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Two answers:
Florida Usury Laws:
18% on loans under $500,000
24% on loans over $500,000
Exception for generally small businesses lending under $25,000 at a time (not applicable to banks or similar financial institutions):
A single business can obtain a license from the state under Chapter 516 to allow them to make loans of less than $25,000 and charge higher rates (also capped) A typical case might involve a used car dealer selling cars under $25,000 that wants to finance them on their own. The maximum rates under this exception are:
30% on the first $2,000 of the loan
24% on the amount between $2,000 and $3,000
18% on the amount between $3,000 and $25,000
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In Florida, the general usury limit is 18%. On loans above $ 500,000 the maximum rate is 25%
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.
Personal loans should have a lower interest rate than student loans.?
Personal loans should have a lower interest rate than student loans.
What is the highest rate of interest a Homeowners Association can charge for late payments in the State of Florida?
Florida's usury laws cap interest on 'loans' less than US$500,000 at 18%.
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In the US, the maximum interest rate for loans other than those by certain types of banking institutions is set by the state; you'd need to specify what state the dealer is in for this question to be answered.
What agency sets the interest rate on loans?
The agency responsible for setting interest rates on loans is the Federal Reserve Board. The interest rate on loans is tied into the rate of inflation and the GNP or Gross National Product.
What is the deffination of interest rate?
INTEREST RATE IS THE RATE AT WHICH LOANS AND ADVANCES ARE GIVEN BY THE COMMERCIAL BANKS TO GENERAL PUBLIC. INTEREST RATE IS THE RATE AT WHICH LOANS AND ADVANCES ARE GIVEN BY THE COMMERCIAL BANKS TO GENERAL PUBLIC.
What is the rate of interest?
INTEREST RATE IS THE RATE AT WHICH LOANS AND ADVANCES ARE GIVEN BY THE COMMERCIAL BANKS TO GENERAL PUBLIC. INTEREST RATE IS THE RATE AT WHICH LOANS AND ADVANCES ARE GIVEN BY THE COMMERCIAL BANKS TO GENERAL PUBLIC.
