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.
Related Post :
Other post:
- Used Car Finance Compared Using A Loan Calculator - Submit ...
- Finding Financing in a Difficult Market : Lending Law Report
- Auto loan savings | Beincent is Vincent
- Student Loans - What is a good loan consolidation program for Federal and Private student loans?
- Signature Loans People Bad Credit- It Checks the Credit History ...
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.
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.