According to the textbook,new car loans have a lower interest rate than used car loans.

Name: According to the textbook,new car loans have a lower interest rate than used car loans.
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This is because new cars are considered less risky for lenders as they have not been previously owned and are less likely to have maintenance issues or previous damage. As a result, lenders are typically able to offer lower interest rates on new car loans compared to used car loans.

According to the Textbook,new Car Loans Have a Lower Interest