Low credit might not stop you from getting a car loan

Low credit might not stop you from getting a car loan
TRI-CITIES, Wash. -- If you're looking to buy a new car, but don't have a perfect credit score, we have some news for you. Loans to buyers with credit scores below 640 have increased significantly since the recession. Those loans now make up eleven percent of all new-car borrowing-- nearly double what they were in 2009. Local dealers say the credit unions and banks are lowering their standards to get people loans.

“3-4 years ago it got really bad. People even with pretty good credit, pretty good down payments were having a hard time. Banks just didn't have the money to lend and they were really tight. But today, over the last year, it's really opened up,” says owner Bill Robertson of Pasco’s Nissan Dealership.

Dealers also say many people just assume their credit is bad, so they don't try to get financing. They say more people are checking their credit scores than in previous years.