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Car loans getting tough to qualify for

Car loans getting tough to qualify for

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As the credit woes continue around the nation, people are now finding it tougher to get car loans.

If you have a credit score in the lower 600s getting even a car loan is getting tough. "It really does seem like the average person and the harder credit person is really having a lot more trouble getting a loan now," an employee at a car dealership told us.

The car dealership employee we spoke with asked we not use his name but says lenders are really cutting back, making it hard on customers and dealers. And large lenders, such as global banking giant HSBC, has stopped writing auto loans altogether in the U.S.

So if you really need to buy a car, he says, "Go back to the old days a little bit and save up some money and have a down payment."

One car loan agency says the number of auto loans dropped 17 percent in the second quarter.


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Randall Jeppesen reporting


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