Families Onward Auto Loans offers low-interest auto loans, financial education and support to qualified Family Promise of Midland guest families in the low or extremely low income range (as to the Midland, Texas HUD Income Guidelines) for the purpose of buying, refinancing or repairing an automobile.
Potential borrowers submit application form, documentation and case manager referral. Qualifying applicants are subject to panel interview.
Recipients can access a loan up to $8,000 at 4% interest rate, with recipient contributing 10% of auto purchase/refinance/repair price.
Loan recipients will attend mandatory financial/auto education courses and will be required to maintain participation in Family Promise of Midland case management.
FOAL is sponsored by:
Local business partners include:
Midland Transmission and Gear
Roland’s Custom Paint and Auto Body