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A very young friend of mine is paying 28% interest on his car loan. Is there a limit in North Carolina that the interest can be on a car loan?
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If the car is 5 years old or older it's legal to charge up to 29% interest in NC on a car loan. This is required to be disclosed before your friend signed the loan paperwork. He/she probably didn't understand the implications as there is little financial education provided by our schools now days. He/She probably added every window etching, warranty and insurance add on product to their contract. The only solution is to refinance the car with a regular bank or credit union and cancel all the BS add ons that arent worth the money.
Answered on Mar 28th, 2021 at 5:05 PM
This is general legal advice only. You do not have an attorney-client relationship with Attorney Lynn E. Coleman without a signed retainer agreement and payment of any applicable fees.