You (or your parents) are purchasing a used car. Which interest rate do you use?

Question

Type

New

(Secured)

Used

(Secured)

New

(Unsecured)

Used

(Unsecured)

APR (%)

4.50

6.30

5.02

6.35

(1 point)
Responses

4.50%
4.50%

6.30%
6.30%

5.02%
5.02%

6.35%

Answer 1

When purchasing a used car, you would typically use the "Used (Secured)" interest rate. In the provided options, that rate is:

6.30%