The subprime mortgage crisis has claimed many victims during the last year. The latest casualty involves a head-on collision with car loans.

Can a financial crisis spread as easily as the common cold? This might be the case with subprime mortgages, which have passed their malady onto loans for conventional mortgages, colleges, and cars, as well.

Getting a car loan is no longer as easy as it used to be. Interest rates are higher, prequalification is tougher, and loan limits are tighter. There are some things you can do to avoid getting dinged on an auto loan, but buckle up your seat belts, because chances are you're in for a rocky ride.

Banks putting on lending brakes

A few years ago, lenders were shelling out loans right and left, and borrowers were overextending. When home values began to take a dive, these overextended borrowers and their adjustable-rate mortgages took it on the chin. The lower values meant that borrowers were unable to qualify for a new loan, and defaults and foreclosures became the norm in neighborhoods throughout America, particularly in Florida and California.

Today, credit reports are carefully analyzed, and down payments are essential. Borrowers in areas where home values are declining are really feeling the pinch, as lenders have grown skittish about extending any credit until the market turns around.

Get in gear

It's a new financial world, and if you're in the market for a new car loan, you'll need to adapt. Banks will lend you money, but you'll need to prove to them that you're a safe risk.

Before you begin the process, check out your credit report and make sure that there are no errors. You'll need a high score to qualify for a great interest rate. If you have some credit card balances that you could pay down before you start shopping, you stand to get a better rate.

You also want to scrape together as much as you can afford for a solid down payment on a loan. The more collateral you can bring to the table, the more creditworthy you'll be in the eye of the lender. Be sure that you don't go to just one bank for a loan; shop around for the best deal.

Finally, be sure you're buying a car within your price range. If your credit score is low, and you don't have much cash in the bank, don't count on buying a new Lexus. Make sure that you can afford whatever you buy.

The credit crunch has ground many loans to dust. Subprime loans, private student loans, and conventional mortgages have all felt the pain of the devaluation of the home market. However, car loans are still available. Make sure that you've got a good credit report and some money for a down payment. That may not get you the car of your dreams, but it should be enough to qualify for the car that's right for your financial situation.