Get an Auto Loan Quote

Auto Loans in New Jersey (NJ)

Poor credit impacts roughly 1 in 4 New Jersey consumers. We believe that auto loans should not be a huge challenge for people in New Jersey, regardless of their credit scores.

Advantages We Offer

  • Cutting-Edge Credit Approval Platform
  • Huge Lending Network
  • In-Depth Buyer Instruction

Bad Credit Auto Financing New Jersey

New Jersey Car Dealerships for Bad Credit

You’ll want to stay clear of buy here pay here dealerships, reputed as they are for predatory auto lending. There are big franchise dealerships that arrange loans through banks, credit unions, and finance companies. More often than not, these dealerships offer:

  • Interest rates that are fair.
  • Down payments that are reasonable given the vehicle’s worth.
  • New vehicles, as well as pre-owned ones.

The dealer will assess your credit and income to determine the specific models you can afford to finance. You should go with an economical, dependable vehicle with payments that amount to just 10% of your income–at maximum. If you get paid $4,488 a month, this comes to a payment of $449. Apply online to talk with a vehicle finance specialist about how much you can borrow.

Have You Got a Down Payment?

A down payment may be an inconvenience, but when you’ve got a low credit score, it’s often a requirement. When you finance a car, you don’t want to owe more than the value of the vehicle. When the your new car loses value more quickly than you make payments, then you are under water on the loan. A down payment works against depreciation.

For applicants with low credit scores, it’s often tough to finance a car with zero down, but keep this in mind: trading in an existing vehicle could make your down payment, often without parting with any cash.

In House Financing Dealerships in NJ

Car dealers in New Jersey that approve auto loans in house have a few things in common. They…

  1. Supply car loans without 3rd party approval.
  2. Rarely check your credit.
  3. Want you to make payments 2-4 times per month, often in person.

For people with terrible credit, New Jersey buy here pay here dealerships tend to be the only real option. However, the cost of your vehicle will be inflated on account of higher interest charges, and it’s unlikely that your credit rating will go up since these dealers don’t work with the credit bureaus.

Will This Increase Your FICO Rating?

It’s not a myth: an auto loan can really restore your credit. The main factor is payment history, a crucial part of the Fair Isaac scoring formula. And as you can imagine, an auto loan means 36 to 72 months of payments.

The positive results are slow and steady, gathering momentum over time. To help ensure you don’t miss any payments, consider online options like automated payments.