Subaru Motors Finance auto loans review: Loans exclusively through Chase Bank

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In a Nutshell

Subaru fans may be able to take advantage of special financing programs and discounts offered by Subaru Motors Finance, through JPMorgan Chase Bank. But if you’re not set on buying a Subaru or want the ability to shop around at various dealerships, you’ll need to explore other auto financing options.

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Pros Cons
Special financing, loyalty programs and discounts for qualified buyers Works with only one lender, Chase Bank
Guaranteed Trade-In Program available to Subaru owners Vehicle must be selected before applying
Accepts co-applicants Only Subaru vehicles qualify for financing

What you need to know about Subaru Motors Finance auto loans

Subaru Motors Finance is a partnership between Subaru of America Inc. and JPMorgan Chase Bank, offering leases as well as loans for new and certified pre-owned autos. Financing is available in Washington, D.C., and all 50 states.

Limited to one lender

Exclusivity can have its downsides. If you were hoping to compare auto loan offers from several lenders at the dealership, you’ll have to do that elsewhere. Chase Bank is your only option at the Subaru dealership.

Loyalty can pay off

Subaru drivers tend to be devoted to the brand. In fact, a 2018 Edmunds Loyalty Report found that 61% of Subaru owners who traded in their cars in 2017 bought another Subaru. For repeat customers, the automaker offers its Guaranteed Trade-In Program, which aims to get them the highest trade-in value for an eligible Subaru to put toward a new Subaru.

Subaru also has a loyalty program for customers who lease with it. If you have an existing lease with Subaru but want to get a new ride, you can get up to $500 toward your first month’s payment on a new Subaru lease with its Lease Loyalty Program. Subaru of America will also cover any disposition fee owed on your current lease. Disposition fees cover the costs for cleaning and reconditioning the vehicle in preparation to sell it.

Special finance programs and discounts

Subaru Motor Finance offers other program discounts and incentives.

  • Through its College Graduate Program, Subaru can help make it easier for eligible recent and soon-to-be college graduates to finance or lease a new Subaru.
  • Active-duty and reserve members of the military, along with veterans and retirees, may be eligible for an additional $500 off the negotiated new-car price. This discount can be combined with any cash incentives offered at that time in your area.
  • Subaru Motors Finance may also offer a 0% APR and low-interest financing for some models, depending on your location and credit.

A closer look at Subaru Motors Finance auto loans

Here’s what else you should know about Subaru Motors Finance.

  • You can choose from loan terms ranging from 36 months to 72 months, but this may vary depending on factors like the vehicle model and your location.
  • Subaru Motors Finance allows co-applicants.
  • Interest rates vary and are determined by the dealership you select.

Is a Subaru Motors Finance auto loan right for you?

If you’re in the market for a Subaru and are planning to buy it at a dealership, Subaru Motors Finance could be a good fit. The special programs and discounts could potentially earn you some savings over other lenders — if you qualify.

Just keep in mind that you’ll need to select the Subaru vehicle you want to buy before applying — and you’re limited to buying from a Subaru dealership. If your heart isn’t set on a Subaru — or you want to shop around at a few dealerships — Subaru Motors Finance may not be the best option for you. 

How to apply for a loan from Subaru Motors Finance

You can apply for preapproval on the Subaru Motors Finance website before heading to the Subaru dealership.

If you apply during normal business hours, you may receive a decision within an hour. If you’re preapproved, your offer is good for 30 days, so you can explore other financing options if you want. You can print your preapproval email and take it with you to the Subaru dealership. Note that preapproval isn’t a guarantee of loan approval, and you may be offered different terms after completing a full application.

If you change your mind while shopping and choose a different car — or information you provided on the preapproval application changes — you may need to reapply.

Not sure if Subaru Motors Finance is right for you? Consider these alternatives.

If you’re not sure Subaru Motors Finance is right for you, here are other lenders to consider.


About the author: Cristy S. Lynch is a content strategist and writer based in Austin. She began her career as a call center representative at an insurance company, advising and educating customers. Today,… Read more.