Car Loan Program
Assisting Florida youth who have been in the foster care system in obtaining auto loans by backing/co-signing the amount of the loan to the lender.
Car Loan Program Application
The purpose of the Embrace Familiesâ€™ Car Loan Program is to assist youth who have been in the Florida’s foster care system obtain auto loans by backing/co-signing the amount of the loan to the lender. The amount backed by Embrace is from a â€˜loan risk poolâ€™ and is set aside until you pay off your loan. This assurance will help a lender to be more likely to approve you for a loan.
This is not an application for a loan. This is an application for Embrace to guarantee to a lender the amount of your loan, should you default. Embrace Families will only guarantee loans made by banks/credit unions or dealers, and on vehicles purchased through a reputable dealer.
To be eligible for consideration, you must be:
- Florida youth currently experiencing foster care OR youth formerly in foster care, achieving permanency after the age of 16
- Florida youth supported by Embrace Families, the foster care lead agency serving Orange, Osceola and Seminole counties.
- High school graduate (diploma or GED)
- Currently employed
- 2 Letters of Recommendation; both from adults
Include the following documents with your application:
- Most recent three pay stubs
- Detailed budget
- Picture of driver’s license