Auto loan credit access improved in June after the spring banking turmoil subsided but is still tighter year-over-year and than prepandemic levels, Cox Automotive says.

June’s loosening followed a two-year low in May and extended among all channels and lender categories, Cox says.

Its All-Loans Index rose 0.8% to 97.2, the highest level since March. Still, credit access was 7% tighter year-over-year and by 2% compared to February 2020, the month before the pandemic descended on the West.

Conditions that loosened access for consumers were the narrowing of yield spreads, lengthening of average terms, and the decline of down payments. Meanwhile, approval rate and subprime and negative equity shares declines tightened access.

Cox says the share of loans with higher than 72-month terms rose 0.2 percentage points but was down 0.4 points year-over-year.

Two indices of consumer confidence indicate it improved in June, Cox says. The Conference Board Consumer Confidence Index rose 7%, while the Morning Consult daily index increased 4.4% to the highest level since August 2021.

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