Is there a cap on interest rates?
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Joined: Oct 2004
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From: Chesapeake
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?
mmmmmm
Joined: Sep 2007
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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.
Yup, jolly poopbuggy
Joined: Nov 2002
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From: Hampton, VA
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; Jul 10, 2008 at 02:51 PM.
face is vanilla
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From: Yorktown
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