What it takes for risky borrowers to get a car loan
by Car buyers never had an easy time finding a decent car loan if their credit wasn’t up to snuff. But lately, they’re needing more money for a down payment to get into that car and they’re staring at higher rates than many would expect.
© Susan Tompor, Detroit Free Press
The percentage of carbuyers trading in cars that are worth less than their loan balances reached a record 32% so far in 2016, according to Edmunds.com. People with those underwater loans will find it hard to obtain financing when they want to buy their next vehicle.
![a car parked on the side of a fence: The percentage of carbuyers trading in cars that are worth less than their loan balances reached a record 32% so far in 2016, according to Edmunds.com. People with those underwater loans will find it hard to obtain financing when they want to buy their next vehicle.](https://www.msn.com/{"default":{"load":"default","w":"80","h":"54","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB19Nag7.img?h=537&w=799&m=6&q=60&o=f&l=f"},"size3column":{"load":"default","w":"62","h":"42","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB19Nag7.img?h=420&w=624&m=6&q=60&o=f&l=f"},"size2column":{"load":"default","w":"62","h":"42","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB19Nag7.img?h=420&w=624&m=6&q=60&o=f&l=f"}})
Lower income workers have been hit hard during the pandemic as they experience big layoffs at retailers or restaurants. And if they’ve held onto a job, many are clocking far fewer hours under capacity limits designed to halt the spread of the coronavirus.
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Many struggling workers are the most likely to be
