also what is normal rate for a person with bad credit.
I was charged 33% on a new car ,is this normal,can I do anthing to lower the rate.
2007-02-20 04:07:30 · 6 answers · asked by callman51 1 in Business & Finance ➔ Credit
If I recall, the legal limit for interest rates on a vehicle is 29.9%. If you are being charged 33%, by a bank, then you need to look into your State's laws to find out if that is legal. If it isn't you need to report it to your State's equivilent of the FTC. Or you can report directly to the FTC, but you are likelier to receive action from the local level than you will from the Federal level.
2007-02-21 03:09:50 · answer #1 · answered by nebula7693 4 · 0⤊ 0⤋
1
2016-09-27 23:21:21 · answer #2 · answered by Bessie 3 · 0⤊ 0⤋
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RE:Do banks have a cap on the interest rate they can charge on a auto loan?
2014-07-24 09:03:19 · answer #3 · answered by Anonymous · 1⤊ 0⤋
a state mandated cap. you have to check with your state to find out what the maximum interest is that a bank or finance company is allowed to charge for your state.
2007-02-22 16:16:10 · answer #4 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Compare rates free
2015-01-27 18:54:38 · answer #5 · answered by Naomi 1 · 0⤊ 0⤋
Find the best rates for people in your situation at: MYLOANSRATES.NET
2014-05-14 16:31:50 · answer #6 · answered by Anonymous · 1⤊ 0⤋