Low-income families in the D.C. region will soon be able to take advantage of a program offering low-interest loans to buy or repair used cars.
The program, called Ways to Work, aims to give poor people access to transportation that will improve their job prospects. Those who want to participate must have past credit problems and must take a financial literacy class.
Qualifying families will get $6,000 loans to buy cars or $1,500 loans to fix them up. The interest rate is 8 percent and is repayable over 24 to 30 months. The program will be run locally by Family Matters of Greater Washington.