The article “There should be a cap: Consumer questions 100+% APR on car finance loan” highlights the concerns of consumers in Arizona regarding the high interest rates on car loans. The article features two individuals, Stephen and Jaylyn, who shared their experiences with high-interest car loans. Stephen financed $2,818 for a new transmission, with an APR of nearly 180%, and Jaylyn financed $2,500 with an APR of 153%. Both consumers expressed frustration and felt that there should be a cap on the interest rates lenders can charge.

The article emphasizes that Arizona does not have a law capping interest rates on auto loans, unlike title loans, which have limits on the monthly interest rate. The Arizona Department of Insurance and Financial Institutions (DIFI) provides tips for consumers, including understanding how title loans work, comparing interest rates, and never signing a contract without reading it first.

The article also mentions that while lenders take on risk, consumers like Stephen question whether these high rates place an additional burden on those without many financial options. The article underscores the importance of vehicle ownership for work, school, and medical appointments, making affordable car loans crucial for many Arizonans.

The article concludes by highlighting the need for consumer protection and the importance of understanding financial agreements to avoid financial hardship.