Hamilton Bank has teamed up with Vehicles for Change (VFC) to help provide Maryland families with cars at affordable loan terms.
VFC is a Baltimore-based nonprofit that awards cars to families for employment purposes. As part of a 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.
Photo: Bob DeAlmeida, President and CEO of Hamilton Bank