On the Road Lending Announces Expansion into North Carolina
24 Abril 2024 - 12:09PM
Business Wire
Texas-based organization expanding, building
growth initiative
On the Road Lending, a nonprofit organization that launched in
Dallas in 2013 to provide life-changing car loans, is expanding
into North Carolina. They are partnering with Cape Fear Collective
and Kingdom Cars to make their move as seamless as possible,
working with established local businesses. This expansion marks a
significant milestone for the organization, as it continues its
mission to empower individuals and families with limited financial
resources to secure reliable transportation, fostering economic
independence and stability.
“We are thrilled to bring our auto lending program to North
Carolina,” said Michelle Corson, On the Road Lending’s founder and
CEO. “Everyone deserves access to reliable transportation – with
this expansion we are making a difference in the lives of more
people with the ‘keys’ to a better future.”
A typical On the Road Lending client will gain a financial
benefit of more than $20,000 over the lifetime of the loan by
avoiding $3,000 in fees, $7,000 in interest savings, $2,000 in
repairs, and $3,500 in fuel savings—and gaining an asset with
$5,000 in value at payoff.
On the Road Lending has already impacted one North Carolinian,
Arnett G. He struggled to expand his business beyond local events
without a car. After receiving a vehicle loan, Arnett expanded his
catering business, securing larger contracts and reaching new
clientele city-wide. The vehicle opened doors for his business,
brought an improved credit score and financial stability. Arnett
purchased his vehicle through On the Road Lending and the Mission
Driven Motors Program, which promotes accessible transportation in
the Cape Fear region.
“Having a reliable car is important because I can go wherever I
want, and not have to rent a car due to unreliable transportation,”
said Arnett G. “This opportunity has given me options and the
freedom to think about what I want to do next.”
Unlike traditional credit-based systems, On the Road Lending
evaluates applicants based on their commitment, and future
potential, providing a pathway to vehicle ownership for those who
may face barriers in conventional financing. In 10 years, On the
Road Lending has empowered more than 1,500 families with affordable
loans.
ON THE ROAD LENDING is a human empowerment initiative
that provides vehicle selection assistance and long-term financial
mentoring. OTR FUND I, LLC is an impact investment fund that
provides affordable loans to clients of On the Road Lending.
Investors include individuals, corporations, foundations and
institutions that may earn an annual preferred return. OTR Fund I,
LLC is a Community Development Financial Institution certified by
the U.S. Department of the Treasury. Together, On the Road Lending
and OTR Fund I, LLC provide financial advocacy and affordable loans
to help individuals improve their credit, avoid predatory lenders
and purchase fuel-efficient, reliable cars. Learn more at
ontheroadlending.org. Read about our successful clients at
ontheroadlending.org/clients.
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Paula Paggi Dala Communications paula@dalacommunications.com
(214) 302-9699