My credit union had two types of auto financing. One was I think under 5 years it was for "new car" financing and had lower rates.

The other tier was for "older" cars (I think 5-10 years or something) and they had higher rates and shorter loan periods.

I ended up getting my GTP on a "new car" loan and my wife's SUV on an "older car" loan. I have them both paid off now though so I don't remember the details.