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Auto Loans

Chase Auto Loan Finance Review

Chase Bank offers many types of financial products to consumers, including credit cards, prepaid cards, checking and savings accounts, mortgages, and more. It also offers car financing and refinancing through Chase Auto, which serves more than 3.7 million customers.

But does it offer the best deal? Here’s a closer look at Chase Auto to help you find out if it’s the right choice for you.

Getting a Chase Auto Loan

Chase Auto offers several key services. The primary option is Chase Auto Direct, which is car financing. You can go to the Chase website and enter some general information, such as the state you’ll be buying in, the loan amount you’re seeking, and your general credit score, from excellent to fair.

Then, you’ll see a list of the Chase auto loan terms and a sample of what your APR and monthly payment might look like. Loan terms typically range from four to eight years, and they do advertise APRs of less than 3%. However, this is dependent on your creditworthiness.

Read More >> If you do not think you have a high enough credit score, there are bad credit auto loans from other lenders.

You can apply directly on the website, and if you’re 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.

Chase’s Auto Refinance program is similar, and borrowers can get a lower interest rate if their credit score has improved or they didn’t 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 they’re 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.

Chase Auto Loan Rates and Terms

APR can vary significantly depending on credit score, and the best APRs are reserved for borrowers with a credit score of at least 740. It’s not likely that you would get a Chase auto loan with less than 650 on your credit score, although they consider a variety of factors in the decision process.

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 for people with an excellent FICO credit score of at least 740.

Being a Chase checking account holder can qualify borrowers for a 0.25% rate discount. Then, they can qualify for an additional 0.25% rate discount if they enroll in automatic payments.

The minimum amount of a Chase Auto Loan is $7,500, and the maximum goes up to $100,000.

If you’re applying online, you should be interested in purchasing a car that’s no older than five years and with 75,000 miles or less.

The Benefits

While the interest rates and terms with Chase are pretty similar to what you’ll find with other auto lenders, the biggest benefits come from being a Chase customer. You can earn that 0.25 percent rate discount and the additional 0.25 percent discount for enrolling in auto pay. If you have excellent credit, you can enjoy competitively low rates. Some consumers also like that there are physical Chase branches throughout the country.

The Downsides

Some consumers don’t rate Chase Auto very highly, citing factors such as high interest rates and complicated processes to work with the company. Some consumers also report having a difficult time with customer service and communication when they’re trying to work with Chase.

Bottom Line

Chase Auto is likely a fine option to buy or refinance a vehicle, particularly if you have very good credit and are an existing Chase customer. They do offer discounts for existing customers.

However, there’s not anything about the company that seems to be a standout compared to other auto lenders, and some consumers don’t find the interest rates or service to be particularly appealing. No matter the lender, it’s usually a good idea to comparison shop first to make sure you’re getting the best deal possible.

You can compare the best auto loans, as well as the best auto loan refinance options on LendEDU at no cost.