ROCKY HILL, Conn. – Nutmeg State Financial Credit Union has officially announced an auto loan program designed specifically for low-income families.
Called “Working Wheels,” the program has become available after Nutmeg State Financial was named a CDCU in 2016.
According to the credit union, Working Wheels will empower hardworking, credit-challenged families and offer them a chance to gain an economic foothold. The program aims to help local families improve their financial standing by providing reliable vehicles, which are often necessary to maintaining a job, Nutmeg State Financial said.
To address this challenge, Working Wheels allows qualified families to borrow up to $10,000 for vehicle purchases without having to resort to predatory lending options. Applicants must have a minimum of six months employment and work at least 30 hours per week to qualify. The program also includes a required financial education component to stress the importance of proper financial management and maintenance, Nutmeg Financial said.
“We are always looking for more ways to help the members of our community,” said John Holt, president and CEO of Nutmeg. “We were inspired to create Working Wheels after seeing how challenging it can be for some families to have a reliable way to get to and from work.”