Car loan rates in Jamaica, lender by lender.
What Jamaican banks, building societies and credit unions publish for new and used car loans, and the day we read each one. Lenders that publish no rate are here too, with a link to their own page.
Figures checked against official sources on .See the sources
Figures checked on
We read each lender’s own page and check them all again every month, so this page is refreshed monthly. The table shows the day we read each row.
Lowest published rate, new cars
7.59%
JDF Credit Union: New vehicles, loans up to J$9 million. At a bank, the lowest is 8.50% at Scotiabank. Source.
Lowest published rate, used cars
9.85%
JDF Credit Union: Vehicles 1 to 3 years old. You need shares worth 5% of the loan. At a bank, the lowest is 10.10% at Scotiabank. Source.
Bank of Jamaica average, instalment loans
11.49%
The average across all commercial banks, July 2026. Source.
A rate shown as a range runs from low to high depending on the borrower and the vehicle. The lowest published rate is the bottom of that range, so it comes with conditions, and you may be offered more. Put a rate and a price into the car loan calculator to see the monthly payment.
Banks
| Lender | Rate a year | Conditions | Source |
|---|---|---|---|
| ScotiabankNew car loan | 8.50% to 11.75% | Up to 100% financed, up to 10 years. Rates are APR. | |
| ScotiabankUsed car loan | 10.10% to 14.75% | Up to 100% financed, up to 10 years. Rates are APR. No age limit for used cars is published. | |
| NCBNew car loan | Not published | Up to 100% financed. Repayment must end by about age 60 to 65 for employees, or 75 if you are self-employed.NCB shows its car loan rate only inside the calculator on its website, not as published text. | NCB's pageRead |
| NCBUsed car loan | Not published | Up to 100% financed. Used cars up to 7 years old. Repayment must end by about age 60 to 65 for employees, or 75 if you are self-employed.NCB shows its car loan rate only inside the calculator on its website, not as published text. | NCB's pageRead |
| NCBHeadline car loan rate reported in 2023 | 10.35%May be out of date | Reported by the Jamaica Observer in August 2023. NCB has not published a rate since. | News reportRead |
| JN BankNew car loan | 8.99% to 10.74% | Up to 100% financed, up to 10 years. Conditions apply. No age limit for vehicles is published. | JN Bank's pageRead |
| JN BankUsed car loan | 10.74% to 11.99% | Up to 100% financed, up to 10 years. Conditions apply. No age limit for vehicles is published. | JN Bank's pageRead |
| JMMB BankDrive Easy | Not published | Up to 100% financed, up to 10 years.JMMB publishes no loan rates. Its rates sheet covers deposits only. | JMMB Bank's pageRead |
| JMMB BankDrive Easy | Not published | Up to 100% financed, up to 9 years. JMMB says "Used Cars: Up to 9 years". It is probably the loan term, but the wording is unclear.JMMB publishes no loan rates. Its rates sheet covers deposits only. | JMMB Bank's pageRead |
| First Global BankNew car loan | Not published | FGB's new car loan page only says it "is getting an upgrade". | |
| First Global BankUsed car loan | From 8.95%May be out of date | Up to 95% financed, up to 7 years. Vehicles up to 7 years old.This page was last edited in 2021, so the rate may be out of date. | |
| Sagicor BankNew car loan | Not verifiedNot confirmed | Up to 100% financed, up to 10 years.Sagicor's website blocked our checks. These terms come from search engine summaries of its pages, so confirm them with Sagicor. | |
| Sagicor BankUsed car loan | Not verifiedNot confirmed | Up to 100% financed, up to 7 years.Sagicor's website blocked our checks. These terms come from search engine summaries of its pages, so confirm them with Sagicor. | |
| CIBC CaribbeanNew car loan | Not published | Financing and term depend on the age of the vehicle and the territory.CIBC has only regional pages, with no rates for Jamaica. | |
| CIBC CaribbeanUsed car loan | Not published | Financing and term depend on the age of the vehicle and the territory.CIBC has only regional pages, with no rates for Jamaica. |
Building society
| Lender | Rate a year | Conditions | Source |
|---|---|---|---|
| VM Building SocietyNew car loan | 11.50%May be out of date | Up to 100% financed, up to 9 years.VM's rate table says it took effect on 3 July 2023 and has not been updated since. The same page has a second table with no label showing 8.50% mortgages, which we do not use. | |
| VM Building SocietyUsed car loan | 11.95%May be out of date | Up to 100% financed, up to 9 years.VM's rate table says it took effect on 3 July 2023 and has not been updated since. The same page has a second table with no label showing 8.50% mortgages, which we do not use. |
Credit unions
Credit unions lend to their members. Some ask for shares worth a part of the loan, which the conditions below say. The credit union loan rates page adds their home and personal loans.
