Summary Box: Auto lending loosening up a little as banks, car makers expand business

Summary Box: Car loans a little easier to come by

THE TREND: Auto loan approval rates have improved over the last year for customers regardless of their credit rating. Those with subprime credit faced the biggest challenge as the economy slid into recession with approval rates falling from the 60 percent to about 5 percent in 2009. They’ve rebounded to about 9 percent, now.

WHAT IT MEANS: Banks are lending to car buyers again helping the struggling industry move cars. Customers with the best credit rating have more options, but even those with credit issues can buy with higher down payments or a trade-in and they’ll pay higher interest rates.

LOOKING AHEAD: Some regional and local banks are expanding their lending and are willing to negotiate on the interest rate and duration of loans. Some car manufacturers, including GM, are developing additional relationships with other financial sources to boost subprime lending.