(News4Press.com)

The past six months have been rocky for the auto industry. The rapidly decling housing market effected the entire consumer credit market and soon auto dealers and consumers couldn't complete transactions. The dealers had the cars and customers wanted the vehicles but could not obtain financing.

Cash for Clunkers depleted the dealers' inventories of low cost, fuel efficient new vehicles while at the same time removed thousands of inexpensive used cars and trucks from America's highways.

Now, dealers are reporting that the credit market is beginning to loosen. While loans require somewhat higher down payments than before, the loans are now at least available.

For example, Gary Allen tried to purchase a new Ford last March in Virginia Beach, VA. He was rejected because he had some credit issues due to a recent repossesion and bankruptcy.

Gary then attempted to purchase a new Kia Sorrento. He agreed on the terms but was told by his bank that he need to place a seven thousand down payment - nearly 50% of the value of the car. Last week, he was able to purchase a new Ford Focus with a 5% down payment and a interest rate of only 7.5%.

Companies such as My Car Note have been helping consumers along the way. http://www.mycarnote.com

Online sites such as these help arrange loans while at the same time provide resources which allow consumers to ensure they get the best deal.

My Car Note processed over 1,000 approved loan requests during the past 30 days and the rate of new applicants is climbing daily. This indicates that life is beginning to appear in the Fall auto market.

For more information about obtaining information on auto loans in the current economic conditions, go to http://www.mycarnote.com



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