By Cesar Rodriguez
News Channel 3

The nationwide economic crisis and tumbles on wall street is hitting the American consumer right in the wallet.

As we found out, it's making it more difficult for regular folks to get a loan, whether it's to buy a house, or a car.

Kathleen Kline and Richard Bowers bought their last car in 1992. Now, they're trying to take out a loan for a new vehicle. According to them, the loan process was not a problem, because of their stable credit history and watching what they spend.

"I mean, we're very frugal," Kline told us her husband does the gorcery shopping and uses coupons. "If the bill comes up to a hundred dollars, he walks out paying twenty-five, maybe 30 dollars."

Experts with the market meltdown financial institutions are less flexible with giving cash to underqualified and even qualified consumers. However, some say things are not as hard as if people limit themselves.

The advice? Richard McDonald told us the trick, at least with searching for the right car, is to find an affordable fuel efficient vehicle.

Then, "Show the financial institution that you're a good paying customer and that you're committed to making your payments on time. And, when you do that they'll be more willing, obviously, to give you a loan for a larger amount."

One expert believes the best way to have financial independence and qualify for loans is to follow steps to limit debt.

"They want you to keep your debt to income levels at  30 percent or less, ideally," said Haddon Libby, a financial advisor.  "So, your mortgage should be 30 percent or less and then, when you add up all other debt it shouldn't be more than 38 to 40 percent."

Kathleen Kline and Richard Bowers aren't worried.

"We bought our house at the right time," said Bowers. "They payments were comfortable then, the payments are comfortable now, and I'm pretty sure we'll be comfortable with this."