New Jersey Used Car Loans

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     What counts in a car loan?  Well, interest rate has to be a top consideration, but what about the other terms of your loan?  Do you want to write a check each month, or would a debit from your checking account be easier?  Some people also prefer to make their payments weekly, as this can make managing their finances easier.

     My suggestion to you is simple.  Check out what the local banks offer, and then check out national lenders as well.  Keep in mind that while rates matter, service is also worth a lot.  I just experimented (try it yourself here) to see the difference on a $10,000 loan over 4 years.  The difference between a 7.5% rate and an 8.5% rate was about $5 a month.  Does that matter?  Sure!  Would it be the final word in my book?  No way.  

     My first choice is always Monroe Savings Bank, which has several branches in serving southern New Jersey.   I know they sound like a small town bank.  Is that a problem to you?  If you've clicked the link above, you've already seen their rates.  Now let me tell you from personal experience over 25+ years that their service is exceptional as well.  Contact them and ask for Stacy Casio, and you're on your way to a great, no hassle loan.

     Another great choice is Commerce Bank, which has branches throughout the state (and surrounding states as well).  I can't give you a contact name for every branch (I do suggest you ask for Heather if you call the Pitman Branch), but I can tell you I've received exceptional service at 5 different branches from Brigantine to Deptford.  I'm willing to bet that if you walk in to a local branch and inquire about a loan, you'll be impressed with their service too.

     Finally, you may want to try the buy here/pay here option offered by many used car dealers.  Obviously dealers do this to help sell cars, and to keep in touch with customers who will one day need another car.  Advantages to the customer vary from dealer to dealer, but may include the following:

1) No credit check required
2) No interest required
3) No collision insurance required
4) Payments scheduled weekly or monthly

     If this sounds like something that might work for you, check with your local used car dealer, or check out our list of New Jersey used car dealers.


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