Q: Is it illegal for an interest rate to be 24% on a car loan in ny
A: Different states have different limits on what constitutes usury, a crime, for charging more than the limit. In NYS it is 16% I believe. So how come your car loan is so expensive? There are several legal workarounds that corporations use, including one that allows the charging of excessive interest rates because the headquarters is located in a state that allows these ridiculous rates. There are other gimmicks too, and the reason is that legilslators write laws to favor the entities and people that put them and keep them in office by creatings and expanding these loopholes. A good rule in life is try never to borrow money, and wait until you can afford to buy the item, you'll save a fortune literally over a lifetime. There are exceptions of course, but one is not buying a house every day.
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