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Alabama car loan interest?

What is the maximum interest rate on a car loan in alabama?

4 Answers

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  • 1 decade ago
    Favorite Answer

    As a former resident of Alabama, I wouldn't be surprised if it were 400%!

    EDIT: I thought the asker was asking about what are known in Alabama as "title loans", i.e., loans using the title on a car as security.

  • 5 years ago

    1

    Source(s): Bad Credit Auto Loans - http://carloan.trustdd.com/?ZUuC
  • 1 decade ago

    If it's through a bank, the limit is set at the federal level, not state. I can't find what the maximum is, but it's based on a set number of points above the federal reserve discount rate.

    Highest I've seen is 32%

  • Anonymous
    1 decade ago

    You want to google "usury".

    That's the legal term for "crime for charging too high an interest rate"

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