July 21, 2024
News

AFN: Year-over-year credit availability declines

Auto financing options deteriorated in June, continuing a downward trend for the third month in a row. This trend highlights concerns about affordability, as shown by the Dealertrack Credit Availability Index dropping by 0.8% compared to the previous month and 0.5% compared to the same month last year, reaching a value of 93.9 in June, as reported by Cox Automotive on July 10.

FAQs

Here are some frequently asked questions about the current state of auto credit availability:

  • What is the Dealertrack Credit Availability Index?
  • Why has credit access for consumers worsened?
  • What impact does this trend have on the automotive industry?

Conclusion

As access to auto credit continues to decline, it is important for consumers and industry professionals to stay informed about the latest developments and to carefully consider their financing options.

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