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Valley Bank: 2023 Auto Loan Review

2023-05-01 00:00:00

At a glance

Rating: 3.5 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.2 stars out of 5
  • Affordability
    Rating: 3.2 stars out of 5
  • Customer Experience
    Rating: 3.8 stars out of 5
  • Transparency
    Rating: 3 stars out of 5
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About Valley Bank

  • Moneybag

    Loan amount

    Not specified

  • Credit Good

    Min. credit score


  • Rates

    APR from

    From 7.80%

  • Funds available in

    As soon as the same day

Valley Bank pros and cons

The option to apply in-person or online is a major perk to Valley Bank, but its loans are only available in some states. 


  • Checkmark

    In-person or online service

  • Checkmark

    Online application

  • Checkmark

    Fast funding


  • Close X

    Limited availability

  • Close X

    Undisclosed loan amounts

  • Close X

    Unclear qualification requirements

Do you qualify?

Valley Bank does not disclose its specific qualifications. But for its other products and services, you must be at least 18 years old and have a Social Security number. You must also live in one of the four states it serves: Alabama, Florida, New Jersey and New York. 

Valley Bank versus Wells Fargo

Unfortunately, neither Valley Bank nor Wells Fargo discloses its specific requirements or terms to secure vehicle financing. Additionally, Wells Fargo loans are only available through its network of dealerships. Before exploring a Wells Fargo auto loan, confirm the vehicle you want is available at one of the 11,000 dealers in the network. Unlike Valley Bank, Wells Fargo offers the ability to apply with a co-signer, which can greatly increase your likelihood of acceptance. 

Valley Bank versus Credit Direct

Only available in 14 states, personal loan marketplace Credit Direct is best for those who want prequalify for an unsecured auto loan. When borrowing from Valley Bank there is no minimum loan amount disclosed, whereas Credit Direct encourages drivers to borrow as little as $1,000, ideal for those buying a vehicle in poor condition to use for parts. The two lenders offer similarly fast funding.

What we like and what we don’t like

Before submitting your loan application it is wise to consider the benefits and drawbacks of the New Jersey-based bank. 

What we like

  • In-person or online service. With 200 branches across four states, borrowers can manage their loans online or in person. 
  • Online application. Many brick-and-mortar banks require in-person requirements, so this added convenience stands out.
  • Fast funding. Loan funding can be available as soon as the day you apply.

What we don't like

  • Limited availability. Valley Bank only serves borrowers in Alabama, Florida, New Jersey and New York. 
  • Undisclosed loan amounts. Valley Bank does not disclose its range of loan amounts, which can make it challenging for borrowers looking to finance a specific amount.
  • Unclear qualification requirements. Because Valley Bank doesn't list its requirements online, it's hard to know whether you would qualify for one of its loans without applying and taking a credit score hit.

How to contact Valley Bank

If you need assistance during or following your loan application Valley Bank offers online support. Here you can submit questions and receive help either over the phone or via email. But hours of this service are not disclosed. Outside of this, you can arrange for in-person support by scheduling an appointment at one of their branch offices.

Auto loan types offered

Valley Bank offers vehicle financing for new or used cars. The amount you can borrow is not disclosed but you can choose a term ranging from 12 to 84 months. 

New and used vehicle loans

  • Amounts: Not specified 
  • Terms: 12 to 84 months
  • APR: From 7.80%

Valley Bank does not carry a minimum credit score requirement but as with all lenders, the lowest rates will be given to those with strong credit. The starting rate of 7.80 percent assumes a 0.25 percent discount for signing up for autopay and a 0.50 percnet discount for financing an electric vehicle or hybrid. Even so, Valley Bank's lowest available rate is higher than the national average rate on a new car loan as of 2023's first quarter, according to Experian data. Valley Bank enforces late fees. 

How to apply for a loan with Valley Bank

Valley Bank does not disclose the specifics of its application process online. The application can be done either online or in person with follow-up documentation handled at one of its branches. Valley Bank does not share its required application information, but the below information is commonly required by lenders.

Valley Bank FAQs

How Bankrate rates Valley Bank

Overall Score 3.5
Availability 3 The limited state availability combined with the unspecified loan amounts leave Valley Bank with a middle score.
Affordability 4 A low maximum APR raises an otherwise middle-scoring section based on fees and no autopay discount.
Customer Experience 3.8 While Valley Bank does offer autopay, there is unspecified customer support and no app.
Transparency 3 No prequalification option brings down what would be a good score due to its rates and fees being disclosed.


To determine the best auto loan lenders, Bankrate considers 18 factors. These include credit requirements, loan amount, APR ranges, shopping window along with rate and fee availability. In total, Bankrate reviewed 33 lenders and gave each a Bankrate rating, which consists of four categories:
  • Availability. Loan amounts, types and repayment options are considered in this category. A wide range of financing options results in a higher score.
  • Affordability. The interest rates, acceptance criteria and present fees are measured here. 
  • Customer experience. This category concerns online access along with app availability and customer support hours of operation. Lenders with 24/7 support carry the highest available marks. 
  • Transparency. This covers the disclosure of potential fees and the ability to apply for loan prequalification. 
Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Written by
Rebecca Betterton
Writer, Auto Loans and Personal Loans

Rebecca Betterton is a writer for Bankrate who has been reporting on auto loans since 2021. Through her writing, Rebecca aims to provide clarity and accessibility to the automotive loans industry as the cost to finance new and used vehicles continues to climb due to steep inflation.

Edited by Editor, Personal Loans, Auto Loans, and Debt