Lenders finally loosen up on car loans

It's finally getting easier to get a car loan. Experian Automotive just announced that the average credit scores required for consumers to buy a vehicle have dropped to near prerecession levels.

The average credit score for financing a new vehicle dropped six points to 760, and dropped four points to 659 for used vehicles. By contrast, credit scores required in the first quarter of 2008 were at an average of 753 for new vehicles and 653 for used.

Experian's analysis also showed the average amount financed on new vehicles rose by $589 in the first quarter, to $25,995. For used vehicles, the average amount financed increased by $411, bringing the average total to $17,050.

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