The Dealertrack Credit Availability Index fell from 96.3 in March to 95.7 in April, an 0.7% decrease driven by fewer loans extended to subprime buyers. The index improved by 0.7% on a year-over-year basis.

Dealertrack, a division of Cox Automotive, weighs such key drivers as approval rates, yield spread and average term to calculate its monthly index, which registered consecutive month-over-month gains throughout the first quarter.

The subprime share of all loans fell by 280 basis points. Loans with terms greater than 72 months were up by 130 BPs and the share of loans extended to borrowers with negative equity on their prior vehicle increased by 10 BPs.

“Year over year, credit access loosened the most for non-captive new-vehicle sales and the least for independent used sales,” writes Jonathan Gregory, senior manager of Cox Automotive’s economic and industry insights team. “Among lender types, credit unions showed the most significant loosening over the past year, while auto-focused finance companies loosened the least.”

Read more at Cox Automotive