Do usury laws apply to all lenders?

I'm going to be getting a new car and have to apply for loans. I want to be sure I get a good deal. Do usury laws apply to every lender?

“Usury laws and regulations vary state to state. For example, usury law applies in Utah for every lender unless the signed contract states a higher interest limit. In comparison, most lenders in Virginia are exempt from usury law.
If you’re concerned about getting a good deal on your car loan, you should look into a few different lenders. You can research your own state’s usury law and find out what the maximum interest rate is. From there, you can compare the rates you are getting from lenders.
Before you sign anything, you should be sure you understand the terms and conditions of your loan agreement. If you have any questions or are unsure of anything, have an attorney or a knowledgeable friend or family member look the contract over.
With a new car, you’re also going to need full coverage car insurance. The free Jerry app provides you with over 40 competitive quotes with ease, giving you more time to enjoy your new ride.”
Emily Maracle
Answered on Jul 30, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.