How To Get A Car Loan In This Economy

By James Gangrut

The big American car makers are in dire straits. They were already in bad condition before the crisis hit (something almost none of the mass media are willing to reveal), but the credit meltdown has made it even worse. Car sales are at their bottom point in over 15 years.

Gasoline prices are not exactly helping either. And American car models were never very much into saving gas. With the very limited job security in the market, Americans just aren't purchasing too many cars any more. So what do auto manufacturers do about that problem?

Auto Manufacturers are putting forth their best offers right now. Great deals on car loans, employee discounts, they are trying as hard as they can. They are of course aided by the federal government in their quest to overcome consumer hesitance.

This does not mean anyone can get a auto loan. We've seen how that works out with the subprime mortgage meltdown. Financing for American automobiles is made cheaper right now, because part of the money is from the federal government. Other car loans are getting more costly and require you to put more money down on your new automobile.

Naturally, this will end someday too. If you want to get a new car now, consider purchasing American because of the low-cost financing and pay attention to your credit score. Your credit report plays a big role in getting good terms on any loan, especially mortgages and car loans. Pay your bills on time and don't go into too much debt and you'll be fine.

About the Author:

James writes about financial matters and car financing. He also writes about lenen voor auto and lenen in Dutch.