Is it true that the interest rate on a used car is always higher than the interest would be on a new one?

Answer 1

Yes, it is an incentive car dealers have worked to get more new car sales. Also used cars are just that, used. So the banks try to get more money from the loan because it is usually smaller, and on a vehicle that might not be as reliable or have a warranty.

Answer 2

Most of the time YES...Lot of factors on why but you can get 0% intrest on new cars some months..Mainly it depends on your credit and a cosigners credit (if needed)

Answer 3

yes - usually a point or so higher

Answer 4

yes