[Woodenpaddler]

Any thoughts on how will the financial crisis affect auto loans etc. depending on how this plays out? I'd like to reduce my debt and operating expenses by getting a small used car, and sell my truck before gas prices are perceived as jumping again. But my current loan is fixed at only 4% and the truck is handy now for home improvements and preps. Perhaps a bailout will buy me some time, but if things are going to nosedive I'd probably better make a move now. Timing relative to the election could be another big factor.

[Arsenal]

I actually had the same thought. Our vehicle is on its last leg and we were thinking on getting a small diesel car or a hybrid but the credit market is trashed. Has anyone tried to get a loan recently? I have great credit. 700+ so I figure as long as they are loaning any money out I should get some.

[Leanan]

The squeeze on getting a car loan

NEW YORK (CNNMoney.com) -- A massive pile-up in the credit markets is causing serious congestion for new car buyers who want financing, according to industry observers. But some dealers say they're still able to work out deals.

"Credit availability has been the number one issue in our industry for several months now," said Mike Jackson, chief executive of AutoNation (AN, Fortune 500), the country's largest auto dealership chain.

The inability to arrange suitable financing has killed the deal for a lot of customers in AutoNation's 317 dealerships nationwide, Jackson said. He stressed that customers are still coming in, but they can't get a loan they can afford on the vehicle they want.

[3aidlillahi]

Remember how the Big Three all cut out their leasing programs? Very smart move on their parts, given the new developments.

[luckysevenheaven]

To Woodenpaddler....

I got a car loan today. I'm jumping in line as if inflation starts happening it will be worse too!
My loan was for 15,000 as I've got 6000 down.....(almost as long as I sell my 'work vehicle' for 800.)

I don't see interest rates going down (in long term). If anything they will go up as well as basic costs and inflation will make things worse.

My job is secure as I have a tenured public service job (in for 10 years). The only way I wouldn't have done the loan is if I was in private sector and felt like my job would be effected. I suggest if you have a decent 700+ fico score and can get a loan get one. It's usually good for 30 days (I believe thats called Escrow) and then you have it in case you need it. Suze Ormond says if somethings in Escrow you will still be ok as youv'e already been approved. Not the that the big SO knows everything but I usually take her advice as she's been right on from what I've done in business dealings.

[Jotapay]

Got bike (or scooter)?