It hasn’t been this easy to get a car loan in years.
Why it matters: It comes amid a demand bonanza that got underway at the onset of the pandemic — when traveling by car became the more appealing mode of transportation.
Car loan approval ratings are at the highest since 2015, according to Cox Automotive.
- What’s happening: Auto loans are getting cheaper and lengthier, two factors that lower monthly payments — what “most consumers are focusing on, more than anything else,” says Cox Automotive economist Jonathan Smoke.
- “Consumers have been consistently seeing better rates every month this year than