Affordable car loans help people rise out of poverty
Access to an affordable car can help people get from point A to point B, but a new report indicates it may also help them get off public aid and climb out of poverty.
The survey from ICF International found that, of 445 auto loan recipients from low-income car ownership program Ways to Work, 82 percent were able to use their cars to get off public aid. The auto loans are offered to families with credit problems who pass a financial literacy test and income assessment, according to a report in The Los Angeles Times.
Some of the benefits reported by recipients of the loans include increased incomes and wages, and better access to education and financial services. Ways to Work is a privately funded organization that has issued more than $32 million in loans to low-income families over the last decade, resulting in taxpayer savings of roughly $18.2 million per year that would otherwise have gone to public aid, the Times reports.
As the credit market improves, more commercial lenders have been offering subprime auto loans, according to a recent report from credit analyst Experian. During the fourth quarter of 2011, the number of auto loans for people with bad credit rose by 13.8 percent.
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Source: http://www.autonetfinancial.com/news/376161/affordable-car-loans-help-people-rise-out-of-poverty/
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