Car Loans Much Easier to Get Now

Thanks to the economic downturn, it had been difficult to try and secure financing for a new car lease or purchase as requirements were tightened and some dealerships simply couldn't find the money.

These days, getting car financing is more likely, although it isn't quite as easy as in years past. If you can manage to put down a fair amount of the purchase price as a down payment, and have decent credit, you have a good chance at qualifying for a loan.

That's especially true at GMAC Financial Services, which is General Motors' in-house lending agency. Not only has the company chosen to raise billions in bonds to offer more loans, but the company also allows buyers to use trade-in money to contribute to their down payment.

Other lenders have also loosened their requirements, such as Chase, who does financing for Subaru as well as individual buyers who wish to obtain financing outside of dealerships. Some are also offering loans to those who have had foreclosures, something that wasn't possible previously.

If you'll be financing your new car, we recommend you read our Car Financing Tips.

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