Chase Auto Loan Review
Chase auto loans at a glance
| New auto loans | Used auto loans | |
|---|---|---|
| Starting annual percentage rate (APR) | Not disclosed | Not disclosed |
| Loan terms | 12 to 84 months | 12 to 84 months |
| Loan amounts | $4,000 to $750,000 | $4,000 to $750,000 |
| See Auto Loan Rates | See Auto Loan Rates |
Chase Bank offers auto loans for new and used vehicles only through its nationwide dealer network. If you apply for a loan at a new-car dealer, Chase Bank will likely be one of the financing options the dealer offers.
While Chase doesn’t disclose its APR range and minimum qualifications like income and credit score, it does provide a wide range of loan amounts and terms compared to other financial institutions.
Chase makes it easy to apply for prequalification so you can get a sense of how you may qualify before you apply for financing. You can apply for prequalification without impacting your credit report.
- 100% financing available: You may not need a down payment with a Chase auto loan.
- Easy application: If you apply online through Chase, your dealer in the Chase network will receive your information to speed up the process.
- Quick turnaround: Most applicants get a decision back within a few hours.
- Vehicle restrictions: Chase Bank doesn’t finance vehicles more than 10 years old or with more than 120,000 miles.
- Best for borrowers shopping at Chase partner dealerships: To get the Chase rate, you must purchase your vehicle from a dealership that is part of the Chase network. If you’re a Private Client shopping at a dealer in the network, you’re eligible for a 0.25% APR discount.
Chase auto loan requirements
Chase doesn’t reveal its minimum credit score requirements, but the Chase car payment calculator will give an idea of what to expect. In addition to borrower requirements, you’ll have to consider its vehicle requirements.
The Chase credit calculator uses a credit score range from 619 and below (fair) to 740 and above (excellent). The general industry range for fair credit is usually around 580-669, as defined by FICO.
There is one tier lower, the “poor” range, but the Chase credit calculator doesn’t allow you to choose that option.
To complete an application, you’ll be asked to provide your personal information:
- Name
- Address
- Social Security number
- Employment information
- Income
- Contact information
- Vehicle make, model, trim
- Designate dealership
- Details of the requested financing (e.g., term, down payment and trade-in value)
For existing Chase customers, your profile information will pre-fill the application form when you sign in.
Vehicle requirements
Chase provides financing for vehicles that are 10 years old or newer. “New” means from the current year, the year before and the year after. That means in 2024, a new model could be from the 2023, 2024 or 2025 model years.
Used cars from 2014 are eligible. To qualify, a car must have less than 120,000 miles on its odometer.
In addition, the following vehicles are not eligible for Chase auto lending, including but not limited to:
- Teslas older than five calendar years
- Commercial vehicles
- Salvage or branded title vehicles
- Vehicles that are not titled or registered in one of the 50 United States or the District of Columbia
- Vehicle usage for taxis, limousines, rideshare, Uber, Lyft, etc.
- Motorcycles, recreation vehicles (RVs), boats or aircraft
- Certain exotic makes
Chase pros and cons
If you’re shopping at a dealership in the Chase dealer network anyway, you might as well check the dealer’s rate. You can also prequalify online to see your rate, but the financing offer will be finalized at the dealership.
When you’re shopping around for credit for a big purchase like a car, you can make multiple credit inquiries without hurting your credit score, like applying for a new credit card would.
Pros
- 100% financing
- No fees for paying off loan early
- Online car-shopping service
Cons
- Dealership must be in the Chase network
- Changing dealerships or vehicles could require a new application
- Won’t disclose credit qualifications or rates
To use Chase auto financing, you must purchase or lease a vehicle from a dealer in the Chase network. You won’t be able to use Chase financing anywhere else. The digital car-buying program can connect you with the car you’re looking for at a dealer in the network.
Even if Chase approves your application at a great rate, you’re under no obligation to accept its offer. However, to take advantage of the offer, you’ll have to work with the dealer in the Chase network.
You don’t have to be a current Chase customer to apply. But, if you’re a Chase Private Client, you will qualify for a sweet APR discount.
With 100% financing available, you may not have to make a down payment for a Chase auto loan. However, a down payment can help you qualify for lower rates or overcome a spotty credit history to help your application go through. A down payment also reduces the amount of interest you’ll pay during the loan term.
