PLATTSBURGH -- Local businesses are experiencing slower traffic and, in some cases, a more difficult time getting customers approved for loans.

But, as is often true in the North Country with economic trends, the "credit crunch" caused by the crisis in the financial industry isn't as bad here as it is nationwide.

"It's definitely slowed it down," said Tim Parker, co-owner and general manager at Parker Chevrolet-Pontiac Inc. in Champlain. He said lending institutions, especially national ones such as the GMAC funding source for GM cars, have been affected.

Higher down payments are being required, credit scores have to be higher and maximum amounts that can be financed are being enforced.

Parker said his business is taking it one day at a time, trying to sell what it can, taking care of its customers and waiting for the challenging economic times to pass. "There's not much you can do about it," he said. "Just sit and wait it out."

One popular financing option is just about off the table entirely. "Basically, there is no lease for GM right now," Parker said.

Nathan Smith, sales manager at Garvey Hyundai on Tom Miller Road, said banks are being a little more selective and being more specific about what a new or used car is worth, but are still making deals. "From a buyer's point of view, they're actually looking out for your best interests," he said, explaining that they want to be sure customers can afford their cars and make their payments.

The worst thing that auto dealers are concerned with, he said, is that customers will assume they can't get loans and won't come in at all. "But that's certainly not the case," Smith said, adding that banks have gotten an infusion of cash from the government to make loans with and want to use it. "But they just want to do it right," he said.

Dealing with the psychology of the economic downturn can be daunting for car dealers. "People hear all the doom and gloom and regardless of the situation they start holding onto their money," Smith said.

He noted that it's a strategy that is not an option for businesses because companies can't just stand pat. The operational expenses go on no matter what.

The economic downturn has compounded a bad time of year for the car industry, he said, as the time around Thanksgiving at the beginning of winter is traditionally slow. But he hopes that won't discourage consumers. "We have 19 banks that want your business," he said. "Financing is available."

Both Smith and Parker said they are hopeful about the future, but they think there's still a ways to go.

The financial crisis began in the housing market and many people are overextended, so it will take a while for things to get back into balance, Smith said. When that happens, though, banks will be making the kind of loans they should have been making all along based on sound lending practices, consumers will be buying what they can afford, and things should get better.

At Ashley Furniture at 84 Margaret St., sales people are taking extra precautions to be sure credit applications are complete and filled out properly, but they haven't seen too much of an impact on customers from the economic downturn.

"We haven't really experienced that in furniture financing," co-owner Howard Pirofsky said. "The credit companies we use haven't been giving us any difficulty. We haven't had any repercussions in getting people approved as long as their credit is reasonably good."