HFLA Used Car Loan Program

Updated December 22, 2021

In the face of a volatile used car market, HFLA of Northeast Ohio launches new Auto Loan Program to help Northeast Ohioans make affordable purchases.

HFLA believes that personal vehicles are crucial for an individual’s personal autonomy and ability to maintain financial security and a steady income. With the current state of the new and used car market, auto loans have seen some of the highest spikes in interest rates, causing financial hardship for many in our region, making ownership of transportation nearly impossible. 

To address the increase in used car interest rates, HFLA of Northeast Ohio has developed a sub-type of our Standard Loan to specifically address the purchase of a used car when the interest rate that is accessible is deemed to be burdensome. 

Auto Loan qualifications are the same as any other Standard Loan. The applicant will need to first apply for a traditional auto loan (at their bank, credit union, etc.) and prove that they have no access or that the terms that were offered to them are predatory or excessively burdensome. Applicants must apply with a guarantor. The two most important factors in being approved are the applicant’s ability to afford a loan repayment and evidence that they will meet this obligation based on their credit history and the interview process.

HFLA will offer a higher maximum loan amount of $15,000 and longer loan terms up to 60 months for Auto Loans making loan repayment no more than $250 a month. HFLA often sees car payments of $500-$700 with interest rates at or above 17% with excessive loan terms of 72 months. This can be detrimental to a household’s monthly cash flow and short and long term savings. Additionally, sale prices for used vehicles have been heavily inflated in 2020 and 2021.

HFLA will work closely with applicants to emphasize key information throughout the application process. It is our goal to make sure that a potential borrower is considering the additional costs that come with a car such as: fuel, tires, oil changes, insurance, repairs, etc as part of the projected monthly budget. Other introductory information about vehicle shopping and ownership may also be offered to clients throughout the application process or after approval to aid and benefit first time drivers in particular.

Ideally, HFLA will be able to capture interested applicants early in their search for a vehicle so that they can shop and negotiate with the confidence and readiness of a pre-approval. By applying with HFLA quickly after pursuing traditional financing, the individual’s hard credit inquiries will be less impactful.


This loan is available now. Inquiries can be made by email or phone. 


216-378-9042 Option #1