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.

Although the average price of a new car is a bit more affordable, borrowers should choose a reasonable vehicle if they're financing one with a subprime loan. Doing that as well as maximizing the down payment while keeping both the loan term and payment-to-income ratio to a minimum will go a long way towards ensuring the successful completion of a high-risk car loan.

If given the choice of a new car, borrowers with tarnished credit should choose the model with the better record of reliability.

May is National Military Appreciation Month and military personnel on active duty, even those with credit issues, can sometimes take advantage of special military discounts, offered by many car manufacturers, which can make a new car more affordable.

The Castrol Protection Plus program can give used car buyers additional peace of mind. Buyers with credit issues, however, should keep in mind that it's not available at all dealerships, oil changes will be more expensive, and it doesn't take the place of a certified used car warranty or used car service contract.

The 2017 J.D. Power Initial Quality Study reveals that, for the second year in a row, Korean automaker Kia, which makes some of the most affordable vehicles sold here, is the top brand in new-vehicle initial quality.

Saving money on coverage is great, but it’s just as important that consumers with less than perfect credit be satisfied with their car insurance provider.

Consumers with problem credit that need a car loan should always be looking for any way they can reduce the overall expenses inherent in these types of loans.

Even drivers with credit issues should ask their car insurance provider about low mileage, marriage, occupational, good student, and defensive driver discounts. Although they must be self-reported (by the driver), taking advantage of even a few of them could save the policyholder a substantial amount of money – but only if they inform the insurance company.

Splitting payments can reduce the interest charges of a simple interest car loan, even for credit-challenged borrowers.