If you’re looking to purchase a car and need financing, you may want to consider Chase Auto Loan Rates. Chase offers competitive interest rates and flexible repayment terms to help you get the car you want with a payment plan that fits your budget. With Chase Auto Loans, you can get pre-approved online in minutes and even apply for financing at the dealership. Plus, Chase provides helpful tools and resources to make the car-buying process easier, such as an online payment calculator and an auto-buying service.
Chase Bank is one of the largest banks in the country, therefore it may surprise you to learn that it accepts borrowers with all credit histories for vehicle loans. While a lower credit score reduces your chances of approval, it’s worth noting that you may still qualify even if your credit history has some blemishes. Chase, as one of the industry’s main companies, may be able to offer tempting terms to qualified borrowers.
- Must purchase from a partner dealership: Chase will only provide auto financing if you purchase from a dealership in their partner network.
- Rapid response: Most borrowers find out whether they’ve been authorized within two to three hours of filing their application.
- A wide range of loan terms are available: Terms range from 12 months to 84 months, providing applicants with many repayment options.
- There is 100% financing available: A down payment will almost certainly help you get better loan conditions, but it may not be required depending on your credit score.
- Best for that purchasing from a partner dealership: Chase doesn’t make its rates or underwriting requirements public, so you’ll have to apply to find out if its financing choices are a good fit for your needs. If you’re already intending to buy from a Chase dealer, this lender could be a good fit.
Chase’s pros and cons
Chase provides auto loans for both new and used vehicles, but not refinancing. Chase auto loans, like any other lending product, have advantages and disadvantages.
| 100% financing available
No prepayment penalties
| No refinancing available
Lack of transparency regarding rates and minimum credit qualifications
Only available with partner dealerships
While a down deposit may improve your loan terms, Chase Auto Loan Rates does not need one. And, while this lender isn’t upfront about its rates or credit requirements, it appears to consider applicants with fair to low credit. As a result, it may be a viable choice for customers searching for a negative credit vehicle loan.
However, you can only use Chase vehicle loans at partner dealerships, limiting your options. However, if you shop at the appropriate dealership, you should be able to get a loan decision within hours of filing an application.
A closer look at Chase auto loans
To be eligible for a Chase auto loan, the vehicle you intend to buy must be less than 10 years old and have less than 120,000 kilometers. If the vehicle is inside the last three model years, it is deemed new, whereas used automobiles are within the last ten years.
Chase Auto Loan Rates does not levy prepayment fees on auto loans, so you can pay off your balance early without penalty. This lender also provides hardship help; if you run into financial difficulties, you can request that a few of the payments be skipped and tacked onto the end of your loan term. You could also adjust your payment due date if doing so would assist you make your payment on time.
Chase also has leasing options, but if you return your car early, you will be charged an early termination fee. At the end of your lease, you have the option of purchasing your vehicle, extending your lease, or returning your vehicle.
How to get a loan with Chase
You’ll need to know the precise vehicle you want to buy before you apply for a Chase auto loan. Chase will request information such as the make, model, VIN, and mileage.
You can begin the application process online with this information.
SHOP AT A CHASE-PARTNERED DEALERSHIP
Following the submission of your vehicle details, the following step in the application is to select the dealership that carries the automobile you want to buy. Because Chase only works with partner dealerships, you must shop at one on the list.
PROVIDE PERSONAL INFORMATION
Following that, you’ll be asked for some basic information about yourself. This contains all of the typical suspects, such as:
- Your name and contact details
- What is your Social Security number?
- Your annual gross income
If you are submitting a joint application, you must supply this information for your co-applicant as well.
GET A DECISION WITHIN A FEW HOURS
Chase normally returns a decision within two to three hours. If you are approved, you can bring your confirmation email to the dealership to finalize your loan documentation.
Your approval for Chase Auto Loan Rates is valid for 30 days, during which time you may change your mind regarding specific features of the loan. You can, for example, change the vehicle, the loan period, or the loan amount. However, keep aware that any modifications may affect your APR or other deal parameters.
If you decide to purchase from a different dealer, you must fill out a new application.
How Chase auto loans compare
Even if you think a Chase auto loan is a good fit for your borrowing needs, it’s always a good idea to shop around and compare vehicle lenders. Here’s how Chase compares to some of its competitors.
|Chase||Consumers Credit Union||Bank of America|
|Starting APR||Not disclosed||5.54%||5.79%|
|Terms||12 – 84 months||36 – 84 months||Up to 72 months|
|Amount||Starting at $4,000||$250 – $250,000||Starting at $7,500|
|Min. credit score||Not disclosed||550||Not disclosed|
Is a Chase loan right for you?
The lack of openness regarding pricing and credit score requirements can make determining if Chase Auto Loan Rates is an appropriate lender for you challenging. The easiest way to find out is to apply to many lenders and see what you get. You can submit a single form to LendingTree and receive up to five vehicle loan quotes from lenders.
However, Chase is only available if you shop at a partnered dealership. Chase does provide a lot of loan term flexibility, but keep in mind that long periods normally mean you’ll pay more in total interest throughout the life of your loan.
