November 29, 2022

Chase Auto Loans Review

Chase Auto provides auto financing for new or used cars. Refinancing is not available. You may also be able to buy out your lease using Chase Auto loans.

If you want to finance a new or used car using a Chase Auto loan, you start by choosing a dealer that is part of Chase’s network. The dealer will be the original creditor of the loan and then the financing of the loan will be assigned to Chase.

You can get prequalified on the Chase Auto website if you’re still in the research phase, however. The good news is that doing so doesn’t affect your credit score, and you’re not obligated to finance with Chase. After getting your prequalified amount, Chase provides a tool to search for dealers within its network.

Once you find a dealer, if you also know the car make and model that you’re interested in, you can take the next step and complete an online application. You’ll need to provide your personal information (name, address, Social Security number, employment information, income, email address) as well as the car details, financing amount and term. If you already have an account with Chase, you can sign in first and your information will be auto-filled. Once submitted, Chase will pull your credit report and verify your income, credit, ability to repay and collateral.

Once approved, your loan application will be sent directly to the dealer you chose, and your rate is locked in for 30 days. If you do decide to make changes to the vehicle, Chase and the dealer will adjust the financing offer as needed.

Chase Auto does not disclose what annual percentage rates it charges for its loans. It does not charge origination or application fees (except for residents of Indiana, who pay an origination fee of $195), but it does charge late fees.

Chase only underwrites loans for used cars less than 10 years old and with fewer than 120,000 miles. It also will not finance vehicles with branded titles, which indicates an insurance incident.

Loan amounts must be at least $4,000. Payment terms range from 12 to 84 months depending on the amount of the loan.

Chase does not charge any prepayment fees should you decide to pay the loan off early.

Chase offers a 0.25-point APR discount for Chase Private Clients. To be a Chase Private Client, you must either have an average daily balance of $150,000 in your Chase Private Client Checking account and linked qualifying deposits and investments, a linked Chase Platinum Business Checking account or pay a $35 monthly service fee.

Chase Auto does not disclose its minimum qualifications. However, if you are not able to meet the loan eligibility on your own, you do have the option to apply with a co-applicant.

Chase Auto operates in all 50 states, and you must be at least 18 years old to apply.

Chase Auto is part of JPMorgan Chase, the largest commercial bank in the United States. The Consumer Financial Protection Bureau received 214 complaints about Chase’s auto loans in 2021; Chase gave a timely response in all but one instance. It closed 175 complaints with an explanation, 22 with nonmonetary relief and 17 with monetary relief. Chase has an A- rating with the Better Business Bureau.

Chase offers customer service for its auto loan customers at 800-336-6675, with representatives available Monday to Friday from 8 a.m. to 7 p.m. Eastern Time and Saturday from 9 a.m. to 6 p.m. ET. You also have the option to get in touch via email if you sign in to your account. There is no real-time chat function.

Chase Auto allows prequalification and then lets you square away the financing before you walk into the dealership, which can help you feel empowered and cut down on paperwork and time. You are limited to working with dealerships that partner with Chase, and no qualification or rate details are offered upfront. Chase also does not refinance existing loans.

  • People who want to avoid dealership paperwork by applying in advance.
  • People who are loyal to the Chase brand, especially Chase Private Clients, who can qualify for the loan discount.
  • People shopping at Chase Auto partner dealerships.

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