Drivers who may be looking to get a new or used vehicle were recently given a bit of good news. Despite still being in the wake of the recession, auto loans are much more accessible now for even the most credit-challenged consumers.

The reason for the increase in confidence among banks is that lenders have more money than in recent years, and also have more to work with in terms of financing options. Additionally, there is more competition between financial institutions for new customers, something which can only be good for prospective car buyers.

"This is very good news, it is so important for most of us to have a car or truck we can depend on," said industry insider Jeremy Franklin. "People really need their vehicles to be reliable so they can get to work and get the kids to school and activities."

Of course, experts warn that just because banks may be more willing to issue loans, that does not mean consumers can ignore maintaining their credit level. By keeping their credit scores at a high level, it boosts the number of financing options and advantages they have.