Car loans are getting easier to find, but Americans aren’t buying it | Morningstar

Car loans are getting easier to find, but Americans aren’t buying it | Morningstar

Car loans are getting easier to find, but Americans aren’t buying it | Morningstar

In October, despite widespread negative perceptions about the state of the U.S. economy, there was a notable improvement in Americans’ access to car loans, marking the third consecutive month of positive trends. A recent CNN poll revealed that 72% of Americans viewed the economy as performing poorly, yet statistics indicate a contrasting ease in securing auto credit. The Dealertrack Credit Availability Index, a measure of the difficulty in qualifying for various car loans, showed an overall increase of 0.7% to 97.8, reflecting a 5.7% year-over-year tightening.

Interestingly, the data presented a mixed picture, with the share of subprime loans (those catering to borrowers with credit scores of 620 or below) increasing. This suggests that lenders are becoming more accepting of risk, as subprime loans constituted 11.5% of total loans in the past month, up from 8% earlier in the year. Despite these positive shifts, lenders approved slightly fewer applications, introduced longer loan terms, and requested higher down payments in October. The average yield spread on auto loans tightened, making the rates more attractive, but consumer confidence, as indicated by the Conference Board Consumer Confidence Index, declined by 1.6% in October………full-loaf-600x400-1-e1700879832480 Car loans are getting easier to find, but Americans aren't buying it | Morningstar[read more]

Rising Dough

Rising-Dough-e1700879911412 Car loans are getting easier to find, but Americans aren't buying it | MorningstarHow do improvements in Americans’ access to car loans, despite widespread negative economic perceptions, reflect on the dynamics between consumer confidence and financial indicators? Consider the interplay of factors such as subprime loan percentages, approval rates, and the average yield spread on auto loans in understanding the complexities of consumer behavior amidst economic fluctuations.

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stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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