Yes that's very high. 2 or 3% would be more like it. Don't go above 5 or 6% for sure.
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Yes, people with bad credit generally pays more for car loans. This is solely due to the interest rate that the person with bad credit has to pay. The higher interest rate adds more to the total amount of the car loan.
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Cash Direct has some information on dealing with this situation. Usually, local dealerships would still sell a person with bad credit a car for low interest rate because they need the customers.
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what is the highest interest rate a car dealer can charge on an auto loan in sc?
Depends on the year of the car, the older the car the higher the rate can be. The maximum rate is 28.95%
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Sometimes you can still finance a car from a dealer with poor credit but with a higher interest rate. There are also independent car lots that will finance a car for you. The only drawbacks from an independent car lot is they usually charge more interest and down payment.
To obtain car financing with bad credit can be done by purchasing from a car lot that advertizes " buy here pay here". You will find that with bad credit you will pay a higher interest rate than if you had good credit.
what is the maximum rate for used car loan in Pennsylvania