Ohio Auto Loan Program Donates to Charity
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UPDATED: May 14, 2013
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An auto loan lender in Ohio has unveiled a new charitable program. Pathways Financial Credit Union will be donating proceeds of new car loans to local charities as part of its “Borrow to Give” initiative.
Under the program, whenever borrowers obtain an auto loan or refinance an existing car loan, the credit union will give 1 percent of the principal to a local charity near the branch where the transaction took place.
Borrowers themselves benefit by receiving 1 percent also, but only up to $400. They can then use this towards their first payment, or whatever else they desire.
Liz Weger, Marketing Specialist for Pathways Financial Credit Union, told loans.org that the program is for both new and used cars — meaning that thrifty used car shoppers can get financing while also contributing to a noble cause.
She also explained that the credit union’s membership determined which local charities would be given donations through the program. The credit union is also actively promoting the program amongst new members. Thus far, one branch has been leading the pack in terms of donations distributed.
“Our Western Georgesville branch has been sending the most donations,” said Weger. Donations from that branch are sent to the South Western City Schools Educational Foundation, which represents a school district on the West side of Columbus.
Weger noted that the minimum car loan amount that must be financed is $5,000. The program will run until May 31, 2013,.
Borrowers do not have to be members of Pathways Financial Credit Union in order to participate in the new program. Almost everyone in the Delaware, Franklin, Madison or Union county areas is eligible to apply for an auto loan under this program, as is anyone with a family member who is already a member of Pathways.
(Interview with Ms. Weger conducted by Isaac Juarez)