High Car Loan Rates in New Jersey Spark Debate Among Consumers

Car Loan Rates Surprise New Jersey Resident: A Local Credit Union's Rates Raise Eyebrows New Jersey residents are facing unexpected challenges when it comes to securing car loans, according to a recent video by local car salesman Joseph Rodriguez. Rodriguez, who operates under the handle "jrodsellscars" on social media, highlights unexpectedly high interest rates offered by a local credit union. He explains that even with good credit, securing a loan with rates below 6.5% proves difficult. "These are the rates out of local credit unions," Rodriguez says in his video, showing screenshots of rate charts. "Seventy-two months, you're looking at 6.49%, and that's with 10% down on a used car." He further explains that with no money down, the rates climb even higher, reaching 6.99% for a 72-month loan. Rodriguez's video has garnered significant attention, prompting discussions about the current state of car financing in the region. The video serves as a reminder for car buyers to shop around and compare rates from different lenders before committing to a loan. The experience highlights the importance of understanding the financial aspects of car purchases, emphasizing the need for careful planning and comparison shopping to secure the best possible terms.