- The interest rate charged on a used car loan is higher than on a loan taken to buy a new car.
- The loan amount that lenders sanction is also less in this case.
- When you take a new car loan, you could get as much as 90 per cent of the value of the car as loan, sometimes even 100 per cent.
- The amount given in a used car loan is lower, usually 70-85 per cent of the cost of the car.
- A used car may be cheaper than a new car, but the loan taken to buy it is not.
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First Published: Thu, January 09 2020. 22:05 IST