Car Loan Program
Assisting 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 Families’ Car Loan Program is to assist 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. The amount backed by Embrace is from a ‘loan risk pool’ 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:
- Youth currently in foster care OR youth formerly in foster care, achieving permanency after the age of 16
- 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