Baltimore, Md., – Vehicles for Change (VFC), a Baltimore-based nonprofit that awards cars to families for employment purposes, and Hamilton Bank, a community bank that serves the Greater Baltimore area, have teamed up to provide Maryland families with cars at affordable loan terms. As part of the new partnership Hamilton Bank is now VFC’s exclusive lending partner in the Baltimore region, offering affordable auto loans to families who are facing financial challenges and receiving cars from VFC.
Bob DeAlmeida, president and CEO of Hamilton Bank, said, “When Vehicles for Change approached Hamilton Bank last year we were honored and excited to help with financing for such a worthy cause. Our help on the financial side will give low-income families, who typically have a difficult time qualifying for loans, new avenues for building wealth and getting out of situations that perpetuate poverty.”
“We are pleased to work with Hamilton Bank on these loans. It’s necessary for us to have a lender who can provide auto loans at an affordable rate,” said Marty Schwartz, president of Vehicles for Change. “The loans are vital because they enable deserving local families to receive cars, build credit and gain or maintain employment.”
VFC repairs cars that have been donated by the public and awards these cars to families who need reliable transportation in order to gain or maintain employment. VFC’s car award program serves families with financial challenges; most recipient families would have difficulties qualifying for car loans or obtaining loans with a manageable interest rate on their own. Without an affordable car loan, recipients would be forced to pay for their car in full when receiving it, which is not a financial option for most VFC recipients.
VFC car recipients must be working at least 30 hours a week or have a verifiable job offer before they are eligible to receive a vehicle.
Since its formation in 1999, VFC has impacted the lives of more than 15,000 individuals by awarding more than 4,500 cars to families with financial challenges in Maryland, Washington, D.C. and Virginia. The organization relies on donated cars from the public to provide vehicles to worthy families.
In related news, VFC has also partnered with Sandy Spring Bank, which is serving as the organization’s auto loan partner for the Washington, D.C. market. As a result of VFC’s partnerships with Hamilton Bank and Sandy Spring Bank, VFC is able to continue awarding 40-50 cars to families each month.
About Vehicles for Change
Vehicles for Change, a nonprofit organization committed to selling refurbished cars to low-income families at minimal cost, was founded in 1999. Vehicles for Change awards cars to worthy families throughout Maryland, Washington, D.C. and Virginia.
For more information about Vehicles for Change, or to donate a vehicle, visit www.vehiclesforchange.org or call (410) 242-9674.
About Hamilton Bank
Founded in 1915, Hamilton Bank is a community bank that operates four branch locations across Greater Baltimore, serving the communities of Cockeysville, Pasadena, Towson, and Baltimore (Hamilton) in Maryland. Whether online or on the corner, Hamilton Bank is a community bank that cares about its customers. www.Hamilton-Bank.com