Analysts find spike in approval for auto loans

July 6, 2012 2:55:24 PM PDT
If you're in the market for a new or used car, it's apparently becoming easier to borrow money for that purchase.

While banks and other lenders are issuing loans to the most financially stable of customers, analysts have found a spike in approval for auto loans.

New bank loans for vehicles totaled more than $47 billion in the first quarter of this year. That is higher than any point in the past seven years.

Another added bonus for those shopping for a vehicle: interest rates are lower than they have been in recently.