Financing - Clean Vehicle Assistance Program

Budget Before You Buy

What’s the first step when buying a car? Create a budget! It will pay off to determine how much you can afford to spend upfront and for regular payments such as insurance and maintenance. Click here to watch helpful financial education videos made specifically for CVA Program participants.

Don't Forget You Have Options

Do your research and planning before you rush into a vehicle purchase and consider your options:

Get a Loan from Our Preferred Lender, Beneficial State Bank

Why Beneficial State Bank?

They have a special offer for clean vehicle grant recipients and low- or no-credit applicants may still qualify.
Their loans will never cost more than 8% for qualified clean vehicle grant recipients. Underwriting terms will apply to ensure responsible lending.
They don’t charge excessive fees and they hold dealership to high standards of fairness too.
They benefit our communities and our planet through a progressive model called Beneficial Banking. Click here to learn more.

Get a Loan from Your Lender of Choice

You can choose a lender of your choice, but first check your credit score to know what is a fair interest rate for you at this time. Your loan must have an interest rate of 8% or below to qualify for the grant.

Skip the Loan and Pay for Your Vehicle Outright

If you can afford to pay the remaining costs of your clean vehicle purchase up front, this option will save you time and money.

You must contribute a minimum of $1,000 to your clean vehicle purchase, either upfront as a down payment or over time with a loan.

Why should I get pre-approved for a loan?

When you go to the dealership already pre-approved for a loan you are well prepared to bargain for a vehicle within your price range and are less likely to find yourself in an unaffordable payment arrangement.
Securing an auto loan ahead of time will get you ready for your clean vehicle purchase and make the process less stressful.

How to get an auto loan

1. Fill out an application for an auto loan, either online or in person at a bank

For example, you can apply for an auto loan at Beneficial State Bank’s website. Loan pre-approvals will expire so we recommend you wait to begin your loan application until you are approved for the grant.

2. Receive a decision about your loan application

The lender will either approve your loan request, give you a counter offer, or deny it.

3. Compare your options

You can submit multiple loan pre-approval applications and see which lender provides you the best loan option. Every time you apply for credit, it may impact your credit history or score, so it is recommended to only apply for credit that you are seriously interested in.

4. Choose the best loan option for you

Remember to consider the total cost of the loan over its lifetime, not just the monthly payment.

Choosing a Lender

We recommend Beneficial State Bank because they have the strongest consumer protection practices we’ve seen, especially for folks who have low credit scores. It can be difficult to find an affordable auto loan if you have a credit score below 700 or no credit, but Beneficial State Bank has committed to providing qualifying grant recipients an 8% interest rate loan or lower.

When choosing a lender, one important factor to consider besides cost is their commitment to fair lending and consumer protection. Ask these questions to see if a lender is looking out for your best interest:

Is the interest rate the same as the annual percentage rate (APR)? If not, what added fees are being charged and why?
What Loan to Value ratio will the lender accept from the dealership? Anything above 120% puts you at risk of paying too much for the value of the car.