What To Watch Out For
- No private party purchases. You can only use a Chase auto loan to buy a car from a dealership.
- Long turnaround. It can take up to three days to get preapproved through Chase many lenders can preapprove you in minutes.
- Potentially more expensive. If you choose not to make a down payment, youll end up paying more in interest and could have higher monthly repayments.
- Little information online. Its hard to find basic information about rates, terms, loan amounts and eligibility without applying to prequalify.
- Doesnt offer short loan terms. The shortest term length for a Chase auto loan is 48 months, so interest can add up over four years if you make minimum payments only.
Case study: Adriennes experience
I took out a Chase auto loan when I purchased a used 2011 Toyota Tacoma at a dealership. I applied for financing through the dealer not with Chase directly so my comments are limited to that experience.
I have an excellent credit score and the sales rep offered me an interest rate of 3.8%. When I mentioned this to him, he said, Well how does 3.2% sound instead?
It seemed really odd to me that he could modify the offer so easily and makes me wonder how much I left on the table by not negotiating further. It also makes me wonder about the size of the kickback the dealer gets. If I had applied directly through Chase, would my rate have been even lower?
Chase Auto Preferred Car Buying Service
One standout feature of the Chase auto loan program is that you can actually complete the vehicle purchase process through the company. Customers can prequalify for a loan, browse the inventory of participating dealerships, and buy their new vehicle entirely through Chase.
You dont need a Chase bank account to participate in the car buying service. You can simply log on and search local dealer inventory for new and used cars by style or specific make and model.
When you settle on a car you want and move forward, a Chase concierge from a local dealership will help with your purchase process. While it is not necessary to take advantage of this option to get a Chase auto loan, it allows customers to shop for cars from home and even schedule test drives and car deliveries. Furthermore, customers using this service can get discounted pricing on certain vehicles.
Only sign up for Chase Auto Preferred if you are ready to purchase a car within the next 30 days.
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Don’t Miss: What Loan Amount Can I Get Approved For
Best Overall: Penfed Credit Union
PenFed Credit Union
- As low as 4.44%
- Minimum loan amount: $500
PenFed Credit Union provides some of the best rates available. It also has flexible loan amounts and a number of auto loan options for members. Even though membership is required, a disadvantage for some, PenFed makes the requirements to join fairly straightforward.
Offers new, used, and refinance loans
Loan amounts from $500 to $100,000
Provides rate discounts for using its car buying service
Borrow up to 125% on new and used vehicles
High minimum loan amount for longer terms
Excellent credit history required for lowest rates
Membership in the credit union is required
Our top pick for auto loan rates, PenFed Credit Union, offers some of the lowest rates available.
At PenFed, rates for 36-month refinance loans start as low as 4.44%. Deep discounts are available for members who use the credit union’s car buying service, with rates starting as low as 6.04% annual percentage rate for a new car and 5.24% APR for a used vehicle.
You’ll have to become a member of the credit union, but the requirements to join are fairly easy to meet. Car loans from PenFed start as low as $500 and move up to $150,000, a wide range that beats out many of the lenders we surveyed.
Best For Fair Credit: Carvana
For fair credit borrowers in the market for a used vehicle, Carvana provides the ability to shop online for financing and a vehicle at the same time. It has no minimum credit score requirement, providing a financing solution for those with damaged credit.
Entirely online dealer and lender
Excellent credit borrowers get the lowest rates
Minimum income requirement of $4,000 annually
Only for used vehicles
As with most lenders, borrowers with the best credit get Carvana’s most competitive rates. Carvana does not advertise its rates or publish a table, but you can estimate your monthly payment with an online calculator. That said, even the calculator does not reveal the rate it is using. You must prequalify to know what your interest rate will be.
Carvana is a completely online used car dealer that also provides direct financing. It makes it possible to secure financing, shop for a vehicle, and get a used vehicle delivered without leaving your house. There is no credit score minimum for its financing program, making this an attractive option for fair credit borrowers. However, you must have an income of at least $4,000 annually and no active bankruptcies.
Read Also: Rate On Used Car Loan
How Chase Auto Loans Compare
While its hard to know whether Chase auto loans are the best choice since they dont 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, well compare Chase auto loans to the loans offered by Bank of America and BMO Harris.
Should You Get An Auto Loan From A Bank Or Dealership
It’s worth shopping at both banks and dealerships for an auto loan. New car dealers and manufacturers, just like banks, can have attractive loan products. Depending on the borrower’s credit score and market-driven circumstances, the interest rate offered by a car dealer can be as low as zero percent or under the going rates offered by banks.
It’s important to keep dealership financing as a possibility, but make sure to look for auto financing before deciding where to buy a car. Know your credit score and search online for bank and other lender rates. This should give you a range of what you can expect in the open market and help you determine if seller financing is a better deal for you.
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What Could Chase Do Better
Not everyone will qualify for Chases auto loans. The car in question needs to be no older than five years old and have no more than 75,000 miles on the odometer. The vehicle cannot have been declared a total loss by an insurance company or sold for scrap. The loans also do not apply to those using the vehicle for commercial purposes, including rideshare services. Those with poor credit will also likely not qualify for this particular loan.
How Do I Apply
You can apply for a Chase auto loan online or in person at one of its branches. Before you get started, make sure you meet Chases most basic eligibility requirements. Follow these steps to get started online:
It can take up to three business days for Chase to get back to you with information on how to complete the application process.
What information do I need to apply?
