New Jersey Car Loan FAQs

Our most frequently asked questions involve bad credit car loans. For instance, what kind of interest rates are available?

— Your annual percentage rate will vary based on your credit score, the amount of your down payment, whether you're buying a new or pre-owned car, and other factors. Here's a good rule of thumb: the bigger your downpayment, the better your chance of getting a sweet interest rate.

— There are no hard-and-fast rules on new versus used. Folks with iffy credit will find they will have their best chance of success if they look at a car in the $8,000 to $10,000 range, which is generally a domestic car that's two or three years old, or an imported compact four to five years old. Remember, there are two good things about getting a car through our bad credit car loan programs. First, you get a better ride; second, you get a golden opportunity to rebuild your credit.

What if my credit is great?
— Go ahead and apply. Dealers are cutting prices like crazy nowadays.