Is there a difference between a used car and a new car loan?

o New vehicles can be financed up to 100% of the purchase cost. The term for new vehicle financing is 5 years/60 months

o Used vehicles (exceeding 10,000 miles) can be financed for up to 80% of the NADA. Terms vary depending on the age of the vehicle:
o On used vehicles 2 or less years old, maximum term is 48 months
o On used vehicles 3 to 4 years old, maximum term is 36 months.
o On used vehicles 5 to 8 years old maximum term is 24 months

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