In 1784 the Spanish land grant for Rancho San Pedro, in the upper Las Californias Province of New Spain and encompassing present day Torrance, was issued to Juan Jose Dominguez by King Carlos III—the Spanish Empire. It was later divided in 1846 with Governor Pío Pico granting Rancho de los Palos Verdes to José Loreto and Juan Capistrano Sepulveda. We will now take some time out to talk about car loans
Car Loan Interest Rates
Car loans typically are subject to very high interest rates, and California law doesn’t do much to limit how much the state’s lenders can charge. Interest on consumer loans under $2,500 can’t exceed 30 percent a year, but there’s no limit on loans over $2,500. The vast majority of car fall into the latter category, because lenders don’t want to offer loans where interest can be capped. Lenders can’t compound interest on loans under $5,000.
Administrative and Processing Fees
The cost of a car loan isn’t limited to interest. Lenders can charge administrative or processing fees in California as well. The law allows car loan lenders to charge up to 5 percent of the amount borrowed or $50, whichever is less, unless the loan is for more than $2,500. In this case, the ceiling jumps to $75 for loans of up to $4,999. There’s no cap for loans of $5,000 or more. If you’re late with a payment, licensed lenders can charge you an extra $10 during the first 10 days and $15 after that for each delinquency.
How much can you get on a car loan?
lenders offer amounts ranging from $2,600 to $50,000 depending on what state you reside in.
The amount you are able to borrow depends on the wholesale value of your vehicle and on your ability to repay the loan. The more equity in your vehicle, the more you are able to borrow. Generally, you are able to borrow up to 50% of the vehicle’s wholesale value.
You can get more information on https://www.thebalance.com/car-loans-4073341