Auto lenders and consumers both seem to be swallowing risks to make deals as June’s extended credit in the space was the loosest in over a decade. 

Cox Automotive’s Dealertrack Credit Availability Index clocked in at about 105 with a fifth straight month of increases to its All-Loans Index. 

The nearly 11-year availability peak came largely in a 170 basis-point jump in approval rates to about 74% and a 110 basis-point increase in 72-month-plus loan terms to a 31% share.  

The last time the index reached such a high level came in December 2015, according to Cox, which observed credit loosening across lender types, led by captives, which were up 15% year-over-year. Every channel also rose significantly year-over-year. 

“The rise in approval rates points to a growing willingness among lenders to extend credit, reflecting looser underwriting standards and a broader risk appetite across the industry,” said Cox Senior Director, Economic and Industry Insights Jonathan Gregory. 

The subprime share of auto loans, meanwhile, was essentially flat at nearly 17%. Though that’s down from about 20% in March, it’s up 250 basis points year-over-year, Cox said. 

Negative-equity share also remained elevated at nearly 57%, up 220 basis points year-over-year. And down payment percentage fell 30 basis points to 13%. 

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