Is it possible to get a car loan in this time of economic stress? Edmunds.com, the premier online resource for automotive information, has compiled the definitive guide to auto loans for car shoppers and anyone else interested in the twists and turns of the economy. “The credit market is definitely tighter now than it was a few months ago, but credit is still available for car shoppers,” said Jesse Toprak, Edmunds.com Executive Director of Industry Analysis. “Media reports about consumers who are unable to get auto loan financing are often overstated and have the negative effect of dissuading consumers from even trying.”

That being said, Edmunds.com has observed the following new realities of the auto loan landscape:

• Consumer with average credit scores will be required to make a down payment as high as 20 percent
• Lenders are restricting the length of loans; six year loans may no longer be an option for many consumers
• The minimum credit score required for an auto loan has risen to around 500
• The credit score required for the best loan rates has risen to at least 720, up from 700 a few months ago
• Consumers with the best credit can expect an interest rate as low as 5.95 percent while consumers with average credit may see rates as high as 12.5 percent

Edmunds.com suggests the following strategies for consumers on the hunt for auto loans:

• Get pre-approved for a loan before visiting the dealership
• Pay off credit cards with high balances to immediately improve your credit score
• Offer the highest down payment that your budget allows
• Look to credit unions, local banks and online lenders as alternative sources for auto loans
• Consider less expensive used and certified pre-owned cars if finding new car financing proves difficult