It appears that it may soon be easier for used car buyers to get a loan as one of the biggest auto financers eases restrictions.

GMAC says it will be opening new lines of financing for used car buyers who have less than perfect credit. The company announced today that it would allow customers with credit scores below 620 to expand the number of borrowers the company lends to.

In addition, the lender says it will increase allowable advance rates for financing terms of 60 months or less.

Bill Muir, GMAC president, said the company hopes to increase the number of people it lends to and will boost funding over the next two months.

“GMAC now finances a broad spectrum of auto buyers, similar to traditional levels,” Muir said. “Through March, we financed over $2 billion in new and used retail auto contracts. Over the next 60 days, GMAC will make available at least $5 billion in order to increase the flow of credit to U.S. automotive customers.”

The company will also reduce rates for used car financing.

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