Auto manufacturers want a repeat of the record auto sales they enjoyed in 1998, and rebates and super-low financing deals help spur sales. Auto manufacturers have been using super-low financing as a marketing ploy for a decade, but experts say the latest round of incentives is broader than ever. Clear ability to pay. Stable job and residence. It varies from lender to lender.
Some lenders are very conservative.
And experts point out that credit criteria change with the times, as well. Some of this apparent loosening of lending standards is pure economics. The companies are offering low interest rates on anything and everything with wheels on it. This isn't going to stop anytime soon. As the cost of capital increases, the prime lenders tend to tighten up their credit criteria.