Posts Tagged ‘Laws’
Usury Laws: Do They Not Apply To Subprime Auto Loans?
June 24th, 2009 2 Comments Posted in New York Auto Dealers
I am in the market (unfortunately) for a bad credit AUTO loan. My score is horrendous thanks to a messy divorce (400!) I am aware that this score will qualify me for the state MAX interest rate.
I was told that the interest rate here in NEW YORK will be 30-35%, but when I looked up New York’s usury laws, they said the state max is 16%. I’m confused, can local auto dealers charge me 30-35% interest for an auto loan or not??
Thanks a bunch
