Word: crediteers
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...loans, the division between those who feel the crunch and those who don't often comes down to credit score. The average 60-month new car loan is priced at 7.10%, not much different than in the spring, according to HSH Associates, Financial Publishers - and the average rate on a 60-month used car loan, 7.54%, has actually been drifting downward. (Those 0% financing deals still exist, too, from struggling car companies desperate to move inventory.) The difference is, you're probably not going to get that rate (or any at all) unless your FICO score is north...
...Since the summer of 2007, 137 lenders have stopped funding federal loans, and 33 have suspended private programs, according to Mark Kantrowitz, publisher of FinAid.org and other financial aid websites. Part of that had to do with a cut in federal subsidies, but part was directly related to the credit crunch - issuers that pulled out tended to be those that packaged and resold loans, a market that has evaporated...
Students at community and technical colleges, especially institutions that are for-profit, are having the toughest time of it. The reason: those students are more likely to use private loans (whose credit standards have tightened), and lenders under profit pressure are less willing to write loans for shorter, one- and two-year programs - especially at schools with historically high default rates...
Federal loans aren't completely unaffected. While Stafford loans, which are made directly to students and don't take into account credit history, were up in the second quarter compared to a year ago, loans made to parents through the Parent PLUS program have plummeted - down 29% in dollar volume year-over-year, according to Department of Education data analyzed by Kantrowitz...
...mood at banks more generally is cautious. The most recent Federal Reserve survey of loan officers showed a plurality of banks tightening credit standards across the board. Add in anecdotal evidence - like Bank of America declining to increase lending to McDonald's franchisees even though the two companies have a long-standing partnership - and things do seem to be cascading down to Main Street, or whatever road is home to your local fast food joint. In August, 67% of small-business owners said they'd been affected by the credit crunch, compared with 55% in February, according to surveys...