| Lender | Rate a year | Conditions | Source |
|---|---|---|---|
| C&WJ Co-operative Credit UnionNew car loan | From 7.99% | Up to 100% financed, up to 10 years. 100% on brand new or newly imported vehicles. The term depends on the age of the vehicle. COK Sodality merged into C&WJ on 1 December 2024. | |
| First Heritage Co-operative Credit UnionUsed car loan | Not published | up to 10 years. Vehicles of any age. Up to 120 months, depending on the vehicle's age.First Heritage's address is fhccu.com. The site firstheritagecu.com is not this credit union. | |
| Jamaica Police Co-operative Credit UnionUsed car loan | Not published | Up to 100% financed, up to 10 years. Vehicles up to 10 years old. 100% only on vehicles up to 2 years old. You need shares worth 5% of the loan.The page gives terms but no rate. | |
| JDF Credit UnionNew vehicles, loans up to J$9 million | 7.59% | Up to 100% financed, up to 10 years. For loans up to J$9 million. | |
| JDF Credit UnionNew vehicles, loans from J$9 million to J$13 million | 9.09%Lender's pages differ | Up to 100% financed, up to 10 years. For loans from J$9 million to J$13 million.JDF's page says it lends at most J$9 million, but it also lists this rate for bigger loans. Read from the text of JDF's page, which has no date. Check the table on the page before relying on it. | |
| JDF Credit UnionNew vehicles, loans above J$13 million | 12.00%Lender's pages differ | Up to 100% financed, up to 10 years. For loans above J$13 million.JDF's page says it lends at most J$9 million, but it also lists this rate for bigger loans. Read from the text of JDF's page, which has no date. Check the table on the page before relying on it. | |
| JDF Credit UnionVehicles 1 to 3 years old | 9.85% | Up to 95% financed. You need shares worth 5% of the loan. | |
| JDF Credit UnionVehicles 4 to 5 years old | 9.99% | Up to 95% financed, up to 8 years. You need shares worth 5% of the loan. | |
| JDF Credit UnionVehicles 6 to 8 years old | 11.50% | Up to 90% financed, up to 6 years. You need shares worth 10% of the loan. | |
| JDF Credit UnionVehicles 9 to 13 years old | 13.50% | Up to 80% financed, up to 5 years. 5 years for vehicles 9 to 11 years old, 3 years for 12 to 13. You need shares worth 20% of the loan. |
What lenders ask for
Deposit
Scotiabank, NCB, JN Bank, JMMB Bank, C&WJ and JDF Credit Union say they finance up to 100% of a new car, so no deposit is needed on paper. Used cars can need one. First Global Bank’s page, last edited in 2021, says up to 95% on a used car. JDF Credit Union finances 95% on a car 1 to 3 years old and 80% on one 9 to 13 years old. Jamaica Police CCU gives 100% only on cars up to 2 years old.
Term
The longest we found is 10 years, at Scotiabank, JN Bank, JMMB Bank, C&WJ, First Heritage, Jamaica Police CCU and JDF Credit Union. Older cars get shorter terms. At JDF Credit Union it is 8 years for a car 4 to 5 years old, 6 years for 6 to 8 and 5 years for 9 to 13, falling to 3 years once the car is 12 or 13.
Vehicle age
NCB lends on used cars up to 7 years old, and repayment must end by about age 60 to 65 for employees or 75 if you are self-employed. First Global Bank’s used car loan covers cars up to 7 years old. Jamaica Police CCU covers cars up to 10 years old and JDF Credit Union goes up to 13. First Heritage says vehicles of any age. Scotiabank and JN Bank publish no age limit.
Lenders with no published rate
NCB, JMMB Bank, First Global Bank, Sagicor Bank, CIBC Caribbean, First Heritage and Jamaica Police CCU show no car loan rate that we could read. NCB shows its rate only inside the calculator on its website. JMMB publishes no loan rates, and CIBC has regional pages with none for Jamaica. First Global Bank’s new car page is a placeholder, Sagicor’s site blocked our checks, and First Heritage and Jamaica Police CCU give terms without a rate. Each is in the tables with a link to its own page, so you can ask. VM Building Society’s table is dated July 2023 and First Global Bank’s used car page was last edited in 2021, so those two carry a warning.
