Rates
Automobile Loans
| Amount: | |
| Minimum Loan Amount: | $2,500 |
| Maximum Loan Amount: | $50,000 (Current model year new and used vehicles) |
| $35,000 (Other model years' used vehicles) | |
Term:
12 months up to 60 months (Term varies based on model year)
| Qualifying Ratios: | |
| Maximum Loan-to-Value Ratio: | 90% of MSRP (new) |
| 90% of Average Retail Value (used) | |
| Maximum Debt-to-Income Ratio: | 40%* |
Collateral:
Vehicle - 1st lien on title (Title retained by NJM Bank FSB)
Application Fees:
None
Lien Encumbrance Fee (Borrower's responsibility):
New Jersey: $40.00
Pennsylvania: $5.00
Insurance:
- Borrowers are responsible for maintaining collision and comprehensive insurance coverage from an insurer of their choice.
- Maximum amount of collision and comprehensive insurance deductible is $500.
- NJM Bank FSB must be listed as "loss payee".
Standard Annual Percentage Rates ("APR"):
| 2009 and 2008 Model Years (New and Used) | |
| 12 to 48 months: | 6.49% |
| 49 to 60 months: | 6.74% |
| Prior Model Years (Used, including New Leftovers) | |
| 12 to 60 months – 2007 Model Year: | 6.99% |
| 12 to 48 months – 2006 Model Year: | 6.99% |
| 12 to 48 months – 2005 Model Year: | 6.99% |
| 12 to 36 months – 2004 Model Year: | 6.99% |
The Standard Annual Percentage Rates above can be discounted by direct debit and direct deposit:
- 0.25% reduction for auto-withdraw of payment from any NJM Checking Account; or
- 0.50% total reduction for auto-withdraw of payment from any NJM Checking Account with Direct Deposit (Fully Discounted)
The Annual Percentage Rates shown above are effective as of September 5, 2008 and are subject to change at any time. Payment example: for every $1,000 borrowed at a fully discounted interest rate of 5.99% APR at 4 years your payment will be $23.48. All extensions of credit are subject to underwriting eligibility.
* The maximum debt to income qualifying ratio generally should not exceed 40% of the gross monthly income to cover monthly payments related to the borrower's residence, all monthly credit obligations, alimony/child support payments, and payments for the loan under consideration.
Use our financial calculators to help you determine the financing and payment options that are best for you.
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