Question of the Day: What's Keeping You from Buying a New Car?

Financing looks easier for new cars, trucks, and crossovers—at least by the latest lender data. Cox Automotive’s Dealertrack Credit Availability Index shows that qualifying for an auto loan in July was easier than at any point in more than a decade. Lenders approved 74% of applications, pushing “approved” stamps after Independence Day. The average loan carried a 10.9% interest rate, slightly below June. Down payments averaged just 13%, the lowest since October 2022. Longer terms also rose: loans over the norm, including 72- and 84-month deals, made up 31.1% of new loans, reflecting a focus on monthly payments rather than sticker price.