More Than Wheels
With locations through New England, More Than Wheels is the only nonprofit car organization in the country that uses a uniquely comprehensive set of services to meet the transportation needs for families and individuals with credit issues by allowing them to purchase new or gently used cars while providing financial education and credit-repair tools to bring about lasting change. The program combines the critical need for transportation with long term credit improvement to help individuals obtain low interest car loans and improve their lives. The More Than Wheels program, with access to low lending rates, can save a client more than $10,000 over the life of the automobile compared to a buy here pay here lender.
Since inception, More Than Wheels has served thousands of people and arranged for over $16M in loans. Some demographics of More Than Wheels clients include:
- 65% report gross income of less than $30K.
- 28% receive some form of public assistance.
- 56% are single women, of which 64% have dependents.
- 24% represent minorities.
- 73% with known credit scores are below the sub-prime level (650). The average credit score is 575.
As a result of obtaining reliable and affordable transportation and empowered with new knowledge and skills through the program, many are able to improve their job prospects, their family's health and well-being, their credit and their overall financial stability. An independent survey conducted by the Carsey Institute at the University of New Hampshire showed:
- 75% reported spending less on car repairs.
- 73% reported a better overall financial outlook.
- 50% were better able to get to their jobs.
- 52% had improved access to health care.
- 38% had improved access to nutritious food options
For more information, call 603-490-0240 or visit www.MoreThanWheels.org .
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