SANTA MONICA, Calif. — While Jesse Toprak, of Edmunds.com, reports that the credit market is tighter than several months ago, he also indicates that credit is available for buyers.

In fact, he attributes fewer sales more to the media than anything else.

"Media reports about consumers who are unable to get auto loan financing are often overstated and have the negative effect of dissuading consumers from even trying," said Toprak, Edmunds.com executive director of industry analysis.

That being said, Edmunds.com said it has observed the following new realities of the auto loan landscape:

-Consumers with average credit scores will be required to make a down payment as high as 20 percent.

-Lenders are restricting the length of loans; six-year loans may no longer be an option for many consumers.

-The minimum credit score required for an auto loan has risen to around 500.

-The credit score required for the best loan rates has risen to at least 720, up from 700 a few months ago.

-Consumers with the best credit can expect an interest rate as low as 5.95 percent, while consumers with average credit may see rates as high as 12.5 percent.

According to Dale Buss, Edmunds.com contributor, most Americans can still get credit to buy a vehicle. In fact, the reason people aren't entering the auto purchase marketplace is more due to "the nation's collective lack of consumer confidence than lenders' refusal to take them on," he said.

"There are likely many customers sitting on the sidelines now, not wanting to make a big-ticket purchase," noted Mike Groff, group vice president of sales and marketing for Toyota Financial Services. "But we have the means to support credit-worthy individuals."

Toprak concurred, adding, "Consumer confidence has fallen to historic lows. People are avoiding all big-ticket purchases, including cars. But this doesn't mean you can't get an auto loan if you want one."

Furthermore, the company found that many consumers have gotten used to leasing over the last 10 or 20 years.

"Carmakers have also moved to restrict leasing because they're trying to buttress the value of vehicles when they come off their leases in two or three years. Even luxury-carmakers such as Mercedes-Benz and BMW have cut back, and they're encouraging more customers to take out auto loans to buy their vehicles," Buss pointed out.

And looking at the least credit-worthy consumers, Bank of America Dealer Financial Services president Ellsworth "Ellie" Clarke, told Buss that "the leasing option probably is eliminated."

"These new restrictions on leasing are bringing consumers back to reality," said Philip Reed, Edmunds.com senior consumer advice editor. "In the past, leasing allowed people to get into cars they otherwise wouldn't have been able to afford. Now consumers just have to be more realistic about their auto budget."

In conclusion, Toprak said, "Despite all the reports flying around about the credit freeze, there are still hundreds of lenders providing auto loans. Even consumers with marginal credit can get a loan."

Buss even identified some data to back up this statement:

Tier 1: 720 plus FICO (no down payment)

48-Month Loan:

Dealer Buy Rates: 6.14 percent

Bank Rates: 6.50 percent

Credit Union Rates: 5.95 percent

 

60-Month Loan:

Dealer Buy Rates: 6.24 percent

Bank Rates: 6.54 percent

Credit Union Rates: 5.95 percent

 

72-Month Loan:

Dealer Buy Rates: 6.74 percent

Bank Rates: 7.24 percent

Credit Union Rates: 6.95 percent

 

Tier 2 700-719 FICO (no down payment)

48-Month Loan:

Dealer Buy Rates: 6.44 percent

Bank Rates: 7.57 percent

Credit Union Rates: 5.95 percent

 

60-Month Loan:

Dealer Buy Rates: 6.64 percent

Bank Rates: 7.64 percent

Credit Union Rates: 5.95 percent

 

72-Month Loan:

Dealer Buy Rates: 7.19 percent

Bank Rates: 8.32 percent

Credit Union Rates: 6.95 percent

 

Tier 3 670-699 FICO (typical down payment 10 percent, except zero for credit union rates)

48-Month Loan:

Dealer Buy Rates: 6.94 percent

Bank Rates: 9.01 percent

Credit Union Rates: 6.95 percent

 

60-Month Loan:

Dealer Buy Rates: 7.24 percent

Bank Rates: 9.15 percent

Credit Union Rates: 6.95 percent

 

72-Month Loan:

Dealer Buy Rates: 7.69 percent

Bank Rates: 10.3 percent

Credit Union Rates: 7.95 percent

 

Tier 4 630-669 FICO (15 percent down payment, zero for credit unions)

48-Month Loan:

Dealer Buy Rates: 9.44 percent

Bank Rates: 10.99 percent

Credit Union Rates: 8.95 percent

 

60-Month Loan:

Dealer Buy Rates: 9.74 percent

Bank Rates: 10.99 percent

Credit Union Rates: 8.95 percent

 

72-Month Loans:

Dealer Buy Rates: 10.89 percent

Bank Rates: 12.46 percent

Credit Union Rates: 9.95 percent

Edmunds.com noted that these rates are estimates and will vary based on employment stability, etc.