Purchasing a car is one of the most exciting decisions you can make—but knowing where to finance it is just as important. Auto loan rates in Jamaica vary depending on the bank, the age of the vehicle, and the type of financing.
We’ve compiled the latest rates from leading banks so you can make a confident decision when buying your next vehicle, whether it’s brand new or pre-owned.
Quick Comparison: Auto Loan Rates
| Institution | New Car Rates | Used Car Rates | Notes / Fees |
|---|---|---|---|
| NCB | 11.04% – 12.90% | 14% | Rate varies by dealer |
| Sagicor | 8.75% – 9.45% | 10% – 11% | Fees: New 2.75%, Used 2.95% |
| JMMB | 8.75% | 11% | – |
| JN Bank | 8.99% – 10.74% | 10.74% – 11.99% | – |
| CIBC | 8.50% | 9.75% | – |
| FGB | 7.50% (as low as) | 8.95% (as low as) | – |
| Scotiabank | 8% – 10.24% | 11.75% – 13.25% | Promo rates for select dealers, deposit rules apply |
Tip: Use the table for a quick glance comparison, but scroll below to see expanded details, special promotions, and dealer-specific conditions.
Expanded Bank Profiles
1. National Commercial Bank
New Car Loan: 11.04% – 12.90% (2025–2026 models and dealer dependent)
Used Car Loan: 14% (2019–2024 models)
Notes: Rates vary depending on the dealership, so it’s recommended to check with your preferred dealer for the final rate.
2. Sagicor Bank
New Car Loan: 8.75% – 9.45%
Used Car Loan: 10% – 11%
Notes: Sagicor offers some of the most competitive rates in Jamaica. Their financing options are straightforward, and fees are transparent.
3. JMMB Bank
New Car Loan: 8.75%
Used Car Loan: 11%
Notes: JMMB provides simple and competitive rates with no extra dealer fees. This makes it an attractive option for those seeking hassle-free auto financing.
4. JN Bank
New Car Loan: 8.99% – 10.74%
Used Car Loan: 10.74% – 11.99%
Notes: JN Bank offers flexible financing options for both new and used cars, allowing borrowers to tailor their payments based on budget.
5. CIBC
New Car Loan: 8.50%
Used Car Loan: 9.75%
Notes: CIBC provides flexible financing options for both new and used vehicles, allowing borrowers to customize payment plans to better suit their budget and financial goals.
6. FGB
New Car Loan: As low as 7.50%
Used Car Loan: As low as 8.95% (2019–2025 models)
Notes: FGB offers financing of up to 100% for new vehicles with repayment terms of up to 10 years. For used vehicles, financing of up to 95% is available with repayment terms of up to 7 years.
7. Scotiabank
New Car Loan: 8% – 10.24%
Used Car Loan: 11.75% – 13.25%
✅ Promo Rates (Valid until Jan 31, 2026):
- Stewarts Auto: 8.25%
- Kig: 8.50%
- Toyota: 8%
- Other new autos: 9.49% – 10.24%
Deposit Requirements for Used Cars:
- 2020: 20–35%
- 2021–2023: 5–10%
- 2024–2025: 100% financing
Additional Benefits: Borrowers can get 50% of the processing fee back (before GCT) toward auto insurance if insured through SGIA.
How to Choose the Best Auto Loan
- Compare Rates Across Banks: Even a 1% difference can save thousands over the life of a loan.
- Check Dealer Promotions: Some banks offer lower rates with specific dealers, which can significantly reduce your cost.
- Review Fees & Deposit Requirements: Factor in processing fees, GCT, and any required deposit to get the true cost of financing.
- Consider Your Credit Profile: Better credit can mean lower interest rates and more favorable loan terms.
Final Thoughts
Auto loans in Jamaica vary widely depending on the bank, vehicle type, and financing method. Using the table and expanded profiles above, you can compare rates and promotions, helping you make the most informed decision for your next car purchase.
Pro Tip: Bookmark ScoopRate’s auto loan comparison page to stay updated on changing rates and new promotions. Being informed is the first step to getting your dream car at the best possible rate.