It’s official, car ownership helps people get off public assistance, even in a down economy. A survey by Ways to Work, the nation’s largest low-income car ownership program confirms that. Car ownership is a means to better jobs, therefore better income, and with it, better access to educational opportunities and traditional financial services such as banking. It seems common sense or observation would have had the same result, but with some more solid numbers it will now be easier for Ways to Work, which has 55 offices in 23 states to expand. They get the majority of their funding from private sources and offer car loans at %8 interest to working families with bad credit scores. The alternative is the Buy Here Pay Here industry which charges %18 to %30 interest. While they have a %25 default rate, only %12 of Ways to Work loans are not repaid.
Now that we know, let’s hope we can use the knowledge.