Dealertrack (div. Cox Automotive) reports its Credit Availability index climbed to 99.1 in November. Buoyed by higher approval rates and down payments, the index reached a new high for 2025 and its best level since October 2022.

November’s reading is 1.1 points higher than October’s and a 4% year-over-year improvement. Positive indicators include average down payment (up to 13.4%) as well as 72-month-plus loans (down to 27.1%) and borrowers with negative equity (down to 52.8%).

Analysts say those figures could be skewed by borrowers seeking lower monthly payments or tighter finance source restrictions, noting subprime credit customers’ share of the auto finance market decreased by 80 basis points to 14.3% from the prior month.

“The improvement was driven primarily by more favorable pricing, driven by lower yield spreads and higher approval rates,” writes Cox Senior Manager Jonathan Gregory in a release. “However, lenders showed increased caution toward risk, pulling back on subprime lending and longer-term loans while requiring higher down payments.”

Read the full report at Cox Automotive