The Dealertrack Credit Availability Index reached its highest point of the year in November 2025, marking the best level since October 2022 as credit access continued to improve. The All-Loans Index rose to 99.1 in November, up 4% from November 2024 and 1.1 points from October’s 98.1. Although some key metrics varied, this continues the broader trend of easing credit conditions that began in late summer 2024.

Dealertrack Credit Availability Index
Key Metrics
  • Approval Rates: The approval rate for auto loans rose to 73.6% in November, up 1.6 percentage points from October, and up 100 basis points (bps) from November 2024 (72.6%). Approval rates increased in November after two consecutive months of decline.
  • Subprime Share: The share of loans to subprime borrowers decreased by 80 basis points (bps) month over month (from 15.1% to 14.3%) and is up 200 bps year over year. This change suggests lenders are tightening access for higher-risk borrowers as overall credit conditions loosen.
  • Yield Spread: The yield spread shrank by 56 bps (from 7.36 to 6.80), while the average contract rate fell by 53 bps (from 11% to 10.5%). The 5-year Treasury yield increased by 3 BP (from 3.65% to 3.68%). This spread compression was the primary driver of the overall index improvement, offering consumers more favorable pricing despite lenders’ pullback from riskier borrowers.
  • Loan Term Length: The share of loans with terms greater than 72 months decreased by 40 bps (from 27.5% to 27.1%) but is up 330 bps year over year. This may reflect fewer affordability pressures or less lender flexibility on term length.
  • Negative Equity Share: The proportion of borrowers with negative equity dropped by 140 bps month over month (from 54.2% to 52.8%) but is up 110 bps year over year. This signals a decrease in risk and is among the lowest shares seen this year.
  • Down Payment Percentage: The average down payment percentage increased by 10 bps (from 13.3% to 13.4%) and is down 100 bps year over year. This may reflect consumers opting for larger down payments to secure lower monthly payments, or a shift in lender requirements.
Channel and Lender Trends
  • Channels: Credit access improved across all sales channels in November. The largest gains were seen in the all-new segment, followed by the all-used segment. Franchised used and certified pre-owned (CPO) also saw notable increases, while non-captive new remained relatively stable, with a slight increase. These gains suggest broad-based loosening, with franchised used showing the most improvement from last year.
  • Lender Types: Lender performance was all positive in November. Captives led the improvement again, with credit availability rising 1.7%, reflecting a strong appetite for growth and a greater willingness to extend credit. Credit unions also showed notable loosening, up 1.1%, while finance companies posted a 0.6% increase. However, banks were relatively steady, with only a 0.1% increase. Overall, lenders are showing more willingness to extend credit, with captives and credit unions driving the month-over-month improvement.
Year-Over-Year Comparison

Compared to November 2024, credit access was looser across most channels and all lender types:

  • Channels: The most notable year-over-year improvements were in franchised used and all used, indicating stronger credit availability in the used vehicle segments. Non-captive new also saw solid improvement, followed by certified pre-owned (CPO), independent used and all-new.
  • Lender Types: Banks and auto-focused finance companies led the year-over-year loosening, while credit unions also improved. Captives showed a more cautious but still positive stance compared to a year ago.
Implications for Consumers and Lenders
  • Consumers: Ongoing improvement in credit access, especially in the all-new and all-used indices, continues to offer financing opportunities. While approval rates increased, the slight rise in down payments and more stringent loan terms may reduce affordability. Consumers should remain mindful of this when evaluating loan offers.
  • Lenders: The performance across lender types reflects a shift in strategic priorities. Finance companies, captives, banks and credit unions all appear to be expanding access but are more cautious about risk. As credit conditions evolve, lenders must balance growth with prudent risk management, especially amid shifting rate environments and consumer behavior.

Overall, the November Dealertrack Credit Availability Index continued to reflect a loosening of auto credit conditions. The improvement was driven primarily by more favorable pricing, driven by lower yield spreads and higher approval rates. However, lenders showed increased caution toward risk, pulling back on subprime lending and longer-term loans while requiring higher down payments.

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The Dealertrack Credit Availability Index tracks six factors that affect auto credit access: loan approval rates, subprime share, yield spreads, loan term length, negative equity and down payments. Reported monthly, the index indicates whether access to auto credit is improving or declining. This typically means that it is cheaper and easier for consumers to obtain a loan or more expensive and harder. The index is published around the 10th of each month.