High Interest Rate With A Bad Credit Auto Loan

High Interest Rate With A Bad Credit Auto Loan

It's very important for auto loan applicants to be aware of how high the interest rate can go. This definitely will vary depending upon your credit level. The obvious truth about bad credit is your percentage rate could peak at the states highest level, so the maximum interest rate for a car loan varies according to the usury levels in your state.

For example, in Michigan the usury cap rate is 25% whereas in Indiana it's about 21%. Most states have something in the low 20% range other states are in the high teens, even some have no cap at all.

Find out what the usury cap rate is in your state. I suggest going to Google and typing in usury plus your state to get a precise answer.