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Valley Bank auto loans: 2024 review

2024-01-01 06:00:00

At a glance

Rating: 3.2 stars out of 5

Bankrate Score

  • Availability
    Rating: 3 stars out of 5
  • Affordability
    Rating: 3.6 stars out of 5
  • Customer Experience
    Rating: 3.8 stars out of 5
  • Transparency
    Rating: 2.5 stars out of 5
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About Valley Bank

  • Moneybag

    Loan amount

    Not specified

  • Credit Good

    Min. credit score


  • Rates

    APR from


  • Funds available in

    As soon as the same day

Best for fast bank funding

If you are in a tight spot and require a vehicle as soon as possible, Valley Bank can help. Borrowers can secure funding as soon as the day you apply. This timeline is much faster than most competing banks.

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. 

Green circle with a checkmark inside


  • In-person or online service
  • Online application
  • Fast funding
Red circle with an X inside


  • Limited availability
  • Undisclosed loan amounts
  • Unclear qualification requirements

Do you qualify?

Valley Bank does not disclose its specific qualifications, though a company representative stated there is no specific minimum credit score. 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 significantly increase your likelihood of acceptance. 

See our full Valley Bank vs. Wells Fargo comparison

Valley Bank versus Credit Direct

Only available in 14 states, personal loan marketplace Credit Direct is best for those who want to prequalify for an unsecured auto loan. When borrowing from Valley Bank, there is no minimum loan amount disclosed. In contrast, 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.

See our full Valley Bank vs. Credit Direct comparison

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. You can submit questions and receive help either over the phone or via email. But customer service hours are not specified. Outside of this, you can arrange for in-person support by scheduling an appointment at one of their branch offices.

The bank is not accredited by the Better Business Bureau. A majority of complaints registered through the BBB relate to payment process issues. 

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 7.30%

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 7.30 percent assumes a 0.25 percent discount for signing up for autopay and a 0.25 percent 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 third quarter, according to Experian data.

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. 

Features and perks 

Borrowers who sign off on direct deposit from a Valley checking account receive a .25 percent discount. Those who finance an electric or hybrid vehicle also benefit from a .25 percent discount.

Fees and penalties

Valley Bank enforces late fees.

Valley Bank FAQs

How Bankrate rates Valley Bank

Overall Score 3.2
Availability 3 The limited state availability combined with the unspecified loan amounts leave Valley Bank with a middle score.
Affordability 3.6 Valley Bank’s minimum APR is mediocre, but it offers two rate discounts.
Customer Experience 3.8 While Valley Bank does offer autopay, customer support hours are unclear and there is no app.
Transparency 2.5 No prequalification option brings down what would be a good score due to its rates and fees being disclosed.


The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

  • Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
  • Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
  • Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
  • Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

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, a Certified Financial Education Instructor℠, is a writer for Bankrate who has been reporting on auto loans since 2021.

Edited by Editor, Personal and Auto Loans