While fixing the LTV of a new car is a relatively easier process the same is quite complex in case of a used car as the rate cannot be ascertained comprehensively and accurately.
Thus in case of the used cars the LTV is determined by taking into consideration the trade-in or wholesale value. The trade of whole sale value is typically used in order to determine the value of a vehicle so as to not overstate the expected sale or trade-in value. It is the basic reason why the financiers always have a lower LTV for used cars so as to remain on the safe side and not over finance an old car.
However the LTV varies with the segment of car being purchase as well as the credit rating and repayment capacity of the borrower.