Car loans in New Jersey: Regulations and where to borrow

Compare car loans available in New Jersey

Dealership financing is quick, but getting preapproval from a lender in New Jersey can help you find the best deal for your next car.

Name	Minimum credit score	APR	Loan term	Requirements
Carvana	No minimum credit score	3.9% to 27.9%	Varies	18+ years old, annual income of $4,000+, no active bankruptcies	Get pre-qualified for used car financing and receive competitive, personalized rates.	Go to site More Info	Compare	loading Fetching your data...
car.Loan.com Car Loans	300	Varies by network lender	Varies by lender	Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.	Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.	Go to site More Info	Compare	loading Fetching your data...
SuperMoney Auto Purchase Loans Marketplace	600	Varies by lender	Varies by lender	Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old	Find an offer and get rates from competing lenders without affecting your credit score.	Go to site More Info	Compare	loading Fetching your data...
Auto Credit Express Car Loans	300	Varies	Varies	Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.	Get connected with an auto lender near you, even if you have bad credit.	Go to site More Info	Compare	loading Fetching your data...
Monevo Auto Loans	500	3.99% to 35.99%	3 months to 12 years	Credit score of 500+, legal US resident and ages 18+.	Quickly compare multiple online lenders with competitive rates depending on your credit.	Go to site More Info	Compare	loading Fetching your data...

loading

Compare up to 4 providers

Getting approved for an auto loan in New Jersey

New Jersey usury law caps the APR on most loans at 16%. Still, this doesn't mean you shouldn't shop for the best rates. Before you go car shopping, apply for preapproval with multiple lenders to see how much you qualify for and find the best terms.

Once you have a loan, you can shop for a vehicle knowing exactly what you can afford. And if your application isn't approved, your lender should provide you with reasons for the rejection.

Banks and credit unions in New Jersey that offer auto loans

While many dealerships work with banks and credit unions, you can potentially secure a lower rate by borrowing directly from one of these lenders. New Jersey also keeps a list of banks and credit unions licensed in the state so you can explore the full scope of your auto loan options.


Credit Union of New Jersey (CUNJ)	New and used vehicles, loan refinancing	As low as 2.99%
North Jersey Federal Credit Union (NJFCU)	New and used vehicles, recreational vehicles	As low as 2.99%
Members 1st of New Jersey Federal Credit Union	New and used vehicles, recreational vehicles	As low as 2.25%
Jersey Shore Federal Credit Union	New and used vehicles, loan refinancing	As low as 2.44%
New Jersey Law & Public Safety Credit Union (NJL & PS Credit Union)	New and used vehicles, loan refinancing	2.94% to 15.89%
First Bank of New Jersey	New and used vehicles, loan refinancing, lease buyout	Not stated
Valley Bank	New and used vehicles	As low as 4%

Bottom line

New Jersey has laws in place to help borrowers avoid predatory lenders — and save money. To compare more options, read our guide to car loans.

Thank you for your feedback!

Kellye Guinan

Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.

Car loans in Delaware Carvana vs. Carmax

More guides on Finder

TD Bank home equity review
Choose from several options, but beware of this lender’s fees and poor reviews.
Small business loan interest rates are low — but will it last?
Business loan interest rates dropped in 2020 and are likely to stay low. Here’s why.
M&T Starter Savings account review
A kids savings account with an interest rate that compounds daily but has long hold times for customer service.
Third Federal Savings & Loan home equity review
Get a low rate guarantee, but you won’t know if you’re eligible until you apply.
PenFed Credit Union home equity review
Get a line of credit with low closing costs — but you can’t apply online.
Garden Savings FCU Kids Club Savings account review
A kids’ savings account with a generous interest rate that transitions to a lackluster regular savings account when your child turns 18.
Sofi vs. Robinhood
Two trading platforms for beginners with no commission fees or bells and whistles. But which one comes out on top?
BECU home equity review
Get fixed- and variable-rate options in a HELOC, if you qualify for membership.
Bank of the West home equity review
Offers reduced-rate, no-closing-cost HELOCs, but only in specific states.
AppleTree Credit Union home equity review
Get low rates with minimal fees — if you qualify for its limited membership.

Ask an Expert

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

I agree to Finder’s terms of use and privacy and cookie policy, and I opt in to receive email from Finder

Subscribe me to Finder’s free weekly newsletter for budgeting tools, timely news and savings essentials to take control of your finances

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

Car loans in New Jersey

Interest rates are capped low to help you save.