What are the interest rates on used cars?

Interest rates on used cars can vary depending on a number of factors, including the lender, the borrower's credit score, the age and mileage of the vehicle, and the amount of the loan. In general, interest rates on used cars are higher than those on new cars. This is because used cars are considered to be a higher risk for lenders, as they are more likely to have problems and require more maintenance. As of November 2021, the average interest rate on a used car loan in the United States was 5.32%, according to Experian. This is up from 4.99% in November 2020.

Here are some of the factors that can affect the interest rate on a used car loan:

* Credit score: The higher your credit score, the lower your interest rate will likely be.

* Age of vehicle: The older the vehicle, the higher your interest rate will likely be.

* Mileage: The higher the mileage, the higher your interest rate will likely be.

* Amount of loan: The smaller the loan amount, the lower your interest rate will likely be.

If you are looking for a used car loan, it is important to shop around and compare interest rates from multiple lenders. This will help you find the best possible deal.