One offer still has its terms online after it ended. Scotiabank’s Stop Dreaming, Start Driving promotion finished on 15 February 2022, and we don’t count it as a current rate. Its page is still up.
The Bank of Jamaica average
The Bank of Jamaica’s July 2026 average for J$ instalment loans at commercial banks is 11.49%Source: Bank of Jamaica: commercial banks' interest rates, table IR.CB.02 (J$ loan rates). It is the closest BOJ category to car loans, and it covers other loans too. BOJ raised its policy rate to 6%Source: Bank of Jamaica: monetary policy press release, September 2026 on 29 September 2026. We found no rule that ties bank lending rates to it, and no bank publishes a prime rate Not publishedSource: Bank of Jamaica: commercial banks' interest rates, table IR.CB.02 (J$ loan rates), so each lender’s own page is the source for its rate.
Lender pages we read
- Scotiabank Jamaica: borrowing ratesOfficial source · read on
- Scotiabank Jamaica: auto loan promotion terms and conditionsOfficial source · read on
- NCB: auto loansOfficial source · read on
- NCB: auto loan FAQsOfficial source · read on
- Jamaica Observer: banks and dealers raise rates to new highs (17 August 2023)News report · read on
- JN Bank: loans interest ratesOfficial source · read on
- JMMB Bank: loansOfficial source · read on
- First Global Bank: new motor vehicle loanOfficial source · read on
- First Global Bank: pre-owned motor vehicle loanOfficial source · read on
- Sagicor Bank: new auto loanOfficial source · read on
- Sagicor Bank: used auto loanOfficial source · read on
- CIBC Caribbean: vehicle loansOfficial source · read on
- VM Building Society: rates and feesOfficial source · read on
- C&WJ Co-operative Credit Union: motor vehicle purchase loanOfficial source · read on
- First Heritage Co-operative Credit Union: auto loansOfficial source · read on
- Jamaica Police Co-operative Credit Union: auto loansOfficial source · read on
- JDF Credit Union: motor vehicle loanOfficial source · read on
Questions
What is the interest rate on a car loan in Jamaica?
It depends on the lender, the car and you. The lowest published rates we found are 7.59% for a new car (JDF Credit Union: New vehicles, loans up to J$9 million.) and 9.85% for a used one (JDF Credit Union: Vehicles 1 to 3 years old. You need shares worth 5% of the loan.). Scotiabank publishes 8.50% to 11.75% for new cars and 10.10% to 14.75% for used. JN Bank publishes 8.99% to 10.74% for new and 10.74% to 11.99% for used. The Bank of Jamaica's July 2026 average for instalment loans at commercial banks is 11.49%.
Which lender has the lowest car loan rate in Jamaica?
Of the rates lenders publish, the lowest for a new car is 7.59% at JDF Credit Union and the lowest for a used car is 9.85% at JDF Credit Union. Conditions apply, and credit unions lend to their members. NCB, JMMB Bank, First Global Bank, Sagicor Bank, CIBC Caribbean, First Heritage and Jamaica Police CCU publish no car loan rate we could read, so they aren't compared here. A published rate is the lowest a lender shows, so you may be offered more.
Do credit unions give car loans in Jamaica?
Yes. C&WJ, JDF, First Heritage and Jamaica Police credit unions all have car loan pages, and the table above lists what each one publishes. Credit unions lend to their members, and some ask you to hold shares worth a share of the loan. Our credit union loan rates page has the detail.
How much is the processing fee on a car loan?
Scotiabank's loan processing fee is 3.93%, with a minimum of J$14,973.30. NCB's is 3.5%. Other lenders' fees aren't on this page yet. Put yours into the car loan calculator and it shows the cost of the car with the fee included.
What does the Bank of Jamaica average mean?
It is the weighted average rate on J$ instalment loans across all commercial banks for July 2026, 11.49%. Instalment is the BOJ category closest to car loans, but it covers other loans too. Treat it as context for the rates above.
How often is this page updated?
Every month. We read each lender's own page again and change any row that has moved. This page was last checked on 2 October 2026, and each row shows the day we read it.
Sources
- Bank of Jamaica: commercial banks' interest rates, table IR.CB.02 (J$ loan rates)Official source · read on
- Bank of Jamaica: monetary policy press release, September 2026Official source · read on
- Scotiabank Jamaica: retail banking fee guide (effective 1 June 2026)Official source · read on
- NCB: customer fee guide (effective 1 September 2026)Official source · read on
Every figure, with its status and any notes, is on our sources page.
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