The credit crunch has made it more difficult for potential car buyers to get funding to make the purchase of a used car. But that doesn’t mean that it’s impossible.<\/p>\n
According to TheDay.com, banks small and large say it is getting easier to get a loan to purchase a used car, although some lenders are being more conservative with their funding.<\/p>\n
Cheryl Dunaj, vice president of retail services at Groton, Connecticut-based Ledge Light Federal Credit Union says the lender has contacted sellers in the area to let them know they have money to lend.<\/p>\n
“We’ve been able to do loans that otherwise would not have been able to get done,” Dunaj told the website.<\/p>\n
The company’s CFO, David Sacco said that more goes into the decision to lend than just a person’s credit rating. He says the lender will “still look at people and make decisions on what is going on in people’s lives and not (just) their credit score. Unless we give them money and try to get them back on their feet, the economy is not going to change.”<\/p>\n
If people can get funding it’s a good time for them to buy a used car as the National Automotive Dealers Association recently announced that used car prices fell in every category in the last year.<\/p>\n
Find New York Used Cars<\/a> with New Jersey State Auto<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The credit crunch has made it more difficult for potential car buyers to get funding to make the purchase of a used car. But that doesn’t mean that it’s impossible. According to TheDay.com, banks small and large say it is getting easier to get a loan to purchase a used car, although some lenders are […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"yoast_head":"\n