Whether you’re looking for a larger auto loan or need help financing a used vehicle, Chase Auto Finance has versatile options that may work for your situation. With an upper limit of $600,000 per loan, Chase offers some of the largest auto loans that you’ll find.
Chase Auto Loans Overview
JPMorgan Chase Bank, N.A. (Chase) is one of the largest banks in the United States. It provides loans for cars purchased through its extensive national dealer network.
Chase also offers various supplementary services, like the Chase Auto Preferred program and the MyCar platform. These services support you through the car-buying process and as you enjoy and care for your car after its purchase.
Chase Auto Financing Application Requirements
When applying for a loan with Chase, you’ll need to provide various financial and personal information:
- Name, address, and Social Security number
- Employment information and income
- Make, model, trim, and VIN of the vehicle you want to purchase
- Information about the dealership where you’ll be buying the car
- Details on the amount you would like to finance
Types of Chase Auto Loans
Chase offers auto loans for both new and used vehicles purchased through a dealer in the Chase network. Commercial vehicles, vehicles older than 10 years, and vehicles with more than 120,000 miles are not eligible.
Loans start at a minimum of $4,000. The maximum loan amount tops out at $600,000, which is significantly higher than the maximum amounts offered by other auto loan providers.
Chase does not offer auto refinancing or loans for private party sales. Chase also doesn’t provide loans for motorcycles, RVs, or vehicles that will be used as taxis or for Uber or Lyft.
Chase’s auto loan rate calculator can help you to get a sense of what your monthly payments could be like. This calculator determines your monthly payment based on information about the vehicle you’re buying and the total amount of your loan.
Chase also offers a payment calculator that can help you estimate your car payment and determine just how much interest you’ll pay during the life of your loan. This information is valuable when you’re first shopping around for auto loans and can help you decide just how much you can afford to spend on a vehicle.
Chase Auto Loan Rates & Fees
Chase is known for offering competitive auto loan rates. However, it’s worth noting that Chase does not publish specific auto loan rates on their website, so rates can differ based on factors such as your credit score and the state in which you reside. At the time this article was written, reported APRs ranged from 4.69% to over 15%, available for loan terms of 12 to 84 months.
When applying for a car loan through Chase Bank, there are no application fees. But, for car loans intended for purchases from dealerships in Indiana or Ohio, a $195 origination fee will be charged.
- Loan discounts: If you’re a Chase Private Client, you’ll enjoy a 0.25% discount on your interest rate for a new or used car loan. Chase Private Clients must have an average daily balance of $250,000 or more in personal or business accounts and investments.
- Down payment savings: Chase auto loans don’t require a down payment, which can be an appealing benefit and which helps you to get behind the wheel of a new car for less. Keep in mind that if you don’t put money down, you’ll probably face higher monthly payments and interest. It’s always a good idea to consider trading in an old vehicle or making a down payment to reduce the amount of money that you’ll need to finance.
Chase Auto Loan Reviews
Chase Auto Loans have received mixed reviews from customers. Some borrowers have had positive experiences and report satisfaction with the loan process, competitive interest rates, and convenient online account management.
However, other borrowers have reported negative experiences with Chase Auto Loans. Common complaints include strict eligibility requirements that make it difficult for some individuals to qualify for a loan, confusion over fees, limited loan amounts, and poor customer service.
The Better Business Bureau (BBB) currently gives Chase Auto Finance an A+, but they have several listings on the BBB website. You will find plenty of 4- and 5-star reviews of Chase Auto Finance at several other review sites as well.
Chase Auto Loan Application Process
You can apply for a Chase auto loan online. The process takes just a few minutes. You can also apply over the phone by calling Chase customer service or in person at a Chase branch.
When you apply, you’ll need to specify the dealership where you plan to buy a vehicle. If you later decide to buy a car from a different dealership, you’ll need to complete a new loan application or contact the company directly. If you’re not yet positive about which vehicle you’ll be buying, it may be best to wait to apply for a Chase auto loan until you’re certain.
Chase will run a hard inquiry to process the application, which will show up on your credit report. In most cases, you’ll receive a decision on your application within two to three hours. Once you’re approved, your approval and APR are good for 30 days.
