NEW YORK — A $5 billion government bailout aimed at reviving General Motors Corp.'s ability to make car and truck loans has dealers hopeful that cash-strapped consumers will return to their showrooms.

GMAC Financial Services, the automaker's troubled financing arm, on Tuesday loosened its tight lending standards, which in recent months have made it more difficult for would-be car buyers to get loans. GMAC's move marks the first time that a financial institution has said it will use money from the $700 billion bank bailout to offer more affordable credit to consumers.

Detroit-based GM said it was offering zero-percent or low-interest financing on some slower-selling 2008 and 2009 models over the next week — a promotion made possible by the billions provided to GMAC.

The government funds, on the heels of the $17.4 billion automaker bailout approved by the Bush administration earlier this month, could provide relief to auto dealers. They have blamed the industry's steep drop in sales partially on a lack of affordable credit.

Michael Martin, who owns Chevrolet and Saturn brand dealerships in Manassas, Va., said he thinks the loans will be key to turning around the auto industry, adding that GMAC's lifting of credit restrictions sets an example for banks that have yet to use their bailout funding to free up consumer loans.

"I think these things really spur consumer confidence too," said Martin, who already had seen customer traffic pick up at his dealerships on Tuesday. "People are saying it's good to see GMAC back in the marketplace. Whether it's just a euphoric feeling or not, at least it's a positive."

Vehicles sales have declined sharply this year, plunging 37 percent in November to their worst level in more than 26 years, with every major automaker reporting a drop of more than 30 percent. GM was among those worst hit, reporting a 41 percent slide for the month, with company executives blaming a lack of easily available credit.

GMAC said Tuesday that as a result of the government aid it will resume offering automotive financing to customers with credit scores as low as 621, eliminating restrictions put in place two months ago as a result of the tight credit markets that mandated a minimum score of 700.

Marc Cannon, a spokesman for AutoNation Inc., a Fort Lauderdale, Fla.-based auto retailer that encompasses 264 dealerships, including 73 GM franchises, noted that consumers can faithfully pay their bills for years, but if they miss one or two payments along the way, their credit score can drop into the 600s.

"They're not lowering standards, they're bringing more people into the game," Cannon said of GMAC. "These people are still customers and they're still good people you want to help get into the right vehicle."