Get the money you need to for a new or used car at low rates, if you qualify.
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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.
What is a Chase auto loan?
Chase offers auto loans that can help you purchasing your next vehicle. 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.
|Product name||Chase auto loan|
|Interest rate||As low as 2.59%, but varies by creditworthiness|
|Minimum loan term||48 months|
|Maximum loan term||72 months|
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What are the benefits of Chase auto loans?
- Low interest. Depending on your creditworthiness, you could pay less than what you’ll find at other banks.
- High maximum amount. Chase decides how much you can borrow based on your ability to pay back the loan.
- Customer discounts. Existing Chase customers can get a 0.25% savings on interest rates.
- Reputable institution. Chase is one of the largest financial institutions in the country.
- Highly accessible. Access Chase’s services at more than 5,000 branches in the US.
What to watch out for
Chase offers competitive rates, but 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 a loan.
The shortest term length for a Chase auto loan 48 months, so interest can add up over four years if you make minimum payments only.
Case study: Adrienne’s 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?
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.
Am I eligible?
How much you ultimately receive for your auto loan depends on your income, your overall creditworthiness and the vehicle you want to buy.
For approval, you must:
- Be at least 18 years old.
- Submit proof that you are US citizen or permanent resident.
- Submit proof of your source of 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.
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
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