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Sunday, October 11, 2009

What is the maximum auto loan interest rate in California?How do I find out?

I am trying to research for the year of 2001.

What is the maximum auto loan interest rate in California?How do I find out?
Last I checked it was 24.95%





EDIT





Usury: Usury is the term for a rate of interest on a loan of money that is in excess of the percentage allowed by law. California's Constitution limits the interest that can be charged on loans of money, but exempts most financial institutions from the limit, including State and national banks, State savings and loans associations, and State and Federal credit unions. Federal savings and loan associations, foreign banks, and personal finance companies also are exempt from the Constitution's interest limits.





http://www.dca.ca.gov/publications/a_z_c...








So - it looks like they have a theoretical limit, but just about everyone who is a lender is exempted. Nice law Calidornia


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