Chase Auto Loan Review: Prequalify & Locate Dealers Easily

Chase Auto Loan Overview

With a history dating back to 1799, Chase Bank and J.P. Morgan have evolved through numerous mergers and acquisitions, including their notable merger in 2000 to form JPMorgan Chase. This merger brought together two financial giants, creating the largest commercial bank in the US. JPMorgan Chase offers a range of financial services, including Chase Auto, which provides vehicle financing solutions nationwide.

Chase Auto Finance was established to provide customers with accessible auto financing options. They focus on delivering value through a streamlined application process. With a vast network of authorized dealers nationwide, Chase serves millions of clients annually, making them a prominent player in the auto loan market.

Their services are designed to simplify the financing process. Customers can apply online and receive a real-time credit decision before visiting the dealership. Their services include loans for both used and new cars and lease buyout options for those wishing to purchase their leased vehicles. Customers can lock in their interest rates and monthly payments before purchasing. The application process is straightforward, with no application fees or prepayment penalties, though Chase does not offer auto refinancing services, and vehicles must be purchased from within their partner network.

Features & Services

New vehicle auto loan

Chase offers financing options for new vehicles, helping you lock in your interest rate and monthly payment before visiting the dealership. Their partnerships with numerous dealers nationwide provide access to a broad network, allowing you to find the right financing terms based on your preferences and needs. They aim to streamline the financing process, ensuring you have clarity on loan terms before finalizing your purchase.

Used vehicle auto loan

Chase also provides options tailored to this market to finance a used vehicle. Their service works with various dealerships, allowing you to secure financing for newer and older vehicles. They offer competitive interest rates and terms, depending on the condition of the car and your financial profile, ensuring that buyers have flexible choices when purchasing a used vehicle.

Lease buyout option

For those nearing the end of a vehicle lease, they offer a lease buyout option. This allows you to purchase your leased vehicle, providing an opportunity to continue driving the car you’ve become familiar with. The process requires communication with your leasing company to understand your options, and they can assist in arranging financing if you decide to buy out your lease.

Auto loan calculator

Chase offers a user-friendly auto loan calculator to estimate your potential monthly payments. This tool considers various factors, including the loan amount, interest rate, and loan term, to give you a clearer picture of your payments. You can customize the estimate by adjusting key inputs such as the vehicle's condition (new or used), credit score range, and location. This flexibility allows you to explore different scenarios and make more informed financial decisions before committing to an auto loan.

Dealer locator tool

Chase includes a dealer locator tool to assist in the car-buying process. The tool helps you find participating dealerships within their network. It allows you to search by location and brand, ensuring you can access the right dealership when applying for financing. This service is particularly useful for customers looking to finance with specific brands or within certain regions.

Prequalification tool

Their prequalification tool lets you see how much you might be eligible to borrow without impacting your credit report. Using a soft credit check gives you an estimate based on your self-reported income and helps guide your car shopping process without any obligation to commit to financing. The prequalification step provides clarity before you proceed with a full application.

Pricing & Plans

Chase is a direct lender for auto loans, but they do not disclose specific fees, minimum credit score requirements, or APR range information online. However, they clearly state that there are no application fees, which benefits customers seeking financing. They do clarify that they provide loans for cars, trucks, minivans, or SUVs for personal use but exclude certain categories, such as vehicles older than ten calendar years, Teslas older than five years, vehicles with over 120,000 miles, commercial vehicles, and those with salvaged or branded titles.

They also note that their credit decisions and Annual Percentage Rates (APR) are valid 30 days from the decision date or 90 days for Tesla, giving customers time to finalize their purchases.

Based on research, the financing amount should be between $4,000 and $600,000. However, it is important to use the calculator as a guide and contact Chase directly for the most accurate and personalized loan information. This will ensure that you fully understand your options before making any commitments.

Furthermore, if you are a Chase Private Client, you can receive an exclusive 0.25% rate discount when applying for auto financing online with them. This discount automatically applies to your approved rate and offers added savings before visiting the dealer.

The Advantages of Working With Chase

• Pre-qualification with a soft credit check: Chase offers the benefit of pre-qualification through a soft credit check, which means you can explore your potential auto loan options without affecting your credit score. This feature provides valuable insight into the amount you may qualify for, allowing you to shop confidently without committing to a full application
• Direct lender: As a direct lender, Chase handles your auto financing directly, without the involvement of third parties or brokers. This can streamline the loan process and may result in better terms or lower interest rates, as you work directly with the institution providing the loan. It also ensures transparent communication and fewer fees than financing through a middleman
• Online application process: Chase’s auto loan application process is fully online, making it easy and accessible. You can apply for financing anytime and anywhere without visiting a physical branch. This convenience allows you to submit your application, receive a real-time credit decision, and lock in your interest rate. Once your application is approved, you will need to visit a participating dealership to complete the purchase and finalize your loan
• No pre-payment penalty: Chase imposes no prepayment penalties if you pay off your loan earlier than scheduled. This is advantageous for those who want more flexibility in managing their payment schedules, as it allows you to reduce the length of the loan without worrying about additional fees for paying earlier
• Online account management: Using your account number, you can easily manage your auto loan and vehicle details through the Chase website or mobile app. This platform lets you securely monitor your accounts, view statements, pay bills, and transfer funds in one place. Additionally, their MyCar tool further enhances the experience by helping you track maintenance schedules, estimate your car’s trade-in value, and more. Adding your car is simple by using the VIN or license plate. However, some brands like Subaru, Jaguar, Land Rover, Aston Martin, Maserati, McLaren, Rivian, and Fisker are not supported
• Co-applicant allowed: Chase allows borrowers to apply for an auto loan with a co-applicant, which can enhance your chances of approval and potentially secure better loan terms. Combining the income and creditworthiness of both applicants can increase the amount you’re eligible to borrow and improve the interest rate you receive
• No down payment: Chase does not require a down payment for their auto loans, offering flexibility for those who prefer not to make an initial payment. While a down payment can help reduce your loan balance and monthly payments, it’s not necessary, allowing you to finance the full amount if needed
• Large lender network: With an extensive network of dealers nationwide, Chase makes it easier to finance your vehicle with a wide range of participating dealerships. This large network ensures that you have plenty of options for selecting a vehicle and securing financing, making them a more versatile choice for borrowers across different regions

