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|High loan amounts||May be tough to be approved with poor credit|
|Repayment terms from 12 months to 75 months||Requires a new application if you switch dealers while car shopping|
|Car-buying service and car-management resource||Interest rate discounts are limited|
What you need to know about Chase auto loans
Chase is part of J.P. Morgan Chase & Co., which is the largest bank by assets in the U.S., according to the Federal Reserve. If you’re considering an auto loan from Chase, here are some things to think about before you start the application process.
Flexible loan options
Chase auto loans range from $4,000 to $600,000 with repayment terms that range from 12 months to 75 months. You can apply for a loan to purchase a new or used car from a dealer or to refinance an existing loan.
Depending on what you need, you have plenty of options to work with.
And depending on your credit history, the auto-loan interest rates that Chase offers are competitive with other lenders.
If you’d rather not do all the heavy lifting when it comes to finding a car at the dealership, you may want to check out Chase’s Auto Preferred program.
Auto Preferred connects you with a dedicated concierge at a local dealership who can walk you through the car-buying process, give you access to discounted pricing and help you pick the right financing option for you — and no, it doesn’t have to be Chase.
The downside is that the service is relatively new and, as of December 2019, it’s available only in Arizona.
The lender also offers a car-management service called MyCar to all Chase customers with an online account (you don’t even need to have an auto loan with the lender to use it). The platform allows you to keep track of info associated with multiple cars, including maintenance schedules, estimated market value, safety recalls and more.
As of December 2019, the service is still in development, and Chase says it will be adding more tools and features. To register, you’ll need to provide your license plate or VIN number and verify your car’s details.
Limitations on where and how you can buy a car
To finance a new or used car with Chase, you must buy the car from a dealer in Chase’s network. Use the bank’s dealer locator tool to find out if your preferred dealer is included.
If you’re still shopping around, you may want to hold off on applying. If you get approved for a loan and then switch dealers before you purchase, you’ll need to fill out a new application or contact Chase, which can be a hassle.
And the bank doesn’t offer auto loans for private party purchases, so you’ll need to look elsewhere if you want to buy a car from a private seller.
A closer look at Chase auto loans
Here are some other details about Chase’s auto loans that you might want to know before you apply.
- Good credit could help: Chase doesn’t say what kind of credit is required, but the rate calculator asks you to indicate your credit level from “excellent” to “fair.” And, according to its annual report, Chase typically offers auto loans to “prime” customers.
- Purchase-rate discounts: If you’re buying a new or used car, Chase offers a 0.25% interest rate discount if you’re a Chase Private Client. To qualify as a Chase Private Client, you’ll need to have an average daily balance of $250,000 or more in qualifying personal, business and investment accounts.
- Refinance-rate discounts: If you’re refinancing an auto loan and have a Chase personal checking account when you apply, you’ll get a 0.25% rate discount. This means you can’t open a checking account after the fact and get the savings. That’s in addition to a 0.25% rate discount for Chase Private Clients.
- No down payment needed: Chase doesn’t require a down payment. But putting money down or trading in a vehicle will likely reduce how much you need to finance and can potentially lower your monthly payment and total interest charges.
- Limited fees: Chase doesn’t charge an application fee. Note that if you buy a car from a dealer in Indiana or Ohio, there’s an origination fee of $195 that will be included in your annual percentage rate, or APR.
Is a Chase auto loan right for you?
A Chase auto loan may be a good choice if you’re refinancing as an existing Chase customer, or you’re a Chase Private Client. In those cases, you can take advantage of the lender’s interest rate discounts.
Chase’s car-buying service can be useful because it provides access to a concierge service and special discounts. But unless you live in Arizona, you won’t be able to take advantage of it. And while the bank’s MyCar program can be valuable to car owners, you don’t need to borrow from Chase to take advantage of it.
If you want to work with a dealer that’s not listed in Chase’s network or you want to get an offer that’s valid regardless of which dealer you ultimately choose, Chase might not be a good fit. As with any auto lender, it’s a good idea to shop around before you apply to make sure you get the features you want.
How to apply for an auto loan from Chase
You can apply for a Chase auto loan online, over the phone or at a local Chase branch.
You’ll want to have your personal information ready, including your address, phone number, housing status, employment and income information.
Additionally, you’ll need to provide the car you want to buy and the dealership selling it, as well as your desired loan amount and repayment term.
Keep in mind that Chase will run a hard inquiry to check your credit reports, which will affect your credit scores. And depending on the loan type and your credit situation, you may be asked for additional information.
If you’re approved, the decision and your APR are good for 30 days, giving you time to make sure the car you want is the right fit for you.
Alternatives to consider
If you’re on the fence about a Chase auto loan, compare its terms and features with other lenders to help you decide.
- Capital One auto loan: If you want to see if you prequalify, check out Capital One, which will conduct a soft credit inquiry first. Read our Capital One Auto Finance review to learn more.
- Bank of America auto loan: If you’re looking to buy a car from a private party or buy out a lease, Bank of America might be able to help you do it. For more info, read our Bank of America auto loan review.