Enterprise Development Group: Loan Programs | Car Loan Eligibility Criteria

Applicant must be a legal resident (that includes, refugees/asylees, permanent residents and U.S. Citizens). Verification is required.
Applicant must reside in the D.C. metro area:

District of Columbia
Virginia : Arlington, Fairfax and Prince William Counties, Cities of Alexandria, Falls Church and Fairfax.
Maryland : Montgomery and Prince George’s Counties.

Maximum loan amount is $10,000. Applicants may use savings to augment or supplement the purchase of a vehicle costing more than $10,000.
A minimum down payment of 10% is required for a loan equal or less than $8,000; but 20% must be down for a loan more than $8,000.
For a loan equal or more than $8,000 the vehicle purchased may not be older than 5 years.
For a loan equal or more than $8,000 the vehicle purchased may not have more than 70,000 miles.
Vehicle may not be classified as a luxury car (See Luxury Car Network at www.luxcarnet.com).
Vehicle must be able to pass DMV regulatory requirements including inspection tests.
Vehicle must pass mechanical inspection by a certified agency (EDG provides a list of certified inspectors) to ensure soundness of the vehicle.
Vehicle to be purchased will have a car history report pulled by VIN number; the cost shall be paid for by the applicant.
Income eligible low-to-moderate individuals (determined by Federal Housing and Urban Development Guidelines).
Repayment term can be for up to 3 years. The actual term will be dependent upon the loan amount.
The percentage is determined based upon the applicant’s credit and term for repayment. Please call for current rates.

	LOAN PROGRAMS