Americans are finding it easier to borrow money to buy a car, The Washington Post reported. Consumer credit reporting agency Equifax Inc. reported that new bank loans for autos totaled $47.5 billion in the first quarter of 2012, which is higher than at any point in the past seven years.
Americans with relatively poor finances are also being approved for auto loans, the Post reported. The average person financing a new car purchase had a credit score of 760, down six points from the previous quarter, according to data from Experian.
For a used car, the average credit score was down to 659. During the first six months on 2012, the auto industry sold 7.3 million units, up 14.8 percent from last year.