The economic downturn may have made it more difficult for some people to get loans for a used car purchase, but there are ways to get a loan approval.

There is hope that a new economic stimulus package will open up the purse strings of lenders, but even if that doesn’t come to pass, Edmunds.com says there is money out there to be had.

Jesse Toprak, Edmunds.com’s executive director of industry analysis said that although consumer confidence is low and people are avoiding big purchases, there are loans available. He also says this is a great time to make a car purchase.

“If someone needs a car, they know the market is down, and this is a great buying opportunity,” said Toprak.

The website says buyers looking to secure credit should take a three-pronged approach which includes trying to optimize their credit score, coming up with a plan of getting the loan and then having dealers and lenders work together to get the loan for you.

Although there seems to be a never ending barrage of bad economic news, the current state of the economy could be good news for car buyers. According to the Dow Jones, used car prices have dropped 8 percent in the last year.

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