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What is the usury interest rate in Alabama?

I recently moved to Alabama and I'm looking to get a car loan. I'm not familiar with lenders here, so I'm not sure who is reputable. What is the usury interest rate?

avatar
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The maximum interest is 8% according to
Alabama
usury laws. However, this law has many exemptions. In the case of
car loans
of more than $2,000, the interest rate can be higher than 8% so long as a judge doesn’t deem in unconscionably high.
Due to unsavory lending practices by some businesses and dealers, read over all the terms and conditions before you sign anything. This includes any fees or additional requirements such as carrying specific
car insurance
coverage.
You can also choose to shop around for loans. By comparing the rates and terms of conditions of different loans, you’ll be able to see who can offer you the best rate and avoid any predatory lending practices.
And since you’re going to need
full coverage car insurance
per the stipulations of your car loan, check out the
Jerry
app. Get quotes in less than a minute so you can find the best rate and save money.”
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