I helped a member about four months ago who came in explaining that she needed a vehicle to get to and from work but had a zero credit score. As a first-time auto borrower, she had no idea what to do or what to look for, so she came to see us. Because she had a zero score, I educated her on the options that would be best for her. I explained the importance of putting a certain amount of funds down to keep the loan-to-value percentage low and also went over how our CDFI loans work.
We decided to move forward with the CDFI option. She was counteroffered up to 90% loan-to-value, which she was comfortable with. While shopping at dealerships, she found a vehicle she really wanted, but the experience became difficult when the dealership was not working well with her and attempted to add warranties she could not afford at the time. She decided to look elsewhere and was able to find someone willing to work with her counteroffer and budget.
The only challenge was that she was approaching the 30-day window, meaning her credit would need to be repulled, and she still needed to secure insurance. She was able to do so and found an insurance company that fit her budget, allowing her to complete the CDFI loan with us.
This loan option helped her tremendously by jump-starting her credit and providing reliable transportation to and from work each day. She was beyond happy and drove her new car to the branch to show us and say thank you, even bringing a cake. She was crying tears of joy and could not believe we were able to help her. She has since maintained a relationship with me and reaches out whenever she has questions. I feel honored to have helped her achieve this goal and hope to continue supporting her in the future. Without the CDFI option, I am not sure how we would have been able to help make this possible for her.
