Transportation can be a significant hurdle, especially for young adults transitioning from foster care. Recognizing this challenge, the Goodwill Cars to Work program, in collaboration with the Kentucky Department for Community Based Services and KY RISE, offers a vital lifeline: the Foster Care Car Program. This initiative is specifically designed to provide current and former foster youth with the means to achieve транспортная independence and self-sufficiency through access to reliable vehicles.
Katie Ramser, the Cars to Work Program Manager and a seasoned advocate for foster youth, understands firsthand the difficulties they face in securing авто loans. Many lenders are hesitant to approve loans for individuals with limited credit history, a common situation for young people emerging from the foster care system. This program directly addresses this barrier, opening doors to vehicle ownership that might otherwise remain closed.
The Foster Care Car Program extends its benefits to all eligible participants, but it includes a dedicated grant for foster youth aged 18-26. This grant, amounting to $4,000, serves as a crucial financial boost, making vehicle ownership more attainable. Beyond simply providing funds, the program emphasizes sustainable financial practices. Participants are required to actively engage in saving for a down payment, fostering a sense of ownership and responsibility. They also receive comprehensive guidance on managing авто loans effectively, equipping them with essential skills for long-term financial well-being.
A key component of the program is its partnership with Apprisen, a non-profit organization specializing in financial empowerment. Each participant benefits from a financial foundations class, gaining critical knowledge about personal finance management. Furthermore, they receive a thorough credit health review, understanding their current financial standing and identifying areas for improvement. To ensure ongoing support, the program includes six months of personalized financial coaching, providing tailored guidance and encouragement as participants build their financial futures.
Goodwill further enhances the program’s accessibility by offering a down payment match. Participants can receive a $500 match, with Goodwill employees eligible for an even greater $1,000 match. Recognizing the credit challenges often faced by foster youth, the program offers a fixed 5% interest rate on авто loans, regardless of credit score or history. This equitable rate ensures affordability and removes a significant barrier to vehicle access. As an added incentive for responsible financial behavior, participants who successfully repay their loan in full and on time are rewarded with an interest reimbursement, further promoting financial responsibility.
To streamline the vehicle acquisition process, Goodwill has partnered with Oxmoor Auto Group, a reputable local car dealership. Their expertise helps participants find vehicles that not only meet their transportation needs but also align with their budgets and lifestyles. On the financial administration side, Park Community Credit Union plays a vital role in administering the loans and providing essential education on the lending process. This partnership ensures participants are well-informed and supported throughout their loan journey.
For those eager to learn more about this transformative opportunity, detailed information and application materials are readily available. Current and former foster youth are encouraged to explore the Cars to Work grant and take the first step towards транспортная independence and a brighter future. Applications for the grant are open until September 30th and can be accessed online here. Foster youth can also find additional resources and information through KY RISE at this page.