Chase company overview
Chase Bank is part of J.P. Morgan Chase & Co., which is the largest bank by assets in the U.S., according to the Federal Reserve. You might be reluctant to deal with a large bank with lots of hidden fees for strict lending requirements. But there are no application fees with Chase auto loans, and you can pay off your loan early without additional fees. While Chase doesn’t offer specific credit requirements, it does include the fair tier credit scores in its prequalification calculator.
While you can find Chase financing at many different brands of dealerships, Chase operates as the financing arm of several auto manufacturers, including:
- Aston Martin
- Jaguar
- Land Rover
- Maserati
- McLaren
- Rivian
- Subaru
Chase auto loan types offered
Chase auto financing is limited to two types:
- New vehicle financing: For vehicles in the model years 2023-2025 when you are the first owner. No down payment is required. Terms range from 12 to 84 months.
- Used vehicle financing: For pre-owned vehicles from model years 2014-2025. No down payment is required. Terms range from 12 to 84 months.
Chase does not offer auto refinancing or financing for private-party sales.
How to get an auto loan with Chase
Chase makes it easy to apply for an auto loan. You can apply for prequalification using its online form without a hard credit pull. Once you submit your final application, the offer will be good for 30 days.
Note: If you apply with Chase online, only Chase will receive your application (though your dealer will also get your approval details). If you apply at the dealer, your application may be sent to other lenders.
Start with prequalification
Prequalification gives you an idea of the rates and terms you may qualify for before making a full finance application. If you’re still shopping around for a car and you want to know how much you may be able to afford, this step is a good option.
If you’re already applying with other lenders, go ahead and put in an official application. All credit applications with a hard pull in a similar time frame only count as one application. Another application won’t harm your credit score.
However, even if you receive a prequalification estimate, there is no guarantee you will be approved for the loan.
To complete a prequalification application online, you’ll be asked to provide your personal information:
- Name
- Address
- Social Security number
- Employment information
- Income
- Contact information
- Vehicle make, model, trim
- Designated dealership
- Details of the requested financing (e.g., amount, term, down payment and trade-in value)
You must be at least 18 years old to submit an application.
Start shopping
Once you have prequalification information in hand, you can start shopping for a car, either on your own or through a dealer in the Chase network. When you are ready to finance your vehicle, you can apply directly at the dealership or online.
Submit an official application
When you have selected a car and decided on financing, submit an official loan application to the lender. You will need the same information as the prequalification application, and the lender may ask for additional proof of income, current debts and monthly expenses.
Usually, you’ll receive the results of your application within two to three hours. The offer is good for 30 days, and you can use it with Chase’s online car-shopping portal or in person at one of the dealerships in the network. Keep in mind that if you change the vehicle after approval, it could change your offer.
If you receive a Chase loan approval online, the dealership will have that information, so there’s no need to reapply.
Is a Chase auto loan right for you?
A Chase auto loan may be right for you if you’re working with a dealer participating in the Chase network.
As Chase loans don’t have application fees or fees for paying off your car loan early, it’s worth getting prequalified so you can compare offers. It’s always a good idea to shop around for the best auto loan rates.
While you won’t need an excellent credit score to secure a loan, negatives like a recent bankruptcy or delinquency could stop you from being approved.
If you’re already a Chase Private Client, you’re eligible for an APR discount that could make a difference in your financing choice.
How Chase auto loans compare
Without APR ranges or explicit credit score requirements for a car loan from Chase, it’s difficult to compare auto financing options. However, Chase does offer a wide range of loan terms and amounts compared with other lenders. It’s a trade-off between visibility and accessibility. Chase is easy to use, but you don’t know what you’re getting into up front.
Below are details for new car loans.
| Chase Bank | Bank of America | Capital One | |
|---|---|---|---|
| Starting APR | Not specified | 5.34% | Not disclosed |
| Loan terms | 12-84 months | 48-72 months | 24-84 months |
| Loan amounts | $4,000-$750,000 | Starting at $7,500 | Starting at $4,000 |
| Minimum credit score | Not specified | Not specified | Not specified |
Like Chase Bank, Bank of America allows you to apply online or at one of its partner dealerships. However, unlike Chase, you can use your Bank of America financing at any dealer.
The Capital One Auto Navigator tool makes it easy to shop for a car online and secure financing.
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