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Understanding Finances with Questionable Credit

Car buyers with problem credit that need to apply for a car loan might want to know that as far as the National Foundation for Credit Counseling it is not just consumers that have experienced issues with their credit that fail to understand their own finances
Understanding Finances with Questionable Credit
What we know

Here at Auto Credit Express we help people with poor credit looking for online auto loans find those dealers that can offer them their best opportunities for auto loan approvals. We know these loans are more expensive than most since most subprime auto loans carry higher than usual interest rates.

But for most consumers with questionable credit that need a vehicle, these car loans are one of the few ways they can simultaneously raise their FICO scores while ensuring that they have a reliable way to get to and from work. And while most of these folks realize they have less than perfect credit, many ask themselves how they’ve gotten into their current financial troubles.

Some answers to this question might be found in the results of an annual survey commissioned by the National Foundation for Credit Counseling and conducted by Harris Interactive. Here are some excerpts and findings from it:

2012 Consumer Financial Literacy Survey

Financial Literacy:

4 in 5 adults (80%) – a greater proportion than last year (76% 2011) – admit they could benefit from additional advice and answers to everyday financial questions from a professional. In fact, like last year, many adults (42% 2012, 41% 2011) now give themselves a grade of C, D, or F on their knowledge of personal finance, marking a statistically significant change from 2010, when as many as nearly 2 in 3 adults (65%) gave themselves an A or B.

Budget:

In 2012, just over two in five U.S. adults (43%) report that they have a budget and keep close track of their expenditures. More than half (56%) admit they do not have a budget, including more than 1 in 5 (22%) who say they don’t have a good idea of how much they spend on housing, food, and entertainment.

Savings:

Two in five adults (40%) say they are now saving less than last year, and nearly the same proportion (39%) do not have any non-retirement savings. Though there had been an increase in the proportion of adults who have savings between 2008 (63%) and 2010 (67%), that proportion had begun (and now continues) to decline since 2010 (67% 2010, 64% 2011, 59% 2012).

Credit Score:

Though the proportion of adults who have ordered or received their credit score in the past 12 months has increased significantly since last year (44% 2012 vs. 37% 2011), most adults have reviewed neither their credit score (55%) nor their credit report (62%).

The Bottom Line

While many situations that result in bad credit are preventable, sometimes unexpected circumstances can get the best of any of us.

If you find yourself in this situation, we want you to know that Auto Credit Express specializes in matching applicants with auto credit issues to dealers that can offer them their best chances for getting approved auto loans.

So if you’re ready to begin that process, you can start it now by filling out our online auto loan application.

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