The AP reports, "The loan you qualify for today might be out of reach on Tuesday.  Bankers and lenders are rapidly changing their requirements as home sales and prices plummet and delinquencies and defaults rise."  According to Greg McBride, a credit industry analyst with Bankrate.com, "many auto lenders are requiring larger down payments on loans," and "changing credit requirements for auto loans are somewhat mirroring changes for home lending, with high credit scores and larger down payments needed to qualify for loans."  Turner Acceptance Corp., which finances auto loans to subprime borrowers, is now "increasing its review of loans by requiring additional cross-checking on all parts of a loan, including references," according to CEO Jonathon Levin.  The AP notes that "even more traditional lenders, such as Hyundai Motor Finance Co., are mindful of loans for customers with spotty credit."

The Tennessean adds, "For consumers, the rougher lending landscape could mean they'll have to make bigger down payments, pay higher interest rates or choose a used car over a new model to cut costs."  Even for customers with average to good credit, "financing options are becoming more limited."

Loan standards are tightening in response to an credit crunch that has led to a ten-year high in auto reposessions this year.

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