode Island, Florida or Massachusetts, bank account, regular income
  • Down payment: Typically $300

What are the benefits of a Capital Good Fund car loan?

From its lenient credit requirements to its multilingual support, here are a few perks of borrowing from Capital Good Fund:

  • Competitive rates. With rates capped at 17.99% APR, Capital Good Fund car loans could be a good deal — even compared to lenders that only work with good-credit borrowers.
  • No prepayment penalty. You can save on interest by paying off your loan early.
  • All credit and income types welcome. You don’t need to have good credit or a job to qualify for this loan, as long as you have regular money coming in.
  • Multilingual support. Capital Good Fund’s website and live chat team are available in both English and Spanish. It also offers support in Portuguese and Haitian Creole.

What to watch out for

Consider these potential drawbacks before taking out a Capital Good Fund car loan:

  • Must buy from a dealership. You can’t use this loan to buy a car from a friend or another private owner.
  • Very limited availability. Capital Good Fund only offers car loans in Florida, Massachusetts, and Rhode Island.
  • Five-year term for everyone. A five-year term might give you low monthly repayments, but you could end up paying a lot in interest if you don’t pay it off early.
  • Bank account required. You need to consider other car loan options if you don’t have a bank account.

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Capital Good Fund reviews and complaints

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.

How do I apply?

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.

How to check eligibility

  1. Go to the Capital Good Fund website and select your state.
  2. Click Loans in the main navigation bar.
  3. Click Use our eligibility check under the green Apply now button.
  4. Fill out all fields and click Check Eligibility.

How to apply online

Eligible? You can get started on your loan application by following these steps:

  1. Go to the Capital Good Fund website and select your state.
  2. Click Loans in the main navigation bar.
  3. Click Apply now.
  4. Click Sign up to create an account.
  5. Enter your name and email address and create a password. Click Next.
  6. Click My loans/Apply for a loan.
  7. Review the eligibility checklist, and check the box acknowledging the statements. Click Next.
  8. Fill out the required fields with information about yourself, your finances and how much you’d like to borrow. Click Continue.
  9. Upload your documents online, email them to or fax copies to 866-254-0219. Make sure to include your full name and preferred contact information on each document.

After uploading your documents, a loan officer should contact you with an offer within two business days.

What documents do I need to apply?

You typically need to provide the following documents:

  • Last three months of bank statements
  • Proof of income within the past 30 days
  • Driver’s license
  • Proof of residency
  • Link or PDF listing of the car you’d like to purchase
  • Voided check

I got the Capital Good Fund car loan. Now what?

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.

Bottom line

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.

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