{"id":62370,"date":"2023-09-18T06:28:29","date_gmt":"2023-09-18T10:28:29","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/car-loan-standards-have-eased-a-little-but-not-all-signs-are-good-for-borrowers\/"},"modified":"2023-09-18T06:28:47","modified_gmt":"2023-09-18T10:28:47","slug":"car-loan-standards-have-eased-a-little-but-not-all-signs-are-good-for-borrowers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62370","title":{"rendered":"Car loan standards have eased a little, but not all signs are good for borrowers"},"content":{"rendered":"
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It grew easier to access a car loan in August \u2014 the third straight month of easing standards. But credit availability is slowly recovering from record-tough conditions earlier this year. It remains historically difficult to qualify for a car loan.<\/p>\n

The Dealertrack Credit Availability Index tracks how difficult it is to qualify for all types of car loans. It loosened in August, reflecting that auto credit was easier to get than any time in 2023.<\/p>\n

\n

Kelley Blue Book parent company Cox Automotive owns Dealertrack.<\/p>\n

You might like:<\/strong> How old is too old for a used car? Here are the main things to consider when buying one.<\/p>\n

Lending standards\u00a0hit record tightness in May. In July, a Federal Reserve study showed that\u00a0more applicants were getting rejected for car loans\u00a0this year than at any other point since the Fed began collecting data.<\/p>\n

But standards have begun to relax since. Last month, all types of lenders loosened credit availability. The share of subprime loans \u2013 for borrowers with credit scores under 620 \u2013 increased to 11%.\u00a0Subprime and deep subprime loans were nearly a quarter of the market as recently as 2018 but had fallen to just 8% this spring.<\/p>\n

Not all signs were good for borrowers. The approval rate decreased slightly. But lenders asked for lower down payments, and the average loan term lengthened \u2014 a move that can lower monthly payments but keeps borrowers in debt for longer.<\/p>\n

Read<\/strong>: This is now how much it costs the average car owner every month to own and operate a vehicle<\/p>\n

The Conference Board \u202fConsumer Confidence Index declined by 6.9% in August, as views of the present situation and future expectations both declined. Consumer confidence was up 2.4% year over year. Plans to purchase a vehicle in the next six months declined modestly but remained up year over year.<\/p>\n

KBB\u2019s car review<\/em>\u00a0 <\/em>methodology<\/em>.<\/em><\/p>\n

This story originally ran on\u00a0<\/em>KBB.com.\u00a0<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It grew easier to access a car loan in August \u2014 the third straight month of easing standards. But credit availability is slowly recovering from record-tough conditions earlier this year. It remains historically difficult to qualify for a car loan. The Dealertrack Credit Availability Index tracks how difficult it is to qualify for all types […]<\/p>\n","protected":false},"author":1,"featured_media":62371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-62370","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCar loan standards have eased a little, but not all signs are good for borrowers | iFintechWorld<\/title>\n<meta name=\"description\" content=\"It grew easier to access a car loan in August \u2014 the third straight month of easing standards. 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