Is it legal for any lending institution, to charge 25% interest on a used car loan?

Answers:5   |   LastUpdateAt:2012-09-08 09:15:03  

Asked at 2012-08-16 15:17:02
2000 Chrysler Concorde , financed for 30 months, 25 % interest
Answer1DylaAnswered at 2012-08-17 22:09:03
Yes, especially if you have a credit rating very very very poor. Take it or leave it.
Answer2social studiesAnswered at 2012-08-21 06:41:03
Answer3LakshmiAnswered at 2012-08-22 03:26:02
Laws vary from state to state ... called usury laws
Answer4tahwanickahAnswered at 2012-08-23 10:39:03
Yes, it is perfectly legal. It is a contract between you and them, and if you agree, sign, if it does ... image looks. MedlinePlus Let me add only people with very bad credit (or no credit, repo, etc) get this type of case, because there is competition out there and you do not want to lose your business by simply pulling skyrockeeting rate. MedlinePlus MedlinePlus In case you have already signed up, all is not lost. The interest generated by the 25% is distributed in 30 months, so if you pay the car in 12 months, you have nothing to lose really too dramatic. How do you pay a car in 12 months? Just keep doing your regular payment for 6-12 months, and shop around for a bank that is willing to refinance. By now, you should have better credit for prompt payment and therefore a better price with the new bank. It will pay off its debt principal (amount outstanding regardless of future interest charges) and transfer the debt to it in a fee for your credit score then prevailing (15% or less, for example ). That's the refinancing option and saves you. MedlinePlus MedlinePlus And then, if you have not signed yet, consider this. You can improve your credit in 18 months (through secure credit cards, for example) and the same car will cost thousands less, regardless of access to a better choice. So you might want to get a not so good auto cash and focus on its credit. In 2007, after months of payment and when you see how all dealers to fight to keep your business at a very low, that I appreciate the advice. MedlinePlus MedlinePlus Last but not least, I found a fairly informative Good Luck Dean
Answer5ZerickAnswered at 2012-09-08 09:15:03
yes , they can charge whatever they want , but that two does not mean you have to take it .
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