The EDG Used Car Loan was established in late 2003 as a response to recurring car financing problems encountered by many of our IDA clients upon graduation from the program.
Many of our clients, especially the IDA clients, often had little to no credit and were finding it difficult to locate financing at reasonable rates. Several clients financed cars at above 17 percent.
The Used Car Loan was set-up with funding assistance from Bank of America to provide people with little to no credit a lower interest option when financing the purchase of a personal vehicle.
