07-18-2014 09:01 AM
07-18-2014 05:35 PM
You'll have to read the terms of the loan carefully to understand how your interest rate can change - it will vary from lender to lender, and may even change over time, or between different loan products. Most lenders will set their variable rate as a fixed percentage + the prime rate, but how often they will adjust it, and how high your rate can go is totally dependent on the terms of the loan.
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