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I came to the Financial Empowerment Center after one of my friends recommended it as one of the best places for newcomers to the country to get a car loan. I was in desperate need of a vehicle to get to work, but the interest rates from other banks and credit unions were very high, especially because this is my first vehicle in the United States. I then called the Financial Empowerment Center and used the scheduling tool to make an appointment with one of the financial coaches who helped me through the process.
After connecting with my financial coach, I was able to complete the application for the Center for Economic Opportunities (CEO) to get a loan for a car. My coach helped me submit the necessary paperwork for the application and kept me connected to CEO. I completed a monthly budget with my financial coach. The budget was originally created to show that I was able to afford the car, but at this point, I am sticking to the budget and cutting back on unnecessary expenses. I used most of my savings to purchase the vehicle, and the budget has helped me build some of those savings back up.
Thanks to the FEC coach, I am able to have a vehicle that I can drive to work. My loan has a set interest rate that helps keep the amount of interest I pay low compared to what I would have to pay anywhere else. Also, having savings is very important to me, and after completing the budget, my financial coach and I were able to set a good achievable goal for my monthly savings that I can start with. This way, I know that I will have savings in the future in case of an emergency.
I want to continue working with my financial coach to keep building up my savings and my credit score. I also want to have an accountability partner when it comes to finances in the United States. I moved to the States a little over a year ago, and working with a coach has been a blessing because I have been able to ask very specific questions about credit, debt, and loans. I also learned about different savings accounts that I would like to ask more questions about and continue to build savings.
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