Auto credit hits decade high, approval rates climb to 74% Auto credit availability reached its highest level in more than a decade, with the Dealertrack Credit Availability Index hitting 105 in July, its strongest reading since December 2015. Loan approval rates climbed to 74%, marking a fourth consecutive monthly increase, while the average contract rate fell to 10.90% as the yield spread narrowed to 6.57%. However, affordability risks remain. Loans longer than 72 months held at a record 31.1% share, up 484 basis points year over year, while 56.8% of deals involved negative equity. Down payments also fell to 13%, their lowest level since October 2022, highlighting the continued pressure on consumers despite improving access to credit.