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Auto Loans

Subaru Financing Review & Alternatives to Consider

For many drivers, a Subaru is a safe automobile that promises outdoor adventure, all-wheel-drive perks, top-rated reviews, and a solid following of enthusiasts.

Regardless of why you’re considering a Subaru, you likely have one thing in common with other drivers – you need financing.

Buying a car is a big financial decision, and many potential buyers turn to auto loans to make their driving dreams a reality. For Subaru customers, that reality is often made possible through the company’s JPMorgan Chase Bank-backed financing program.

Getting a Loan or Lease Through Subaru Financing

Subaru routinely offers financing specials on both new and certified pre-owner vehicles. Customers are free to finance their car through any lenders, but the financing specials only apply to Chase financing.

All Subaru financing offers are subject to approval. To determine eligibility, a customer must submit an application, which will be reviewed and processed by the dealership and Chase. It includes general contact information as well as employment/income and banking information. Additionally, Subaru and Chase do allow customers to add a cosigner, whose information would be required upon application.

Who is approved for Chase financing? If you’re applying for one of Subaru’s 0% financing specials, you’ll likely need strong credit and healthy income. However, Chase does not provide any specific credit requirements. Approval is based on a combination of factors, which, in addition to credit history, also include the applicant’s income and the vehicle to be financed.

Basic Information: Rates, Terms, Fees, and Limits

Rates: 0% Deal & Others

Subaru frequently offers financing specials and the best way to identify the most current offers is to check with the dealership. Generally speaking, new vehicles can often be financed with rates as low as 0% APR, and certified pre-owned vehicles can be financed with rates as low as 1.49%, though even these rates may vary based on a variety of factors like the dealership and the specific car.

Term Lengths

Subaru only offers financing deals for models in 2008 and after, with terms available for 48, 60, and 72 months. The older models are typically financed for shorter term than the new vehicles. So, for example, customers that intend to purchase a vehicle that is $17,000 or more, and is four years old or newer, can potentially secure financing for 72 months.

Fees & Limits

Borrowers who are approved for vehicle financing can expect typical application fees, including tax and title. Some dealerships may tack on an additional, minimal document processing fee.

To find out specific up-to-date rates, terms, fees, and limits, contact your local Subaru dealership.

The Benefits

Subaru offers a variety of financing benefits to approved buyers, including 90-day first payment deferment options, active military discounts, college grad programs (for recent or soon-to-be graduates), customer loyalty programs, and a one-pay lease program.

In addition to special programs, Subaru also offers qualified borrower additional membership benefits like a guaranteed trade-in program, car insurance through Subaru Advantage Insurance savings from Liberty Mutual, discounts on pet insurance through the ASPCA, and memberships to the National Ski Patrol (NSP), SiriusXM Satellite Radio trial memberships offers, and exclusive invites to special events and festivals.

The Downsides

Subaru financing deals are specific to the year and model vehicle, so some vehicle purchases may not qualify, though most models after 2008 will. Additionally, borrowers may find it difficult to qualify for some of the best promotions and rates, like the 0% financing on new models, because of the high standards.

Similarly, some buyers may find that other lenders may offer lower financing than Chase, but that is subject to a variety of factors like the current offers, the vehicle being purchased, and the credit and income of the buyer.

If you want to buy a Subaru, check the current financing specials at your local Subaru dealer. If you qualify for one of the purchasing programs, you may find that the Subaru financing offers are ideal for you. Make sure that you can afford the car even if you are approved.

To fully understand what the Subaru financing deals can provide and what options are available to you, you’ll need to work directly with the dealer.

>> Read More: Is it better to finance a car through a dealer or bank?