Loan comparison for Jamaica, lender by lender.
Pick a loan, type the amount and how many years you will pay. Every lender that publishes a rate for it is listed with its monthly payment in J$, the interest, its terms and the day we read its page. The Bank of Jamaica average sits at the top of the list to measure the rows against.
Figures checked against official sources on .See the sources
Lowest published monthly payment6 years
J$52,001JDF Credit Union shows the lowest published rate, 7.59%. On a J$3,000,000 new car loan over 6 years, the low end of its range costs J$744,085 in interest. Conditions apply.
- Lowest published rateJDF Credit Union, New vehicles, loans up to J$9 million7.59%
- Bank of Jamaica averageJ$57,858 a month. An average, not an offer.11.49%
Lowest published rate first
Each lender’s own page, read on the date shown. Payments are on a reducing balance for J$3,000,000 over 6 years. A range runs from the lowest rate the lender shows to the highest. The rate a lender offers you depends on you, so check with the lender.
| Lender | Rate a year | Monthly payment | Interest at the low end | Terms and source |
|---|---|---|---|---|
Bank of Jamaica averageAverage, not an offer · Instalment loans | 11.49% | J$57,858At the average | J$1,165,775 | Weighted average of all commercial banks for July 2026, published by BOJ. It is a benchmark, not an offer.Bank of Jamaica, read |
JDF Credit UnionCredit union · New vehicles, loans up to J$9 million | 7.59% | J$52,001Single rate | J$744,085 | Up to 100% financed, up to 10 years.JDF Credit Union's page, read |
C&WJ Co-operative Credit UnionCredit union | From 7.99% | J$52,585No top rate published | J$786,125 | 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.C&WJ's page, read |
 ScotiabankBank | 8.50% to 11.75% | J$53,335to J$58,261 at 11.75% | J$840,131 | Up to 100% financed, up to 10 years. Rates are APR.Scotiabank's page, read |
 JN BankBank | 8.99% to 10.74% | J$54,062to J$56,704 at 10.74% | J$892,444 | Up to 100% financed, up to 10 years. Conditions apply. No age limit for vehicles is published.JN Bank's page, read |
May be out of date
These rates are old, have ended, could not be confirmed, or the lender's own pages disagree. We don't rank them, and any payment shown is a guide. Check with the lender.
| Lender | Rate a year | Monthly payment | Interest at the low end | Terms and source |
|---|---|---|---|---|
ScotiabankBank · Stop Dreaming, Start Driving promotion | Ended 15 February 2022 | Not worked out | This promotion ended on 15 February 2022, but its terms are still on Scotiabank's site.Scotiabank's page, read | |
 NCBBank · Headline car loan rate reported in 2023 | 10.35%May be out of date | J$56,108Single rate | J$1,039,810 | Reported by the Jamaica Observer in August 2023. NCB has not published a rate since.News report, read |
Sagicor BankBank | Not verified | Not worked out | 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 Bank's page, read | |
 VM Building SocietyBuilding society | 11.50%May be out of date | J$57,873Single rate | J$1,166,890 | 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 Society's page, read |
JDF Credit UnionCredit union · New vehicles, loans from J$9 million to J$13 million | 9.09%Lender's pages differ | J$54,211Single rate | J$903,171 | Up to 100% financed, up to 10 years.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 Union's page, read |
JDF Credit UnionCredit union · New vehicles, loans above J$13 million | 12.00%Lender's pages differ | J$58,651Single rate | J$1,222,842 | Up to 100% financed, up to 10 years.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 Union's page, read |
Not published
These lenders show no rate we could read. Each row links to the page we checked, so you can ask them.
| Lender | Rate a year | What we found |
|---|---|---|
NCBBank | Not published | NCB shows its car loan rate only inside the calculator on its website, not as published text.Up to 100% financed. Repayment must end by about age 60 to 65 for employees, or 75 if you are self-employed.NCB's page, read |
 JMMB BankBank · Drive Easy | Not published | JMMB publishes no loan rates. Its rates sheet covers deposits only.Up to 100% financed, up to 10 years.JMMB Bank's page, read |
 First Global BankBank | Not published | FGB's new car loan page only says it "is getting an upgrade".First Global Bank's page, read |
 CIBC CaribbeanBank | Not published | CIBC has only regional pages, with no rates for Jamaica.Financing and term depend on the age of the vehicle and the territory.CIBC Caribbean's page, read |
How we worked this out
- Amount you borrowJ$3,000,000.00
- Number of payments72 months
6 years × 12 months a year - Monthly rate at JDF Credit Union's lowest rate0.6325%
7.59% a year ÷ 12 - Monthly paymentJ$52,001.18
J$3,000,000.00 × r ÷ (1 − (1 + r)^−72), where r is the monthly rate - Everything you repayJ$3,744,084.90
72 payments added up, the last one clearing what is left - InterestJ$744,084.90
Everything you repay − the amount you borrow
The same steps run for every row, once at the low end of its range and once at the top. Interest is worked out each month on what you still owe. Every amount is rounded to the cent and the last payment clears the balance.
How the monthly payments are worked out
Every payment here is on a reducing-balance loan, which is how banks quote a rate. Interest each month is charged on what you still owe, so the payment is:
borrowed × r ÷ (1 − (1 + r)^−n), where r is the yearly rate ÷ 12 and n is the number of months
On the example, J$3,000,000 over 6 years at JDF Credit Union’s 7.59% comes to J$52,001.18 a month, with J$744,084.90 in interest. At the Bank of Jamaica average of 11.49% the same loan is J$57,857.99 a month. Open “How we worked this out” under the comparison to see each step with your own numbers.
