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Chase Auto Loan Review

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JP Morgan Chase Bank, popularly known as Chase, is one of the nation’s largest lenders, and they offer competitive auto loans for both new and used cars. Chase auto loan rates vary by the make and year of the car, where you live and the loan amount. One catch about getting a Chase auto loan is that you have to buy your car from a dealer in the Chase network in order to finance through this lender. As one of the leading players in the automotive finance industry, Chase may be able to offer appealing terms to qualifying borrowers.

Chase loans at a glance

Chase does not publish specific rates for used or new auto loans. Instead, they offer an auto loan rate calculator where you can enter the following information:

  • The year and make of the car
  • Your state of residence
  • Your estimated credit score (fair, good, very good or excellent)
  • The desired loan amount (from $4,000 to $600,000)

The rate you’ll get on a Chase auto loan will vary based on your answers. Chase offers terms from 36 to 72 months, which is in line with the average loan term most buyers choose. For example, a consumer in North Carolina with a credit score in the 800s who wants to finance a new, $60,000 Honda for 72 months may receive a rate of 4.69%APR.

Ideally, you should get the shortest auto loan term possible. The less time you spend repaying a loan, the less money you’ll have to pay in interest charges.

Remember that you will need to use a dealer in their network, and Chase does not offer auto loan refinancing.

Chase loans at a glance

Loan typeAPRTermsAmount
New carNot disclosed48-72 months$4,000-$600,000
Used carNot disclosed36-60 months$4,000-$600,000
RefinanceN/AN/AN/A

Chase auto loans pros and cons

Chase Bank offers some great options when it comes to purchasing a car, but it’s important to understand both the pros and cons before applying for a loan.

ProsCons

  30-day rate lock

  Very high maximum loan amount for borrowers with good credit

  Can get prequalified with no impact to your credit score

  Must get prequalified to see possible rates

  Must buy your car through a dealer in Chase's network

  If you change dealers, you will need to submit an entirely new loan application

  Minimum loan amount of $4,000

A closer look at Chase auto loans

Chase auto loans operate differently than loans from some other banks or credit unions because you’ll need to know the make, model and year of the car you intend to purchase before applying for your loan. You’ll also have to finance your Chase auto loan through a dealer within the Chase network. This can make it a bit more challenging to shop for your car, since you will need to fill out a new loan application if you change dealers.

Unfortunately, Chase does not provide specific loan rates on their website. Borrowers will have to get prequalified for an auto loan in order to see what type of rates they may receive.

How to apply for a Chase auto loan

Here are the basic steps to apply for and buy a car using a Chase auto loan:

  1. Establish your budget and how much car you can afford, including your down payment and your preferred loan term.
  2. Determine the make, model and year of the car you want to buy. Choose the dealer you want to buy from, including their location. Make sure that the dealer is in the Chase network.
  3. Gather the personal and income documentation needed for the application.
  4. Use the information gathered to apply online or at a local branch.
  5. Head to the dealer to buy your car.

Establish your budget

When looking at your budget and determining how much car you can afford, don’t just look at the monthly payment. Make sure you are taking into consideration the cost of insurance, maintenance and fees. We recommend following the 20/4/10 rule when you’re setting a car budget. That means putting at least 20% down, financing for no more than four years and keeping the total costs to under 10% of your budget.

Additionally, while a down payment is not required, the more you can afford to put down, the less you will have to finance.

Once you know how much car you can afford, it’s time to decide on the car you want to buy.

Determine which car you want to buy

Before applying, you will need to know the car you want to buy. While the exact amount you need to borrow may vary based on different trims or add-ons, the more accurate you can be, the better. You’ll need to input the year, make and model of the car on your Chase auto loan application.

Keeping your budget in mind, you need to decide what kind of car and features are important to you. Some things you’ll want to consider are the size you’re looking for and how you intend to use it. If you’re commuting in a big city, a fuel-efficient sedan may suit your needs best. If you live somewhere that often gets inclement weather, a car with four-wheel drive may be worth considering.

Don’t be afraid to take the car you’re interested in out for a spin. Remember that you don’t have to buy the car just because you took it for a test drive, and getting to know the car before you purchase can help you make an informed decision.

Once you’ve chosen the car you want to buy, confirm that the dealer is in the Chase network. In order to qualify for a Chase auto loan, you are required to purchase from a dealer in their network. You can confirm this with a call to the dealership.

Submit documentation

After you’ve chosen a car, it’s time to gather your documents and apply for the loan. To apply, you’ll need to provide:

  • Personal information (address, phone number, Social Security number etc.)
  • Employment and income information
  • Proof of residence
  • The desired loan amount
  • The dealer you plan to buy the car from
  • The make, model, trim and year of the car
  • Your preferred loan term

Apply online or at a local branch

Once you’ve gathered the required information, you can apply online or at a local branch. A loan decision may take just a few hours or as long as three business days. When you apply online, you’ll be able to check the status of your application using the application ID that is emailed to you at the time of your application.

You can also use your application ID to complete your paperwork if you were unable to finish it in one sitting. Once approved, the rate offered will be good for 30 days. Your approval notification will include information about what documents you will need to take to the dealer. You can find out whether you’re approved in as few as two to three hours or up to three business days.

Head to the dealer

Figuring out the financing of your car purchase before you go to the dealer helps you understand what you can afford and can provide you with negotiating power when finalizing the details of your car purchase. When you go to the dealer, you will want to make sure you bring the documents mentioned in the email or the email itself so the dealer can find your loan documents with Chase in their system. You’ll also need to bring proof of insurance and a valid driver’s license.

Lastly, you’ll need to bring your method of down payment. You may want to call the dealer ahead of time to see what types of payment they accept, such as a debit card or cashier’s check.

How Chase auto loans compare

While it’s hard to know whether Chase auto loans are the best choice since they don’t disclose their rates, they do offer the highest maximum loan amount, at $600,000. They also lend to people with fair credit, though your interest rate will be higher than someone with better credit. Below, we’ll compare Chase auto loans to the loans offered by Bank of America and BMO Harris.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

ChaseBank of AmericaBMO Harris
APRNot disclosedAs low as 4.99%As low as 3.99%
Terms36 to 60 months for used; 48 to 72 months for newUp to 72 months12 to 84 months
Amount$4,000 to $600,000Starts at $7,500Starts at $2,000
Min. credit score requiredFair creditNot disclosed640-650

Is a Chase loan right for you?

If you know what kind of car you want to buy and you can find a good deal with a dealer in the Chase network, then a Chase auto loan may be a good option. Ultimately, however, since they don’t disclose their offered APR range, it’s hard to know whether a Chase auto loan is the right choice for you. Remember that it’s a good idea to shop around with multiple lenders. Getting multiple auto loan offers will help you understand if a Chase loan is a good deal for your car purchase. You can fill out a form with LendingTree and receive up to five auto loan offers.

 

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