GM’s spike in sales suggests that Americans are relying on car loans

GM's spike in sales suggests that Americans are relying on car loans  New figures from General Motors (GM) indicate that consumer confidence has significantly increased in the U.S.

According to Reuters, GM revealed on Tuesday that its American sales rose by 26 percent in April, which is higher than the 16 percent projection made by analysts. The company said that a national demand for fuel-efficient, compact models spearheaded the spike in sales.

Increased sales at GM suggest that many Americans are applying for car loans to finance their new purchases. In addition, individuals who have a spotty fiscal record can also secure a new automobile by seeking a bad credit car loan.

America's growing interest in smaller models stems from rising gas prices. Many individuals are hoping to pick up fuel-efficient models before they embark on their summer road trips.

Chevy's Cruz model, which replaced the Cobalt, tripled its sales last month. The Cruz offers 42 highway miles per gallon, making it one of the most fuel-efficient cars on the market.

Consumers who are interested in purchasing a smaller model may want to consider exploring car loan rates online. By factoring in their current vehicle's trade-in vehicle into a car loan calculator, shoppers may find that a new car is not as expensive as they previously thought.