Car Loans Tougher To Get
26 May 2008The trouble that banks have experienced with bad mortgages is now bleeding into auto finance, and it is getting tougher to get a car loan. Sales of new cars will be down to around 15 million this year, compared with 16.5 million last year. This will represent the worst year in the industry since 1995. This is directly related to tougher financing standards. Leading auto lenders such as Chase, GMAC and Capital One are pulling back on their willingness to lend and many applicants are being turned away, unable to purchase a car.
Now more than ever, shopping around for a car loan is important.
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