ALCOA, Tenn. (WVLT) -- The mortgage crisis and subsequent bail out appears to be having an impact on more than just the housing market.

A car loan is just like a home mortgage, but on a smaller scale.

Financial institutions are tightening up on credit, and the days of "bad credit, weak credit, no credit at all...we'll take care of you" car dealerships may be over.

Rice Chrysler Dodge finance manager Patricia Hall says, "If their beacon score is not a certain level, don't even send it to us because they're not looking at those loans."

Many financial institutions are telling car dealers credit scores of 520 are not good anymore
At Airport Honda, they claim they're not seeing that much of a tightening of credit due to their product but do feel there are less customers out there due to the economy.

Airport Honda sales manager Joe Jimley says, "That shrinks the pool of people who don't buy on emotion. They buy on need."

But Hall says 560 or a 580 credit score is now the new low end. Just like foreclosures in the mortgage industry, the easing of automotive credit has had a similar impact to the banks.

Hall says, "An awfully lot of repossessions this last sixty days…a lot of repossessions."

There is a bright side. For those who do qualify, they'll find good interest rates based on their credit.

Jimley says, "Upper 4 percent range to the high single digit range – 8-, 9-, 10 percent."

And the automotive industry is reacting to a lower pool of customers hoping people who can come out and buy will come out and buy.

Hall says, "We have a lot of good rebates. At one time we had as high as ten, eleven, thousand dollars on the 08 trucks and they went fast even with gas prices being what it is. That was such an incentive for people to buy."

Banks are also singling out those big sports utility vehicles who have watched their values plummet.

Some banks are now only lending up to eighty percent of those SUVs that are the big ones with eight cylinders.