If you're among the few brave souls shopping for a car this winter, the process of obtaining financing has not actually changed -- it still requires borrowers to do their homework, save up a down payment and know their credit score.

What has changed from about two years ago are lenders' underwriting standards.

"There is credit available, but absolutely the underwriting standards have tightened up quite a bit -- the creditworthiness of applicants becomes an issue, continued employment becomes an issue -- so the underwriting has definitely gotten a little bit tighter for auto loans," says Mike Celuch, chief financial officer at Paragon Federal Credit Union.

Understandably, financial institutions don't want to make loans to people who may find themselves unemployed a few months from now. And the reverse is true as well; most people aren't eager to take on a lot of debt right now.

"There is a real lack of consumer confidence. If somebody is worried about keeping their job, they are not going to go buy a car no matter how low you cut the rates," says Greg McBride, senior financial analyst at Bankrate.com

"You're seeing the tighter loan standards on a couple of fronts," he says.

"Some of the manufacturers' finance companies have raised the minimum credit score requirement. The other aspect is that the down payment requirement has gone up, so you could have sterling credit, but if you don't have a down payment, you're going to have a tough time getting an auto loan. All of that serves to impact potential car buyers and the outlook for car sales in the near term," McBride says.

Serious borrowers should have at least 20 percent to put down on a car. Without that amount, shoppers can choose to save more or possibly scale back on the amount they would like to borrow.

Further, knowing ahead of time what you're worth to a lender will help you get the best deal possible. Pull your credit report a few months before you go shopping so you'll have time to fix any mistakes.

Then shop around to find out how much of a loan banks and credit unions are willing to extend. Start by comparing local and national rates on Bankrate.

"People that are serious about buying a car today, they really should go out and check financing prior to going to the dealership," says Celuch.

"If you have a credit union or bank that you're dealing with, find out if you're eligible for a loan, because that really will make the buying decision easier at the dealership -- you will have an indication if you qualify and how much you qualify for," he says.

Take-away
Don't bite off more than you can chew when financing a car. Even though the payments may be easy to make now, its an ongoing obligation that will stick with you for years. Check out this Bankrate calculator to determine whether a new or used car will be best for you.