Credit is very loose right now, even if it is somewhat tighter than a couple of years ago. Just because a borrower can’t walk in and get a $500K loan — with a 550 FICO score, no assets and unverified income — does not mean credit is unavailable.
We’ve bought a few expensive things in the past couple of months, including a new vehicle (all paid off, but we use credit for the initial purchase), and credit was never a problem.
Agree with you about loan pricing too, BTW. We should be seeing double-digits for medium-risk loans, especially when you consider all the financial turmoil going on right now.
