Chase Auto Loan Review for 2020

Whether you’re looking for a larger auto loan or need help financing a used vehicle, Chase auto loans have 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.

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Chase, which is a subsidiary of the J.P. Morgan Chase & Co., provides loans for cars purchased through its extensive national dealer network. It also offers a variety of supplementary services, like the Chase Auto Preferred program and the MyCar platform. These services support you not only through the car-buying process, but also as you enjoy and care for your car after its purchase.

Car Loan Application Requirements

When applying for a loan with Chase, you’ll need to provide a variety of 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 Auto Loans Available Through Chase

Chase offers auto loans for both new and used cars purchased through a dealer within Chase’s network. Commercial vehicles, vehicles older than 10 years, and vehicles with more than 120,000 miles are not eligible. Chase also doesn’t provide loans for motorcycles or RVs, or for vehicles that will be used as taxis or for Uber or Lyft.

Loans start at a minimum of $4,000. Maximum loans top out at $600,000, which is significantly higher than the maximum amounts offered by other auto loan providers.

You can also explore refinancing your current auto loan with Chase.

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 payments based on information about the vehicle that you’re buying and the total amount of your loan.

Chase also offers a payment calculator that can help you to both estimate your monthly payments 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 to decide just how much you can afford to spend on a vehicle.

Fees and Rates

Chase auto loans offer competitive rates, though rates can vary depending on your credit score and your state. At the time this article was written, Chase was offering an APR range from 4.33% to 15%, with 48-month, 60-month, and 72-month loan terms.

Chase auto loans don’t have any application fees. Loans for purchases from dealerships in Indiana or Ohio will carry a $195 origination fee.

Available Discounts

  • Loan discounts: If you’re a Chase Private Client, you’ll enjoy a 0.25% discount on your interest rate for a used- or new-car loan. Chase Private Clients must have an average daily balance of $250,000 or more in personal or business accounts and investments.
  • Refinancing discounts: If you’re refinancing an existing auto loan, you can get a 0.25% rate discount if you already have a Chase checking account. And if you’re also a Chase Private Client, you’ll enjoy this discount in addition to the 0.25% Chase Private Client discount.
  • 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 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 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 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 that you want to buy a car from a different dealership, you’ll need to complete a new loan application with Chase 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 into your credit to process the application. 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.

Special Features

Navigating the car-buying process can be overwhelming, and that’s where Chase Auto Preferred 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 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 financing, whether that’s through Chase or through another loan provider.

Chase also offers a MyCar platform that can help you to manage your vehicle. The MyCar platform helps you to track your maintenance schedule, provides details on your car’s value, and can check 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 an auto loan through Chase to use the platform.

Bottom Line

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
  • You’re a Chase Private Client

Chase loans won’t cover vehicles purchased from an individual or from an out-of-network dealer, so in this case, it’s important to have settled on a vehicle before applying with Chase. 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 to Chase.

Chase loans offer competitive interest rates, but it’s always important to make sure that a loan is the right fit for your needs. Because Chase works with a variety of dealerships all over the country and offers loans up to $600,000, it can be a great option for many car buyers.

Still Searching?

Check out our other auto loan reviews below to continue exploring your options.