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what is the maximum rate for used car loan in Pennsylvania

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11y ago

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What is the maximum legal interest rate for a car loan in pa?

In Pennsylvania, the maximum legal interest rate for a car loan can vary based on the type of lender. For most consumer loans, including car loans, the maximum rate is generally set at 6% for loans with a term of more than 12 months unless the borrower and lender agree to a higher rate, which can go up to 24%. However, for certain types of lenders, like credit unions and banks, the rates may differ. It's advisable to check with the specific lender for their rates and terms.