What is the difference in loan interest rates between new and used cars?There is no significant difference in loan interest rates between new and used cars

Question

why?

Answer 1

One reason for this is that many lenders offer the same interest rates for both new and used car loans. Additionally, the age and condition of a car do not necessarily have a direct impact on the interest rate offered by lenders. Other factors, such as the borrower's credit history, loan amount, and loan term, play a larger role in determining the interest rate for a car loan. Overall, the differences in interest rates between new and used car loans are minimal and may vary depending on the lender.