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# Did Used-Car Credit Just Loosen While New-Car Credit Got Tighter?
- URL: https://blog.dgactual.com/did-used-car-credit-justnbsploosennbspwhile-new-car-credit-got-tighter/
- Published: 2025-10-18T12:18:29.000Z
- Updated: 2026-04-03T12:11:27.000Z
- Author: Daniel
- Tags: #Migrated-1775218279132, #sqs, #Import 2026-04-03 12:11

### If you’re watching the finance side of auto retail right now, something subtle but fascinating just happened in the data.

According to **Cox Automotive’s September Credit Availability Index**, overall access barely moved — but the composition flipped:

- **Used-vehicle loan access actually loosened**, with banks stretching terms and easing down-payment requirements.
- **New-vehicle loan access tightened**, especially at captive lenders tied to OEMs.

That means: in a single month, the money got a little easier for used buyers and a little tougher for new.

### Why that’s interesting:

- Early-October rate snapshots show **used APRs dipping to \~14.1%**, while **new-car APRs crept up near 9.7%** — the spread matters when monthly payments drive decisions.
- Captives are clearly pulling back, even as banks open the door a bit wider.

And it’s all happening while **negative equity hits record levels** — nearly 1 in 3 trade-ins underwater, average shortfall over $6,900.

So what we’re seeing is a quiet **credit divergence** that could reshape deal flow for Q4 — not through pricing, but through who can get approved where.

This isn’t a prediction. It’s an early pattern.

But if you track F&I trends, used-side approval rates ticking up while captives squeeze could be one of the more under-discussed storylines of the fall.

**Sources:**

Cox Automotive Credit Availability Index (September 2025), Auto Market Weekly Summary (October 13, 2025), Edmunds Q3 Negative Equity Report, S&P Global Auto ABS Tracker.