Nonprofit offers car loans to consumers with bad credit

Bad credit can make paying for a car an expensive proposition. But{}a nonprofit group that serves people who can't get conventional loans from banks{}is jumping into the car loan business.

The Capital Good Fund has been granting emergency payday loans to Rhode Islanders for years.{}The biggest loan under that program is just $500.{}Now it's offering car loans for up to $13,500.{}The interest rates will be from 9 percent{}to 15 percent.

The founder of the company, Andy Posner, said{}it will save people thousands of dollars.

"We take some time to get to know the client ...{}so we can do that," Posner said.

The program will give access to car loans to people who currently may be priced out.{}It also will allow the Capital Good Fund to expand, since the program will generate more money for the fund.{}

For more information, check out the Capital Good Fund{}website.