For a row with a range, we work the payment out twice: once at the lowest rate and once at the highest. Interest is shown at the lowest rate only. A row that shows a single rate or an “as low as” rate has one payment.
How the lenders are ordered
Lenders with a current published rate are listed by the monthly payment at the low end of their range, lowest first. For the same amount and term that is the order of their rates. It is the lowest rate a lender shows, and each row lists the conditions that come with it. The rate you are offered depends on you, so check with the lender.
A lender whose longest term is shorter than yours is left out of the order, with a note saying how long it lends. Rates that are old, have ended, could not be confirmed or disagree with another page from the same lender are under “May be out of date” with the reason, and they are never ranked. Lenders that show no rate are under “Not published”, with a link to the page we checked.
What the comparison leaves out
Processing fees, insurance, legal costs and stamp duty are not in the payments. Foreign currency mortgages, lines of credit, cash-secured loans and loans for a lot are on our rates pages: car loans, mortgages, personal loans and credit unions. Ask a lender whether its quote is a reducing-balance or a flat rate, and use the loan calculator or the car loan calculator to see the difference with a fee added. Our guide on how to get a car loan in Jamaica covers the steps and the paperwork.
The Bank of Jamaica’s July 2026 averages are 11.49%Source: Bank of Jamaica: commercial banks' interest rates, table IR.CB.02 (J$ loan rates) for instalment loans (the closest BOJ category to car loans), 7.6%Source: Bank of Jamaica: commercial banks' interest rates, table IR.CB.02 (J$ loan rates) for mortgages and 24.67%Source: Bank of Jamaica: commercial banks' interest rates, table IR.CB.02 (J$ loan rates) for personal loans.
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
- NCB: summer mortgage campaignOfficial source · read on
- NCB: mortgage FAQsOfficial source · read on
- NCB: loans FAQsOfficial source · read on
- NCB: summer unsecured loan campaignOfficial source · read on
- JN Bank: loans interest ratesOfficial source · read on
- JN Bank: mortgage 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
- First Global Bank: unsecured loanOfficial source · read on
- First Global Bank: mortgageOfficial source · read on
- Sagicor Bank: new auto loanOfficial source · read on
- Sagicor Bank: used auto loanOfficial source · read on
- Sagicor Jamaica: home pageOfficial source · read on
- CIBC Caribbean: vehicle loansOfficial source · read on
- CIBC Caribbean: personal 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
- C&WJ Co-operative Credit Union: mortgage loanOfficial source · read on
- C&WJ Co-operative Credit Union: mortgage loan promotionOfficial source · read on
- C&WJ Co-operative Credit Union: unsecured loan promotionOfficial source · read on
- First Heritage Co-operative Credit Union: auto loansOfficial source · read on
- First Heritage Co-operative Credit Union: home 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
Which bank has the lowest loan rate in Jamaica?
It depends on the loan. Of the rates lenders publish, the lowest for a new car at a bank is 8.50% at Scotiabank, and the lowest at any lender is 7.59% at JDF Credit Union. For a used car it is 9.85% at JDF Credit Union, for a mortgage 8.49% at C&WJ, and for a personal loan 13.99% at NCB. Each is the bottom of a range and comes with conditions, so the rate you are offered can be higher. The comparison above shows every lender for the loan you pick.
How do I compare loans in Jamaica?
Compare them on the same amount and the same term, and look at the monthly payment and the total interest as well as the rate. This page does that for you: choose the loan, type the amount and how many years you will pay, and each lender's payment is worked out on a reducing balance. Then read the conditions on each row, because the share a lender finances and the longest term differ.
Why is a lender missing a rate?
Some lenders publish no rate we could read. NCB, JMMB Bank, First Global Bank, CIBC Caribbean, C&WJ, First Heritage and Jamaica Police CCU are in that group for at least one of these loans. NCB, for example, shows its car loan rate only inside a calculator on its website. They sit under "Not published" with a link to the page we checked, so you can ask them directly.
Do credit unions have lower rates than banks?
On the rates published today, the lowest new car rate at a credit union is 7.59% at JDF Credit Union and at a bank it is 8.50% at Scotiabank. Credit unions lend to their members, and some ask for shares worth part of the loan, which the conditions on each row say. That is the lowest published rate at each, so it says nothing about what a particular borrower would be offered.
Why can the rate I am offered differ from the one on this page?
A lender sets your rate from your income, your credit history and, for a car, the vehicle. The range on each row is what the lender shows on its own page, and the low end is the most favourable rate a borrower could get. Ask the lender for a quote in writing before you decide.
Does the monthly payment include fees and insurance?
No. The payments are the loan's interest and principal only. Processing fees, insurance, legal costs and stamp duty come on top, and each lender charges its own. The car loan calculator lets you add a processing fee and shows what the car costs you in the end.
What is the Bank of Jamaica average?
It is the weighted average J$ rate for all commercial banks in July 2026: 11.49% on instalment loans, 7.6% on mortgages and 24.67% on personal loans. It sits at the top of the list to give you something to measure the rows against. It is an average and no lender offers it.
How often is this page updated?
Every month. We read each lender's own page again and change any row that has moved. The rates were 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
Every figure, with its status and any notes, is on our sources page.
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