Best Answer

Most states have limits on how much interest banks and businesses may charge. Check with your state on its limits(usually in the phone book in the blue pages in the front or back). If it is personal there is usually no limit, be careful there.

User Avatar

Wiki User

โˆ™ 2005-11-03 19:55:13
This answer is:
User Avatar
Study guides
See all Study Guides
Create a Study Guide

Add your answer:

Earn +20 pts
Q: What is the maximum amount of interest can be charged for the purchase of a car?
Write your answer...
Related questions

What is the minimum amount of interest that can be charged for the purchase of a House?

There is no requirement to have a loan to purchase a house, therefore the minimum amount on interest would be zero.

A single purchase limit is?

The maximum amount of money that can be charged to the purchase card for a single transaction.

What is a mortgage interest rate?

In short the interest rate is the amount in percentage charged on your capital amount of your mortgage to you pay in addition to the actual amount loaned for the purchase of your house.

What is simple interest and compound interest?

Compound interest is when interest is charged on the principal plus the interest. An example is a credit card debt. If you carry a balance from month to month you are charged interest on the total amount owed including the interest from previous months. Simple interest is calculated on the amount borrowed over a fixed amount of time and does not charge interest on the interest.

What is the amount of money charged for borrowing money?


What is the percent charged or earned on an amount of money?

Rate of interest.

A maximum amount that can be legally charged for a good or service?

price ceiling.

Is simple or compound interest faster?

Calculation of simple interest is faster in comparison to compound interest. In the latter, interest is added up with the principal amount and interest is charged on that added amount in the next period calculation.

What is the maximum automobile repossession fee that can be charged in Texas?

Some states have set maximum amounts for repossession fees. The state of Texas,. however has not set a maximum amount on the fee that can be charged for a car repossession.

If a judgment creditor over charged you on a writ of garnishment increasing the interest and the amount to be garnished can the judgment be vacated?

If a judgment creditor over charged you on a writ of garnishment increasing the interest and the amount to be garnished can the judgment be vacated?

How and where do i go to apply for an sba loan application How high is interest?

In order to apply for a loan with SBA, you should contact your local lender. Lenders can be found on SBA does not actually set the interest rates, but they do set a maximum amount that can be charged.

The amount of a loan is called the what?

The main loan amount is called the principle. The amount charged monthly for the loan is called interest.

What is the amount of money borrowed called?

Principal is the amount of money you borrow. Interest is the fee charged by the lender (or bank) to use their money. The total amount of money you pay back is the principle + interest.

Why is more interest charged at the beginning of a loan?

The interest is based on the amount owed, therefore as payments are made the balance drops as does the interest amount (not the rate). So the interest is higher at the begining, because more money is owed at the begining.

What is the maximum interest rate a finance company can charge on a 2002 used car loan in Florida?

In Florida, the highest interest rate that may be charged by a finance company for loans under $500,000 is 18% per annum. Be cautious, however, because there are no limits on the amount of fees that may be charged for the application or origination of the loan.

What is the maximum amount of storage that can be charged in CA for a vehicle that has been in an accident.?

and are they to charge by day or hourly?

What is a simple interest in math?

Simple interest is interest that is calculated only on the amount of unpaid principal on a loan. Such interest is not added to the value of the loan but is tracked separately. Compound interest is interest that is calculated on the total of unpaid principal and accumulated interest on a loan. The difference is in simple interest there is no interest charged on accumulated interest while in compound interest there is interest charged on accumulated interest.

I financed a vehicle for one amount now my first payment is due and the payoff amount is higher than the borrowed amount. Is that correct or legal?

Are you including the interest that is being charged on the borrowed amount? When you borrow money, say $10000, you are charged interest on that amount. So you'll end up paying far more than the $10000 you borrowed.

Can interest continue to be charged on the principal amount of a judgment which has a court approved payment agreement?


How is a line of credit similar to a credit card?

Interest is charged only on the amount you actually borrow

What is the annual percentage rate APR on a credit card?

The amount of interest charged on unpaid balances

What does a bank charge you when you borrow money from it?

When you borrow money from a bank, you are charged interest. interest is a fee for the use of someone else's mony and is usually a percentage of the amount of money borrowed. It is charged and paid each month, week, or day on the amount of borrowed money that has not yet been repaid.

What is the standard amount of interest charged on an auto loan?

Interest rates change from day to day which changes how much the average interest paid is. The answer to this also depends on the price of the car purchased.

How much is the maximum amount of cash a person can place inside a visa gift card?

The maximum amount of cash you can place on a Visa gift card depends on the provider you purchase it from. Through the research it seems that the maximum you can place is $2,999.

Is the amount charged for use of bank's money is called interest?

Yes. The amount a bank charges you for using their money is called an interest. This facility wherein you get to use the banks money and repay them is called a Loan. The bank grants you a fixed amount as loan and you repay them every month along with an interest.