Auto credit access reached its highest level in more than a decade in June, with the Dealertrack (div. Cox Automotive) Credit Availability Index climbing to 104.6 — a fifth consecutive monthly increase and a gain of 7.3% from a year earlier — as finance sources extended credit more freely, analysts say.

The June advance was driven primarily by a sharp jump in loan approval rates, which rose 170 basis points (bps) to 73.8%, the largest monthly gain of 2026, according to the report. The share of loans with terms exceeding 72 months hit a new all-time high of 31.1%, up 110 bps from May.

Subprime’s share continued its retreat, falling a further 10 bps to 16.6%, its third consecutive monthly decline following March’s surge to 19.5%, though it remains 250 bps above year-ago levels.

“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,” writes Jonathan Gregory, senior director of economic and industry insights at Cox Automotive. “Long-term loan share and negative equity levels are ongoing watchpoints, as writing longer-term loans to borrowers already carrying negative equity compounds duration and collateral risk in lender portfolios.”

Read the full report at Cox Automotive