Though automotive loan approval rates rose slightly in April, overall credit access was flat and consumer stress signals increased.

Cox Automotive observed a 20 basis-point bump in loan approval rates month-over-month. The subprime share, though, fell 280 basis points, showing that lenders exercised more caution in that segment.

Meanwhile, more auto borrowers stretched their payoffs over extra-long loan terms as the share of loans longer than 72 months rose by 130 basis points. And the portion of loans in negative equity increased slightly, by 10 basis points.

The average down payment percentage was flat at about 15%.

A bright spot came in a yield spread decrease of 54 basis points, pointing to lower interest rates for borrowers.

Auto credit access tightened in most channels and was mixed across lender types, Cox said.

LEARN MORE: Auto Borrowers Stretch Further