2023 Chase Auto Loan Review
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Chase auto loans at a glance
 | New auto loans | Used auto loans |
|---|---|---|
| Starting APR | Not disclosed | Not disclosed |
| Loan terms | 12 - 84 months | 12 - 84 months |
| Loan amounts | Starting at $4,000 | Starting at $4,000 |
| See auto loan rates | See auto loan rates |
Chase Bank is one of the biggest banks out there, so it might surprise you to hear that it considers borrowers of all credit profiles for its auto loans. While your odds of approval decrease with a lower credit score, it’s worth knowing that you may still qualify even if your credit history has some blemishes. As one of the leading players in the automotive finance industry, Chase may be able to offer appealing terms to qualifying borrowers.
- Must shop at a partner dealership: Chase only provides auto financing if you buy from a dealership in their partner network.
- Quick turnaround: Most borrowers learn whether they’re approved within two to three hours of submitting their application.
- Wide range of loan terms: Terms start at 12 months and go all the way up to 84 months, giving applicants plenty of repayment flexibility.
- 100% financing available: A down payment will likely help you receive favorable loan terms — but depending on your credit profile, it may not be required.
- Best for those shopping at a partner dealership: Chase isn’t transparent about its rates or underwriting requirements, so you’ll have to apply to find out whether its financing options are a good match for your needs. If you’re already planning to buy from a dealer in Chase’s network, this lender could be a good option.
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Chase pros and cons
Chase offers auto loans for new and used vehicles but does not offer refinancing. As with any lending product, there are both positives and negatives to Chase auto loans.
| Pros | Cons |
|---|---|
100% financing available No prepayment penalties Quick approval Allows prequalification | No refinancing available Lack of transparency regarding rates and minimum credit qualifications Only available with partner dealerships |
While a down payment could make your loan terms more favorable, Chase doesn’t require one. And though this lender isn’t transparent about rates or credit requirements, it does appear to at least consider borrowers with fair or poor credit scores. As such, it could be a reasonable option for shoppers looking for a bad credit car loan.
However, you can only use Chase auto loans at partner dealerships, which limits where you can shop. But if you’re shopping at the right dealership, you’re likely to receive a loan decision within hours of submitting an application.
A closer look at Chase auto loans
To qualify for a Chase auto loan, the vehicle you plan to purchase needs to be less than 10 years old and have fewer than 120,000 miles. If the car is from the past three model years, it will be considered new, while used vehicles fall in that 10-year range.
Chase doesn’t charge prepayment penalties on its auto loans, so you can pay your balance off early without consequence. This lender also offers hardship assistance — if you hit a financial rough patch, you can ask for a couple of payments to be skipped and tacked onto the end of your loan term. Alternatively, you could change your payment due date if that would help you make your payment on time.
Chase also offers lease options, but you’ll have to pay an early termination fee if you turn your car in early. At the end of your lease, you can either buy your vehicle, extend your lease or turn in your vehicle.
How to get a loan with Chase
Before you apply for a Chase auto loan, you’ll need to know the specific vehicle you’d like to purchase. Chase will ask you for information like the make, model, VIN and mileage.
With this info, you can start the application process online.
Shop at a Chase-partnered dealership
After submitting your vehicle information, the next step of the application involves selecting the dealership that has the car you want to buy. Chase only works with partner dealerships, so you’ll have to shop at one on the list.
Provide personal information
Next, you’ll be asked for basic information about yourself. This includes all the usual suspects, like:
- Your name and contact information
- Your Social Security number
- Your gross annual income
If you’re submitting a joint application, you’ll have to provide this same information for your co-applicant.
Get a decision within a few hours
It typically takes about two to three hours for Chase to return a decision. If you’re approved, you can take your confirmation email with you to the dealership, where you will finalize your loan documents.
Your approval is good for 30 days, and during that time, you’re allowed to change your mind about certain aspects of the loan. For example, you can swap out the vehicle, the loan term or loan amount. Keep in mind, however, that any changes could change your APR or other offer details.
If you decide to buy from a different dealer, you’ll have to submit a new application.
How Chase auto loans compare
Even if you believe that a Chase auto loan aligns with your borrowing needs, it’s always a smart idea to shop around and compare auto lenders. Here’s how Chase stacks up against a couple of competitors.
| Chase | Consumers Credit Union | Bank of America | |
|---|---|---|---|
| Starting APR | Not disclosed | 5.94% | 6.29% |
| 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 transparency around rates and credit score requirements can make it difficult to assess whether Chase is a good lender for you. The best way to find out will be to apply to multiple lenders and see what you’re offered. With LendingTree, you can submit a single form and receive up to five auto loan offers from lenders.
That said, Chase is only an option if you’re shopping at a participating dealership. Chase does offer lots of flexibility in loan term options, but keep in mind that longer terms generally mean that you’ll pay more in total interest over the life of your loan.
Frequently asked questions
Chase doesn’t disclose its minimum credit score requirement. However, the Chase website seems to indicate that it at least considers borrowers with credit scores of 619 and below. If you have fair or poor credit and are approved, expect your interest rate to be higher than what’s offered to borrowers with good credit.
Yes, you can pay off your Chase auto loan early with no prepayment penalty. But if you’re leasing a vehicle, it’s an entirely different ball game — turning your lease in early could result in some substantial early termination fees.
If you submit an online application, you’re likely to receive a decision within two to three hours. More complicated lending decisions may take a little longer, but most applicants receive a decision quickly. The approval notification will be emailed to you.