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Alabama car loan interest?
What is the maximum interest rate on a car loan in alabama?
4 Answers
- allenbmeangeneLv 61 decade agoFavorite 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.
- 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%
- Anonymous1 decade ago
You want to google "usury".
That's the legal term for "crime for charging too high an interest rate"