Is there a cap on interest rates?
07-09-2008, 05:48 PM
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Is there a cap on interest rates?
I was just wondering if anyone knows if there is any sort of maximum interest rate that can be charged when buying a car. Im just curious, is this regulated or can a bank set a rate as high as they want?
07-09-2008, 05:57 PM
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Re: Is there a cap on interest rates?
Last time I saw there was no cap on interest rates. I do remember hearing about people trying to have a bill enacted to stop the interest from being higher than 22% or 24%. Have not heard about anything beyond that though.
07-10-2008, 02:47 PM
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Re: Is there a cap on interest rates?
There is a maximum set interest rate set by the US government. I don't know what or who it applies to, but something exists. For some reason 33% or 36% sounds familiar.
EDIT: I can't seem to find anything with a quick Google search, though.
EDIT: I can't seem to find anything with a quick Google search, though.
Last edited by Corey; 07-10-2008 at 02:51 PM.
07-10-2008, 03:04 PM
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Re: Is there a cap on interest rates?
^^ there are state to state maximums. However, north dakota is very lax on their usury laws, thats why you see a lot of credit card companies based out there.
07-11-2008, 09:52 PM
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