Auto Credit Easier to Come By
March loosening is second month in a row of eased access.
Loans for certified preowned vehicles and those taken through auto captive companies loosened the most.
IMAGE: Pexels/RDNE Stock Project
Access to automotive credit loosened in March for two straight months of improvement, though availability was still down slightly year-over-year.
Credit was easier to get among all channels and lender types last month, Cox Automotive said. Its All-Loans Index rose to 94 but was down 1.5% year-over-year.
Down payments were flat but at their all-time highest since Cox has tracked auto credit access.
Loans for certified preowned vehicles and those taken through auto captive companies loosened the most, while those for used cars through independent dealers and those taken through auto-focused finance companies loosened the least.
The approval rate rose eight basis points, and the 72-months-plus term share fell two basis points, Cox said.
LEARN MORE: How to Tackle Rates, High Prices and Economic Challenges
Originally posted on Auto Dealer Today
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