Why You Might Not Choose Chase

• Lack of transparency: Chase does not publicly disclose important details such as loan terms, fees, or APR rates until further into the application process. This lack of transparency makes it difficult for potential borrowers to fully understand the costs and terms of the loan before applying, requiring direct contact with Chase for more specific information
• Social Security number required: You must provide your Social Security number to complete the auto loan application process with Chase. This can concern individuals who are cautious about sharing sensitive personal information online, even though it’s required for identity verification
• No auto refinance loans: They do not offer auto refinancing options, which can be a significant drawback for borrowers who want to lower their interest rates or monthly payments. Additionally, if you originally financed your vehicle through Chase, you cannot refinance that loan with them. This limits your options for improving loan terms with the same lender
• Vehicles must be bought from the Chase network: When financing a vehicle through Chase, you are limited to purchasing from dealerships within their partnership network. This restriction may reduce your options if you’re interested in buying from a dealer outside their network or through a private sale
• Vehicle restrictions: Chase places certain restrictions on the types of vehicles they finance, excluding those older than ten calendar years, Teslas older than five years, vehicles with more than 120,000 miles, private party vehicles, and vehicles with salvaged or branded titles. These limitations may exclude potential buyers interested in purchasing older or higher-mileage vehicles

Customer Reviews & Insights

Since Chase Auto is one of the services offered by JPMorgan Chase & Co., their profile falls under the parent company on review platforms like the Better Business Bureau (BBB) and Trustpilot. On the BBB, they hold an A+ rating, though they are not accredited. It’s important to note that reviews under this profile generally cover a wide range of banking services, not just auto loans. Similarly, on Trustpilot, Chase has a general profile that is not specific to auto loans, with a rating of 1.3 out of 5.

It’s important to remember that many reviews reflect overall customer experiences with Chase’s broader financial services rather than exclusively focusing on auto financing.

While there are fewer positive reviews specifically focused on Chase Auto, some customers have shared their favorable experiences. One customer mentioned how a representative provided excellent customer service, patiently explaining all loan details and making the process smoother for new customers. Another customer praised the financing rate and noted that the loan product met their expectations, helping them secure a vehicle at a decent rate.

One reviewer highlighted the convenience of using Chase’s mobile app to manage payments, mentioning that their overall experience with the platform was positive. Another customer appreciated a representative who went above and beyond to assist them during the financing process, making their interaction with Chase Auto pleasant.

As for critical feedback, some customers have raised concerns about their experiences. For instance, one customer expressed frustration over billing issues, stating they were charged multiple times for property taxes on a lease. Similarly, another customer shared difficulties when trying to update personal information after a move to a different state and a name change, noting that the process took longer than anticipated.

In addition, other customers have reported challenges with customer service. For example, one customer experienced delays in setting up automatic pay, negatively impacting their credit score. Another mentioned prolonged wait times in receiving essential documentation, such as vehicle titles, after paying off their loans or completing lease buyouts. These experiences illustrate how some customers have encountered delays and communication difficulties while trying to resolve administrative issues with Chase Auto.

Customer Support & Service

For customer support, you can contact Chase Auto for loans at 1-800-336-6675 or leases at 1-800-227-5151. While they offer email support, you must sign in to your account to access their secure email form. 

Additionally, they provide helpful resources like a payment calculator, dealer locator tool, education center, and FAQ page to assist with any questions or needs.

The Bottom Line

Chase Auto, part of JPMorgan Chase Bank, offers a comprehensive range of auto loan services, including financing for new and used vehicles and lease buyout options. With a straightforward application process and a vast network of authorized dealers, they make it convenient for customers to secure auto financing.

However, while they provide various tools to help customers manage their loans and prequalify without affecting their credit scores, limitations include the lack of auto refinancing and vehicle restrictions.

Customer experiences with Chase Auto vary. Some praise the helpful customer service and convenience of managing payments through their mobile app, while others have expressed frustration over delays and communication issues. Their services are best suited for those looking for a direct lender with no prepayment penalties and access to a large dealership network.

As you navigate the world of auto financing, understanding your options is key to making an informed decision. For more insights, explore our comprehensive reviews of various auto loan companies, use our comparison tool to see how they measure up, and explore our blog for tips and tricks to simplify your car-buying journey.