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Starting From Scratch

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Esther is a 28-year-old who recently moved to the US from Canada. She has a five-year-old son and owns a Massachusetts-based photography studio. Establishing credit has been hard for Esther since her move to the US. She needed a car and a car loan but did not have enough credit to get approved for a loan with a reasonable interest rate.

Esther heard about More Than Wheels while researching how to improve her credit score. She ran across an article on CreditKarma where More Than Wheels was referenced by a past client in the comments section. The comment read:

“Depending where you live you might consider using a local nonprofit organization for help with this. I know in New England there is an organization called More Than Wheels which is able to get people market interest rates (3-5%) on auto loans regardless of their credit. It does take some work and time on your part, but the savings is totally worth it!”

Esther read this and decided to look further into More Than Wheels.

Esther filled out an online application and received a phone call soon after informing her that she had been accepted into the program. She learned budgeting skills from More Than Wheels’ Financial Fitness course and worked with a Financial Coach for three months to establish good credit. During that time she worked on paying down credit card debt and also managed to save $1,470.

After completing the Financial Fitness classes, Esther was able to purchase a brand new Ford Fiesta with a low-interest rate of 2.74%. Esther and her family could not have been happier with this vehicle. It will save them thousands of dollars on fuel costs and interest expenses. Not only will she enjoy the immediate financial savings, but the car loan also opens the door for Esther to continue to build positive credit in her name. Having a strong credit history will allow her more options and the ability to save on items like car insurance and utilities in the future.

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