According to Reuters,it’s the best time to get a car loan because of car loan lenders gave car buyers some of the easiest credit terms since the financial crisis. Lenders are offering better interest rates and more time to repay to good credit score holders.

Of course,better terms are good for all car business like dealers,manufacturers,lenders and all related small economies.We can actually see the effects of easier terms on auto sales.U.S. auto sales 10 percent up through April.That good signs are showing that the industry is recovering from latest recession.

“This thawing of the credit pipeline has been good for everyone, from consumers to lenders to automotive retailers,” said Melinda Zabritiski, director of automotive credit for Experian.

Borrowers tend to make payments on cars a top priority because they need the vehicles to get to work or apply for jobs,so car loans proved to be safer than mortgage and credit card loans during the recession. .Experian said the portion of new car loans going to subprime borrowers increased by 11.4 percent in the quarter from a year earlier.It’s showing good signals for future.

The average credit score for borrowers buying new cars dropped six points to 760 on Experian’s scale, which classifies marks of less than 680 as subprime. For used-car buyers, the average score dropped four points deeper into subprime range to 659.

Loans were also bigger, with the average amount financed rising $589 to $25,995 for new cars and increasing $411 to $17,050 for used cars.

But average monthly payments increased by $3 or less for new and used cars as borrowers were given more time to repay and were charged lower interest rates.

The average time to repay loans increased by one month from a year earlier to 64 months for new cars and to 59 months for used cars. More than 9 percent of used-car loans were made for more than six years.

Interest rates fell, on average, by 0.27 percentage points to 4.56 percent for new cars and by 0.06 points to 9.02 percent for used cars.

Since you can still have a 10K-15K value car without a perfect credit score,3rd party lenders are still helping the people and the economy. Since they’re taking bigger risks,they try to protect themselves asking for good down payments,offering high apr and charging extra banking fees.They believe “if there is demand,there will be supply” If everyone happy,let’s do business.