How much interest can a Florida dealer legally charge on a used car?
Florida Statutes §520.08caps the finance charge on a car retail installment contract by the vehicle's age, in dollars per $100 financed per year: $10 for a new current-model-year car, $11 for a used car up to two model years old, $15 for one up to four years old, and $17 for anything older. On a 24- to 48-month contract, that $17 ceiling works out to roughly 28–30% APR. For a sale in 2026, the $17 class covers model-year 2021 and older, which is most cars priced under $10,000. The cap is the same whether the contract is written by a buy here pay here dealer or assigned to a bank, so the real difference between the two is not the legal ceiling. It is who approves you, what they look at, and how much you put down.
The four Florida rate classes, with the APR each works out to
| Class | Vehicle | Cap per $100 per year | About this APR (24–48 mo) |
|---|---|---|---|
| Class 1 | New, current model year | $10 | 17.6–18.2% |
| Class 2 | New (older year) or used up to 2 model years old | $11 | 19.2–19.9% |
| Class 3 | Used, 3–4 model years old | $15 | 25.3–26.6% |
| Class 4 | Used, more than 4 model years old | $17 | 28.3–29.8% |
