Is there a limit to how much interest lenders can charge people for car loans?

I've heard from friends and family who have gotten burned by high interest rates. Is there a limit on interest rates for car loans?

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Johnny Puckett
Answered on Mar 08, 2021
Yes, there are laws that prevent lenders from charging over a certain percentage. The laws do vary from state to state, but most of the time this cap is around 16%.
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