A new national survey finding that teen drivers lack basic knowledge of automobile finance and total vehicle ownership costs has sparked Junior Achievement USA (JA) and American Honda Finance Corporation (AHFC) to create a new website, www.financialtestdrive.org, to help young drivers navigate the financial aspects of owning and maintaining a vehicle. JA and AHFC launched the new web tool as JA released the findings of the recent survey they commissioned.
The national survey of 500 16- and 17-year-old drivers found that new drivers would benefit from basic education about the automobile loan process and the costs of vehicle ownership. For example, when asked what type of information is typically requested on a car loan application, 45% of respondents did not know that proof of income was required by auto lenders.
The new website enables young drivers to test their knowledge of auto finance and vehicle ownership costs through an interactive quiz. The site also provides helpful information and terminology related to auto financing options, auto insurance coverage, routine maintenance, and budgeting. The goal is to help young drivers make better-informed decisions.
AHFC also has sponsored Junior Achievement to support the JA Personal Finance® program, an interactive and experiential blended-learning curriculum which shows teens how to use credit responsibly, budget and save. The program is targeted to high school students and is facilitated by volunteers in communities across the nation whose personal and professional experiences enhance student learning.
JA Personal Finance is accessible through Junior Achievement’s online Learning Management System and available to local high school students through local Junior Achievement offices across the country.