Some consumers may find it easier to get an auto loan, depending on what their credit ratings are.

A recent Associated Press report notes that only about fifty percent of applicants have been able to get auto loans recently, down from about 80 percent a year ago.

While many creditors are understandably nervous about lending in the current economy, this trend has had a negative impact on auto dealers by helping to further depress sales at a time when the entire industry has been reeling.

To help boost the auto industry, GMAC, the financing arm of General Motors has indicated that people with credit ratings of 621 will generally be able to get auto loans, compared to the 700 credit score that had previously been required.

The AP report also noted that a group of credit unions are expanding an effort with GM and Chrysler that would improve access to auto loans for their members.

Along with GMAC's new lending standards, auto dealers have also made news with aggressive incentive programs aimed at clearing out a growing backlog of unsold vehicles.

For people eager to improve their credit ratings, part of the strategy should include paying down debt as quickly as possible and avoiding late payments. One way to meet such goals can be to include payday loans as part of your strategy.

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