Types of Chase Auto Loans
Chase provides auto loans for both new and used vehicles purchased from a Chase network dealer. Commercial vehicles, vehicles older than ten years, and vehicles with more than one hundred thousand kilometers are not eligible.
Loans start at $4,000 and go up from there. The highest loan amount is $600,000, which is much greater than the maximum loan amounts offered by other vehicle loan companies.
Currently, Chase does not provide auto refinancing loans or loans for private-party transactions. Chase also does not lend on motorbikes, recreational vehicles, or vehicles that will be utilized as taxis or for Uber or Lyft.
The Chase vehicle loan rate calculator can help you figure out what your monthly payments would be. This calculator calculates your monthly payment based on the vehicle you’re purchasing and the total amount of your loan.
Chase Auto Loan Rates also provides a payment calculator to help you estimate your car payment and calculate how much interest you’ll pay over the course of your loan. This information is helpful when shopping around for auto loans and determining how much you can afford to spend on a vehicle.
Chase Auto Loans Guidelines
Vehicles that do not meet the requirements
- Motorcycle loans are accessible in only a few states.
- RV financing is only accessible in a few states.
- Private-party purchase loans are accessible in only a few states.
- There will be no commercial vehicles.
- There are no vehicles for business use.
- There will be no conversion, delivery, grey market, or lemon law automobiles.
- There will be no salvaged, repaired, or branded title vehicles.
- There will be no Daewoo or Isuzu automobiles.
- Financing must be for more than $7,000 through the dealer and $7,500 if applying directly.
- The maximum loan amount is $100,000.
- No vehicles with more than 90,000 miles through the dealer and 75,000 miles if applying directly.
- Vehicles must be at least 6 years old.
- The maximum finance period for a direct loan is 72 months and 84 months for indirect lending through the dealership.
- For 72-month loans, you must finance more than $15,000 in total.
- For 73-84 month loans, you must finance more than $25,000 in total.
Chase Auto Loan Rates & Fees
Chase provides reasonable auto loan rates, while rates may vary depending on your credit score and place of residence. At the time of writing, the APR ranged from 4.5% to 15%, with loan durations ranging from 12 to 84 months.
When applying for a car loan with Chase Auto Loan Rates, there are no application costs. However, car loans obtained from Indiana or Ohio dealerships will incur a $195 origination fee.
Loan discounts: If you are a Chase Private Client, you will receive a 0.25% interest rate reduction on a new or used automobile loan. Chase Private Clients must have a personal or corporate account and investments with an average daily balance of $250,000 or higher.
Discounts on auto loans: If you’re refinancing an existing car loan, you can get a 0.25% rate reduction if you already have a Chase checking account. Furthermore, if you are a Chase Private Client, you will receive this discount in addition to the 0.25% Chase Private Client discount.
Savings on down payments: Chase Auto Loan Rates do not demand a down payment, which is a tempting perk that allows you to get behind the wheel of a new automobile for less. Keep in mind that if you don’t put money down, your monthly payments and interest will most likely be greater. To lower the amount of money that you’ll need to finance, consider trading in an old vehicle or making a down payment.
Chase Auto Loan Reviews
Customers have given Chase Auto Loans mixed reviews. Some borrowers have reported favorable experiences with the loan procedure, competitive interest rates, and easy online account administration.
Other borrowers, on the other hand, have had poor experiences with Chase Auto Loans. The most common complaints are about severe eligibility standards that make it impossible for some people to qualify for a loan, fee confusion, limited loan amounts, and bad customer support.
Chase Auto Loan Rates currently has an A+ rating with the Better Business Bureau (BBB), but they have multiple entries on the BBB website. There are numerous 4- and 5-star ratings of Chase Auto Loan Rates on other review sites as well.
Chase Auto Loan Application Process
You can apply online for a Chase auto loan. It only takes a few minutes to complete the process. You can also apply by phone by calling Chase customer service or in person by visiting a Chase branch.
When you apply for a loan with Chase Auto Loan Rates, you must mention the dealership from which you intend to purchase a vehicle. If you later decide to purchase a vehicle from a different dealership, you must submit a new loan application or contact the company directly. If you’re not sure which vehicle you’ll be purchasing, it may be advisable to postpone applying for a Chase auto loan until you are.
To complete the application, Chase will do a hard inquiry, which will appear on your credit report. In most circumstances, you’ll hear back within two to three hours about your application. Once authorized, your approval and APR will be valid for 30 days.
How to Apply for a Chase Auto Loan
1. Gather the necessary information. This may contain information about your address, employment, and income. You’ll need to know what kind of vehicle you’re looking for. You must purchase your new or used vehicle from a Chase partner dealer.
2. Submit a formal application and await a decision on approval. If you are qualified for a loan, Chase may be able to provide you with funds promptly. The bank will quickly analyze your application and credit history before making an approval decision.
3. Plan your monthly payments. Your monthly payments could be several hundred dollars depending on the interest rate, the amount borrowed, and the term length. Make a plan to incorporate vehicle loan installments into your budget.