Consumers Use Personal Loans to Fund New Car Selection

New auto standards

Consumers are looking to use personal loans to fund new cars as auto fleets are changing. President Obama is sending a clear message to the American people by instituting new rules for cars produced in the U.S. The new fleet of cars will be smaller, lighter and more efficient. This is all part of an initiative by the president to transform the auto industry. Part of the changes are requiring a higher mileage and emission standard, beginning in 2012 and to be completed by 2016.

According to the new rules, new cars and trucks must average 35.5 miles per gallon, which is roughly 10 miles more than today's average car. Non-trucks will have to reach 39 miles per gallon and trucks will have to reach 30. Eric Fedewa, vice president of CSM Worldwide auto consulting firm, stated that "the proposed changes will make pickup trucks so much more expensive that they will be used almost exclusively for work." He also believes that families will get rid of minivans and SUVs, in exchange for more affordable smaller vehicles with extra folding backseats. He added, "You'll see a lot more creativity in interior packaging… you'll get more rows of seats where you traditionally had cargo space."

Critics of the new auto policies

Some people who use cargo vans and large trucks for their businesses are harshly criticizing the new requirements. Dixie Bishop who runs a plumbing business stated, "Are they going to take my horsepower down? I have to be able to carry old water heaters and toilets. It's not beneficial for me to haul one heater at a time. We need the power to pull these heavy items." ... click here to read the rest of the article titled "Consumers Use Personal Loans to Fund New Car Selection"