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Alabama car loan interest?

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

Public Comments

1. Car loans for people with bad credit score are mainly given as two options i.e. secured and unsecured. Under a secured loan, the car or any other collateral needs to be pledged as security with the lender. Secured loans often carry a lower rate of interest and are also easily approved due to the collateral<!--being placed. Unsecured loans for cars generally have a higher rate of interest as there is no collateral and hence the risk to the lender is more. Both these loans are generally provided for a time ranging between 5-7 years. Clearing some of your old debts can improve your credit score, which may in turn fetch you lower interest rates when you are applying for auto loans. http://best-loans.awardspace.com/guaranteed-car-loan.htm http://best-loans.awardspace.com/auto.html A person may incur a poor credit score due to many reasons such as accumulated arrears, defaults, repayments that have been omitted and so on. With the advent of bad credit auto loans, even those with a not so good-->credit history are being provided with the opportunity to purchase a vehicle. A down payment is however required while acquiring these funding options. Refinance car loans are also being provided by some lenders even for those with a poor credit score.
2. You want to google "usury". That's the legal term for "crime for charging too high an interest rate"
3. 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.
4. 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%