In the annual Financial Literacy survey conducted for NerdWallet and the National Foundation for Credit Counseling, we note that it's not just credit-challenged Americans that come up short in understanding their finances.
Financing a Car with Bad Credit
Here at Auto Credit Express, we've made a career out of helping consumers with credit issues find a dealer that can offer them their best opportunity for getting approved for a car loan.
For many borrowers in this situation, in addition to obtaining much-needed transportation in order to get to and from work and earn a living, these loans also represent one of a handful of ways they can reestablish their credit and raise their credit scores.
But how do consumers get into financial trouble in the first place? Some of the reasons can be found in the results of an annual survey commissioned by NerdWallet and the National Foundation for Credit Counseling (NFCC) and conducted by Harris Interactive.
2015 Consumer Financial Literacy Survey
Here are excerpts from the key findings of the survey:
Financial Literacy:
3 out of 4 adults (75%) – a greater proportion than last year (73%) – admit they could benefit from additional advice and answers to everyday financial questions from a professional. In fact, many adults (59%) now give themselves a grade of "A" or "B" on their knowledge of personal finance, closing the gap to 2010, when nearly 2 in 3 adults (65%) gave themselves one of those two grades.
Budget:
2015 marks the second year in a row that a majority of Americans (70%) are worried about their personal finances, although many are doing nothing about it. That's because more than half (60%) admit they do not have a budget. Making matters worse, 21% of respondents say they spent more in 2015 than in 2014.
Savings:
While nearly three in ten (28%) of Americans are worried they don't have enough savings, 57% are saving for retirement while three out of four (66%) maintain a non-retirement savings account, compared with 67% five years ago in 2010.
Student Loans:
Regarding student loan debt, only 6% of Americans feel that their loans were a good investment. More adults would advise against getting them than recommend them (11% vs. 7%, respectively). Of those who are repaying either their own or loans they took out for their children, a majority (58%) noted that they are unable to establish emergency or retirement savings or purchase a car due to this financial commitment.
The Bottom Line
Much like we suggest to borrowers with poor credit, the latest NFCC/NerdWallet Financial Literacy Survey notes that to be financially successful, it pays (pun intended) to set up a budget, contribute to both a retirement and personal savings account and avoid, as much as possible, costly student loans.
Here's another bit of advice: If you need a car and your credit is less than perfect, you should know that Auto Credit Express can match you up with a dealer in your area that can offer you your best chance at an auto loan approval.
So if you're ready to reestablish your credit, you can begin the process now by filling out our secure online application.
