How hard is it to get a car loan in East Texas? KLTV 7's Courtney Lane finds out - KLTV.com - Tyler, Longview, Jacksonville |ETX News

TYLER (KLTV)

How hard is it to get a car loan in East Texas? KLTV 7's Courtney Lane finds out

Some of you may be in the market for a new car that gets better gas mileage. However, the financial crisis may have you feeling a little discouraged. So, we wanted to know how difficult it is for you to get a car loan right now.

KLTV 7's Courtney Lane set out to find an answer.

"Cars; can't keep them, can't find them."

Owner of J&L Auto Sales in Tyler, Jimmy Brown, says cars are moving off his lot left and right.

They finance most of their own vehicles at J&L, and Brown says during this credit crunch, that's really working in their favor.

"Lately, it's really picked up. All your subprime dealers have left the new car stores because of the credit crunch and people with low credit scores they wind up back here so we're looking for a good year," said Brown.

Brown says sales are already up some 35% from last year. But we wondered if sales at some of the big franchise dealers in East Texas are down. Is it harder for East Texans to get car loans with the big guys during this financial fallout?

"You know we kind of braced ourselves for an 'oh no what's going to happen' and we hadn't really seen it it's been pretty good for us."

CEO of Peltier, Dean Cagle, says the crunch has not hit us here like it has in other big cities.

He says business at Peltier has been running as usual and there's no need for East Texans to worry right now.

"In East Texas there is no need to panic. Our lenders are strong, they got plenty of money, the business is strong, the manufacturers are strong."

Of course, keeping a good credit rating is extremely important during these times.

"People with low credit scores have a problem with new car stores, but I think if you have good credit you're not going to have a problem buying a car anywhere."

To see what your credit rating is, click here.

Courtney Lane, reporting. clane@kltv.com

Powered by Frankly