Buying a New Car During the Credit Crunch

Tags:: Credit Crunch New Cars General Motors Mortgage Meltdown Sales Financing Edmunds.com

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By: Medialink
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Updated: 23-Nov-09
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Added: 19-Mar-09

Experts Say Credit is More Available Now Than In 2008

March 2009 - Most new car buyers need to borrow to pay for a new car, but the mortgage meltdown has tightened available credit, and has also led to dramatically lower new car sales.

Despite challenging credit conditions in the auto industry over the past year, carmakers say financing availability has improved in 2009 as banks have received financial relief from the government. So credit-worthy buyers are getting approved.

The good news, according to Edmunds.com, is that now is a fantastic time to shop for a new car. Most manufacturers are offering great deals, making new cars better deals than many used cars.

To ensure getting great financing options like zero percent offers, or bank or credit union loans, Edmunds advises checking your credit rating before you shop, and make as big a down payment as you can.

Produced for General Motors