The New York Times pointed to the National Credit UnionFoundation's efforts to help borrowers with poor credit get carloans.
|In an opinion piece on More Than Wheels, a program that provideslow-interest loans on new or used cars, the guest author respondedto questions from readers on some of the logistics. Since itslaunch in 2001, More Than Wheels said, it has helped nearly 1,500families finance more than $15 million in loans.
|Author Lisa Margonelli wrote, “With its emphasis on financialeducation and credit repair, More Than Wheels will likely need togrow organically to maintain its integrity. But many otherinstitutions could, and should, get involved in providinglow-interest auto loans.”
|She then cited the National Credit Union Foundation's list of CU programs that helps borrowers with impaired creditget affordable car loans.
|“Analyst Bill Myers found that lending autos to people with poor creditcan be profitable for credit unions, but they need to helpclients select good cars, work more closely with them to ensurerepayment and provide things like mechanical breakdown insurance —in some ways services similar to those provided by More ThanWheels, but in a more standardized format,” Margonelli wrote.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
