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Most states have a usury laws in place. It is a cap on interest rates that keeps dealerships from charging exorbitant amounts of interest. Your credit will determine what rate you will be placed depending on the risk involved. It is possible to have to settle for a higher interest rate car loan with bad credit, depending how badly you need a vehicle of your own. The protection is set in place so that the consumer does not get severely over charged. The following states do not have a usury law in effect and pay day loans are strictly forbidden in these states.
There is no better time than now to take advantage of the lowest rates ever available. Fluctuating or variable interest rates for bad credit auto loans can play a major part in the final cost of your car loan if it goes up to the maximum state cap. It's possible that you may save additional money with a variable rate auto loan if the interest rates stay low. If it goes as high as the State Usury Cap then it may wind up costing you more. It is definitely recommended to find the lowest fixed rate possible to keep your budget from fluctuating too much. You may pay a little more for the fixed auto loan but in the long run you it could possibly save you money. That is why it is a good idea to shop around to find the best low interest rates to suit your budget.