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Chase auto loans review

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Chase Auto Loans
3.5
★★★★★
Finder score
Min. Loan Amount
$7,500
Max. Loan Amount
$10,000
APR
Starting at 2.59%

Summary

High loan amounts and reasonable rates from a well-known bank.

With an easy online application, discounts for existing Chase customers and low interest rates, a Chase auto loan could make it easy for you to purchase your next set of wheels. But its long terms might up the overall cost unless you pay it off early.

Pros

  • No down payment required
  • No application fee
  • Car-buying service
  • Coapplicants welcome
  • Reputable institution

Cons

  • No private party purchases
  • Long turnaround
  • Potentially more expensive
  • Little information online
  • Doesn’t offer short loan terms

In this guide

  • Review
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Min. Loan Amount $7,500
Max. Loan Amount $10,000
APR Starting at 2.59%
Interest Rate Type Fixed
Requirements US citizen or permanent resident, Steady source of income, ages 18+

First, do I qualify?

You must meet the following criteria to qualify for a Chase auto loan:

  • At least 18 years old
  • US citizen or permanent resident
  • Steady source of income

Chase also looks at factors like your credit score, credit history and debt-to-income ratio when you apply for a car loan.

What states are Chase auto loans available in?

Chase auto loans are available in all 50 states.

What makes Chase car loans unique?

Chase offers a full car-buying experience to its customers, thanks to its car-buying service powered by TrueCar. You can borrow up to 100% of your car’s value, meaning that you might not need to make a down payment.

What is a Chase auto loan?

Chase offers auto loans to buy either a new or used vehicle from a dealership. Terms range from four to eight years with APR rates as low as 2.59%. However, your creditworthiness will affect the rate you ultimately get.

What types of auto loans does Chase offer?

  • New car loans. Borrow to buy a new vehicle through a dealership.
  • Used car loans. Borrow to buy a used car from a dealership.
  • Auto loan refinancing. Trade in your current car loan for more favorable rates and terms.

How do Chase auto loan rates work?

The rate you get ultimately depends on the car you’re wanting to buy and your overall creditworthiness. Use Chase’s online Payment Calculator to estimate your monthly payments and total interest over the life of the loan.

What are the benefits of Chase auto loans?

  • No down payment required. Chase can cover up to 100% of your car’s value at the time of purchase.
  • No application fee. You don’t 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. Don’t 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 Chase’s services at more than 5,000 branches in the US or online.

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, you’ll end up paying more in interest and could have higher monthly repayments.
  • Little information online. It’s hard to find basic information about rates, terms, loan amounts and eligibility without applying to prequalify.
  • Doesn’t 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: Adrienne’s experience

profile pic

Adrienne Fuller
Publisher

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?

Other than the reservations I have about the interest rate, I do like that the loan was automatically linked to my online Chase account so I can see it when I log in to my Chase credit card account. I use autopay, so I basically set it and forget it, and haven’t had any issues so far regarding payment or customer service.

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Chase reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews 1.1 out of 5 stars, based on 457 customer reviews
BBB customer complaints 3,189 customer complaints
Trustpilot Score 1.3 out of 5 stars, based on 250 customer reviews
Customer reviews verified as of 16 October 2020

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 Chase’s most basic eligibility requirements. Follow these steps to get started online:

  1. Go to the Chase website.
  2. Click Car Buying & Loans in the main navigation bar.
  3. Click Auto Loans or Auto Refinance, depending on which product you’re applying for.
  4. Hit Apply Now.
  5. Follow the directions to complete the application, reading the terms and conditions before submitting it.

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 you’re 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 coapplicant’s income

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.

Bottom line

Chase auto loans offer competitive rates and discounts for existing customers looking to finance a car.

But to make sure that you’re not missing out on shorter terms or better rates in your area, compare other car loans.

Frequently asked questions about Chase auto loans

Car loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate car loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate car loan providers to get a better picture of what goes into each star rating.

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Aliyyah Finder

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Avatar

Arne

September 09, 2019

Can a 48 or 60 month vehicle loan be repaid in full before the expiration?


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Jhez Finder

September 09, 2019

Hi Arne,


Thank you for your comment.


You can pay off your loan whenever you are ready to and there is no pre-payment penalty for doing so. Chase does not charge pre-payment fees even if your contract lists a fee.


Regards,

Jhezelyn


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Lonny

June 24, 2018

What would be acceptable for proof of residence with chase auto loan?


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nikkiangco

June 24, 2018

Hi Lonny,


Thanks for reaching out to us here!


Potential lenders need to know where you can be found should you cease paying your bills. Utility bills work well for proving your current home address. However, the eligibility requirements solely rely on the lender. You may speak to a Chase Auto Loan representative for more information on this.


Hope this clarifies.


Thanks,

Nikki


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