Editor's choice: Carvana
- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
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Car loans in New Jersey
Interest rates are capped low to help you save.
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.
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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.
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