‘Car loan payments irk Americans’ says Fox News poll

‘Car loan payments irk Americans’ says Fox News poll

Now that is a surprise I hear you say. Fox News has really excelled itself with such quality news. But although I’m sure it is also true that Americans do not enjoy paying their car loan payments, the news bite was referring to the bailout loans the government is handing over to the main car manufacturers. It is not only in the States either. In most countries with an auto industry sector governments are bailing out car companies that are suffering from the current recession. These kinds of car loans are the ones that are annoying the public opinion. Why? Many see the bad situation of the big car manufacturers as partly their own fault, a result of terrible management. Why should my money be spent to save companies that have been wasting money and making bad investment choices when things were going well and then expect the tax payer to make it all better when they suffer the consequences. Although somewhat shortsighted when one sees the international crisis the auto industry is going through, this opinion has many advocates which are making themselves hears loud and clear.

How does the auto industry car loan bailout affect you and me as individuals. Would it be so terrible of the big auto makers flopped, declared bankruptcy and were ripped apart by the remaining auto companies? While according to the above mentioned survey only 21% are extremely concerned that a hypothetical meltdown of the auto industry would affect them personally, 67% feel it would seriously affect the economy as a whole. There is in fact no doubt that the thousands upon thousands of jobs that rely directly or indirectly on the auto industry would affect people personally and the economy as a whole. The question is that something we should do everything we can to avoid, or should we, as some feel, allow the “natural” forces of Economics to take over and destroy companies that cannot adapt or change with the times. This is a kind of economic Darwinism that many feel is the best way of keeping an economy alive, however difficult it might be in the process.

The fact is that car loan bailouts are occurring. A more useful question might be: How can I benefit from these bailouts? A significant percent of the bailouts are going towards finance aid for potential buyers, allowing companies to provide 0% interest on their car loans if you qualify for premium finance. This could be very attractive to buyers who can afford to buy a car. In fact those of us that have invested carefully and saved for the bad years might now have the best chance in a long time to buy a new car at a good price.

Find out if you can buy the new car you have always wanted at interest rates you had never imagined possible. This way you can do your little bit for the economy and treat yourself to a new car. Then you can be irked by your own car loan payments.