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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