Credit Standards Loosen, Boosts Car Sales

More people are buying cars, manufacturers reported today. And that may be because loosening lending standards are making it easier for more people to get car loans, experts say. Borrowers with less-than-perfect credit scores are finding they have more access to car loans than they did a year ago. Subprime lending -- for consumers with 550 to 619 scores (based on the so-called PLUS score range of 330 to 830) -- accounted for roughly 40% of financing during the third quarter of 2011, according to the latest data from credit reporting company Experian. AnnaMaria Andriotis has details on The News Hub
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