Pros & Cons of a Chase Auto Loan
- Wide availability: Chase Auto Loans are offered at over 4,700 Chase Bank branches across the United States. This makes it easy for individuals to apply for and obtain a loan.
- Flexible repayment terms: Chase offers loan repayment terms ranging from 12 to 84 months, allowing borrowers to choose a repayment period that works best for their financial situation.
- Competitive interest rates: Chase Auto Loans often have competitive interest rates compared to other auto loan lenders.
- Online application and management: Borrowers can easily apply for a Chase Auto Loan and manage their account online through the Chase website or mobile app.
- Strict eligibility requirements: Chase has strict minimum credit score and income requirements for borrowers, which may make it difficult for some individuals to qualify for a loan.
- Limited loan amounts: Chase Auto Loans have maximum loan amounts that may be lower than what some borrowers need to finance their vehicle purchase.
Chase Auto Loan Special Features
Navigating the car-buying process can be overwhelming, and that’s where the Chase Car Buying Service can help. This concierge car buying service can guide you through the process, eliminating a lot of the legwork you’d do when searching for cars and visiting dealerships on your own. Participation is open to anyone, even if you don’t have a Chase bank account.
With Chase Auto Preferred, a concierge dealership employee will guide you through buying a car:
- You’ll receive discounted pricing on cars.
- The concierge will facilitate a test drive and a trade-in vehicle evaluation if needed.
- The concierge will also work with you to find appropriate auto financing, whether that’s through Chase or through another loan provider.
Chase also offers a MyCar platform that can help you manage your vehicle. The MyCar platform helps you track your maintenance schedule, provides details on your car’s value, and checks for recalls to ensure your car is safe. This platform is available to any Chase customer with an online account. You don’t have to have a Chase auto loan to use the platform.
How Do Chase Auto Loans Compare With Other Options?
When you’re in the market for an auto loan, it’s essential to consider various lenders to find the best fit for your needs. Here’s how Chase Auto Loans stack up against a few other popular options:
Chase Auto Loans:
- Key Features: Chase Auto allows potential borrowers to prequalify, which means they can finalize their financing even before stepping foot in the dealership. This not only enhances the buyer’s confidence but also considerably reduces the time and paperwork required at the dealership. However, borrowers are restricted to choosing from dealerships that are partners with Chase. It’s worth noting that Chase doesn’t disclose qualification or rate details upfront and does not offer auto refinance loans.
- Best For:
- People looking to minimize dealership paperwork by applying beforehand.
- Loyal customers of Chase, especially Chase Private Clients, who may be eligible for loan discounts.
- Individuals who are shopping at Chase Auto partner dealerships.
Auto Credit Express:
- EST. APR: Varies
- LOAN AMOUNT: $5,000-$50,000
- MIN. CREDIT SCORE: 500
Consumers Credit Union:
- EST. APR: 5.94-17.54%
- LOAN AMOUNT: $7,500-No max.
- MIN. CREDIT SCORE: 620
- EST. APR: 8.99-16.44%
- LOAN AMOUNT: $5,000-$100,000
When comparing the above lenders, it’s evident that each has its advantages and a specific audience they cater to. For instance, Auto Credit Express might be more accessible to individuals with a lower credit score, while Consumers Credit Union offers a broader range of loan amounts. Meanwhile, Chase brings the benefit of prequalification and association with a renowned brand.
A Chase auto loan may be right for you if:
- You’re buying a vehicle from a dealership within Chase’s network
- You already know which vehicle you want to buy
- You want to avoid a required down payment
- You have good credit history
- You’re a Chase Private Client
Chase auto loans won’t cover vehicles purchased from an individual or an out-of-network dealer, so in this case, it’s important to have settled on a vehicle before applying with Chase Bank. If you change your mind and want to buy a new vehicle from a different dealership, be sure to budget some extra time to reapply.
Chase auto loans offer competitive interest rates, but it’s always essential to ensure that a loan is the right fit for your needs. Because Chase works with various dealerships all over the country and offers loans up to $600,000, it can be a great option for many car buyers.
Check out our other auto loan reviews below to continue exploring your options.