car dealership
Car buyers have been through a whirlwind these past few years, and the next big challenge facing them is a lack of loans.
  • It's harder than it has been in a long time to get a car loan.
  • Lenders are denying more than 14 percent of car-buying loan applicants, per the Federal Reserve. 
  • It comes amid increasing car loan payments and growing delinquency rates. 

Car buyers are facing some of the highest interest rates and monthly car payments in history — at a time that the rate of auto loan rejections is soaring.

Since the start of the COVID-19 pandemic, vehicle shoppers have been hit with a whirlwind, starting with low inventory, resulting in high prices for new and used vehicles. As inventory began to stabilize, sky-high interest rates came next.