Car loan seekers 'should prepare for legwork'

Getting a car loan could prove tricky for many Aussies in the current economic climate, the Sydney Morning Herald has warned.

So too, personal loans for home improvements or a summer holiday are also getting harder to obtain, with lending figures falling sharply in recent months.

The paper pointed out that this is a combination of both a desire to trim down outgoings and the reluctance of banks to dole out cash during this period.

Indeed, Suncorp, which provides car loans, home loans and other financial products, has claimed that consumer lending plummeted six per cent during September, the month that Lehman Brothers collapsed and banks around the world cracked in the aftershock.

However, the paper went on to note that consumers could get the break they are looking for at credit unions.

“The credit union sector has been relatively undamaged by large jumps in bad debts the banks have experienced. It is business as usual for us,” explained Queensland Police Credit Union’s Stephen Howell.