Auto Loans NJ

Auto Loans NJ-An insight!

The Garden State offers welcome respites from the crazy busyness of city life, but even in the quiet farmland, you may need to learn about auto loans NJ.   Here are some key things you need to know.


There are several different ways to get your auto loan, and some of these methods depend on whether it is for a new or a used vehicle.  Dealerships typically offer financing, but the finance officer there is often paid on commissions, so you will be facing high pressure sales and you may not have the time to read over the contract as you might want.  When you can go in and have either your check in hand from your bank or your pre-approved letter, you end up being the one in control of the transaction, and you can still take advantage of all of the manufacturer rebates and special pricing offers going on at that time.


Subprime auto loans are perfect solutions for people with less than ideal credit, which is a lot of us. One thing you need to determine before taking out one of these loans is: is it better to pay cash or finance?  For many, the budgeting factor and the desire to rebuild one’s credit history dominate, so financing is the winning answer. Bad credit happens to good people frequently. Over one quarter of all currently financed cars are done through subprime loans.


Two more great sources are local banks and credit unions.  Credit unions know you because they took the time to establish a relationship.  Bigger banks often base more on your application and credit score versus knowing you and knowing if you are of the personality to pay your loan.  Local banks are much like credit unions, in that they know you because you are all part of the same New Jersey community.


When you can prove you have an established residence and a stable job, you have a better chance of getting a loan, regardless of your credit rating.  A co-signer can also help you, particularly if they have much better credit than you do.  Be sure you both go to the bank with all of the documentation you will need.


There are online banks that can also provide you with financing.  Some are backed by or at least affiliated with the automakers, while others are full service banks that do not have branches, so they have cheaper fees as a result.  They have a range of interest rates on their loans depending on your ability to pay and the length of term you choose. is based in New Jersey, but can finance people anywhere they are. Their application process is simplified, and they have experts who do nothing but work for you to get you into a new or at least newer car.  They can bypass looking solely at the FICO score and work with you. 


Auto loans NJ come from a variety of institutions and in all kinds of terms. Be sure to do your research, not just on the car you want to buy, but on the loan you want to get.  Then shop around; you will have plenty to choose from because the opportunities in New Jersey are abundant.