Auto Loan Rates in NJ with Magyar Bank

Magyar Bank offers a complete line of retail and business banking products through its offices in New Brunswick, North Brunswick, South Brunswick, and Branchburg, New Jersey.  Lending products provided by the bank include the origination of residential mortgage loans to purchase or refinance residential real property.  The bank does loans for commercial real estate, commercial business and construction loans.  And the bank makes consumer loans, which consist primarily of home equity lines of credit, stock-secured demand loans and low interest car loans.

Auto car loans offered by Magyar Bank cover new vehicle loans as well as used auto loans.  Used car loans cover various terms on vehicles that are no more than 3 years old.  The maximum loan amount is $75,000 for both new car loans and used car loans.

New car loan rates for loans up to 24 months with a maximum loan amount of $75,000.00 have a rate of 5.50%.  New car loans for 25 to 36 months have a rate of 6.00%.  And new car loan rates for 37 to 60 months are at 6.25%.

Used car loans for amounts up to $75,000.00 for a term of 24 months have a rate of 6.750%.  Used car loan rates on terms from 25 to 36 months are 7.250%.  Used car loan rates for terms that run from 37 to 60 months stand at 7.500%.

The down payments on new car loans is 10% of the purchase price including sales tax.  New car loans are for model years 2009 and 2008 with less than 100 miles from licensed auto dealer. 

Down payment requirement for used car loans is 20% of purchase price including sales tax.  Amount financed cannot exceed NADA retail value.  Used car loans cover model years 2007, 2006, and 2005 only.  The bank considers demo models as used autos and fall into the used auto loan rate category.

All car loans subject to credit approval and additional conditions may apply.  For current car loan rates and additional loan information the bank can be reached at 888-990-2265.  More information on car loans is available on the bank website located at www.magbank.com.

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This entry was posted on Monday, April 6th, 2009 at 7:27 am and is filed under Car Loan Rates and Car Loan Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.