Depending on what type of car loan youre applying for, you might be asked to provide the following information:
- Car make, model and trim
- Which dealership you plan on using
- Information about your and your coapplicants income
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Buyer Beware: What Is A Rebuilt Title Chase Bank
Much like insurance, many lenders may not finance a vehicle with a rebuilt title due to the risk they carry. In the event that you do find a lender willing to
With flexible vehicle loan terms, we can help to find a loan payment that fits your budget. Plus, we offer additional car buying services such as GAP
Chase Auto Loan Finance Review: The Best Option For You
For auto refinancing, APRs start at 4.84% for terms of 48 months and 4.69% for terms of 72 months. These Chase auto loan rates typically are
Chase gives most of it auto loans to its existing customers, either through the branch network or online. Chase targets the segment of American car shoppers
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I Got A Chase Auto Loan Now What
You got your Chase auto loan and are now ready buy the car you want.
A few things to keep in mind:
- Set up automatic payments. Avoid late payment fees by arranging automatic withdrawals from a Chase or another bank account.
- Pay more than the minimum. To avoid excessive interest charges over the life of your auto loan, consider paying more than the amount required each month.
Chase Auto Loan Review
Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.
JP Morgan Chase Bank, popularly known as Chase, is one of the nations 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.
In this article, well explore
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Chase Auto Finance Application Requirements
When applying for a loan with Chase, youll need to provide various 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 youll be buying the car
- Details on the amount you would like to finance
Check Your Rate In Minutes With No Impact On Your Credit Score
- Refinance between $9,000 and $60,000
- Your vehicle must be less than 10 years old and have under 140,000 miles
- Upstart has helped more than 1.8 million customers
You can apply directly on the website, and if youre approved, you can select a dealer and the Chase auto loan details will be sent to them. The credit decision and APR are good for 30 days following the date of the decision. There are no application fees.
Chases Auto Refinance program is similar, and borrowers can get a lower interest rate if their credit score has improved or they didnt get the best rate for whatever reason when they initially purchased a vehicle.
Chase offers something called the Chase Car Buying Service from TrueCar. Users can enter the car theyre interested in and see what other people in the area paid for it. Then, they can get access to pricing on in-stock inventory in their local area. Chase provides customers with a savings certificate that they can then bring to the dealership.
Also Check: What Does Jumbo Loan Mean
What Are The Benefits Of Chase Auto Loans
- No down payment required. Chase can cover up to 100% of your cars value at the time of purchase.
- No application fee. You dont have to pay a fee when you apply for your loan. Residents of Ohio and Indiana are required to pay a $195 origination fee, however.
- Car-buying service. Dont know where to start? Chase acts as a one-stop shop that can guide you through the buying and financing process.
- Coapplicants welcome. You can share the responsibility of repaying your loan with someone else like the person you plan on sharing the car with.
- Reputable institution. Chase is one of the largest financial institutions in the country.
- Apply in person or online. Access Chases services at more than 5,000 branches in the US or online.
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Once you complete ouronline credit application, you’ll get personal attention from our Ontario financial experts so that they can understand your individual personal situation and work hard to get you the lowest interest rate available and ensure that you can have a comfortable and affordable monthly payment for the vehicle you want!Let Auto Loan Ontario, the automotive financing experts easily walk you through the vehicle loan process and all the options available to you for your next automobile purchase so that you make an informed educated decision. We know how to get you the most money and the best interest rates. We’ve helped people with:
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Chase Auto Loan Reviews
JPMorgan Chase & Co. is a multinational bank that offers a wide variety of financial services, including Chase auto loans for purchasing new and used vehicles. In this review, well take a close look at this company and explore loan details, the application process, and Chase auto loan reviews from customers.
If youre trying to purchase a vehicle, finding the right auto loan can save you thousands of dollars in the long run. Read our review of the best auto loans to learn more about all your vehicle financing options.
Up to 722.94%
- Low rates for good credit customers
- Strong industry reputation
- Average monthly savings of $150
- Work with a personal loan concierge to compare options
- A leading provider in refinance loans
Up to 72Varies
- Great for customers with limited/no credit
- Offers special military rates
- Average monthly savings of $145
- Online Application
Up to 72Varies
- Great for customers with limited/no credit
- Offers special military rates
Up to 842.49%
All APR figures last updated on 6/13/2022 – please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.
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
- The desired loan amount
The rate youll 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 youll 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.
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Who Is Chase Auto Finance
Chase Auto Finance is a subsidiary of JP Morgan & Co, the international banking and financial services juggernaut. JP Morgan Chase was founded in 1877 by John Thompson when he started Chase National Bank. Since that time, Chase National Bank has been through many name changes, mergers, and acquisitions. Today JP Morgan Chase is the largest bank in the U.S. with over 5,100 branches, 16,000 ATMs, and 250,000 employees. The Chase Bank Auto Loan division offers new, used, and refinancing for automobiles under ten years old with mortgage terms between 48 months and 72 months. They offer several educational resources and financial calculators to help you choose an auto loan that you can afford.
What Apr Does Chase Auto Finance Offer On Its Car Loans
Chase Auto finance offers a fixed apr car loan product that ranges from 2.99% APR up to 24.99% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
Also Check: How To Transfer Car Loan To Another Car
Rebuilt Title Car Loans Explained Upsolve
Yes, if the vehicle is rebuilt. If youre hunting for branded title vehicle financing, you should know a few things about the technicalities of a branded
Flag this as personal informationFlag this as personal information Flag this as personal information Flag this as personal information 1 answer Congratulations on the find! While most banks will not do a car loan on a rebuilt title, you do have a couple options for affording your dream car. Lenders like