Chase Auto Auto Loan Review: Process, Eligibility, APR and More!
JPMorgan Chase & Co. is considered to be one of the oldest and largest multinational banks in the United States which provides a wide variety of financial services, including Chase auto loans for purchasing new and used vehicles. Chase operates nearly 5,000 bank branches and 16,000 ATMs nationwide. The company also issues credit cards, provides mortgage lending, and offers to invest products. Read our Chase Auto full review to have a closer look at the company, its loan option details, the application process, eligibility, and more.
Founded in 1799, JP Morgan Chase is one of the oldest and largest financial institutions in the United States. Chase operates nearly 5,000 bank branches and 16,000 ATMs nationwide. The financing company also issues credit cards, provides mortgage lending, and offers to invest products. It is considered as the largest commercial bank in the United States, which means you will have privileges dealing with them. The lender allows loan borrowers to review Chase auto loans, finance vehicles, and manage their Chase accounts all in one website.
Chase Auto is not accredited by the Better Business Bureau; however, it has earned a B- rating by them. Chase provides auto loans for new and used vehicles, though all commercial vehicles and some exotic vehicles are excluded. The great thing about this giant financing company is that Chase doesn’t have a minimum income or credit score listed on the website, so it could be easier for people with bad credit to get approved for a loan.
Chase Bank provides auto loans for new and used cars. However, all commercial vehicles and some exotic vehicles are not included. Through our research, we found out that auto loan rates can start as low as 3.54% for borrowers with excellent credit. Moreover, no down payment is required for Chase auto loans. In addition, unfortunately, Chase Auto does not offer auto refinancing.
Chase Auto provides loan term lengths starting from 48 to 72 months, with no prepayment penalty or application fees. In addition, those who borrow loans from Chase can make monthly payments through Chase online. The following table gives a detailed brief about some of the most important points regarding the auto loans provided by Chase Auto:
|Loan Amount||Starts at $4,000|
|Annual Percentage Rate (APR)||Begins at 3.54% for people with excellent credit|
|Loan Term Length||48 to 72 months|
Factors that affect auto loan rates
Loan rates with Chase Auto are affected by several various factors, including:
- Your credit history
- Your loan term
- Your loan amount
- Your debt-to-income ratio
- Age of the vehicle you purchase
- Down payment amount
- Current market rates
Any person who is over the age of 18 is eligible to apply for an auto loan. Chase only offers financing for vehicles that are less than 10 years old and with fewer than 120,000 as mileage, which could be limiting for many people. Chase Auto finance does not cover the following:
- Commercial vehicles
- Salvaged or branded title vehicles
- Vehicles that aren’t titled or registered in one of the 50 states or Washington, D.C.
- Vehicles used as taxis or limousines or for rideshare services such as Uber or Lyft
- Motorcycles, RVs, boats, or aircraft
- Certain exotic makes
Chase Auto does not list any minimum income or credit score requirements on its website, so it may be easier for those with fair credit to be approved for an auto loan. However, as we mentioned above, people with excellent credit scores have a better chance of getting a low-interest rate.
If you’re not paying in cash for your new car, an auto loan will be necessary. However, the loan comes with a cost, as lenders charge interest on money borrowed. A loan’s APR (Annual Percentage Rate) reflects the interest charged by a loan lender, but it also takes into account certain fees associated with the loan. These fees are called “prepaid finance charges” and may vary widely between lenders, so watch for them.
While Chase Auto offers competitive rates starting at 3.49 percent, those aren't the lowest rates available on the market.
This section aims to help you better understand the loan application process when it comes to dealing with Chase Auto. Here are the main steps you will need to take in order to apply for and purchase a car through a Chase auto loan:
- Establish your budget and how much you can afford, including your down payment and your preferred loan term.
- Determine the type and model of the vehicle you wish to purchase.
- Decide on the dealer you want to buy from and their location.
- Gather your personal and income documentation that will be needed for the auto loan application.
- Using the information that you gathered, apply for the loan online or at a local branch.
- In two to three hours or up to three business days, you will be able to find out if you’re approved for the loan or not.
- Finally, go to the dealer to purchase your vehicle!
Determine your budget
When you are considering your budget and determining how much money you can afford to buy the car, don’t just look at the monthly payment. Rather, make sure you are taking into consideration the cost of insurance, maintenance, and fees. Also, while a down payment is not required, the more you can afford to put down, the less you will have to finance.
Once you know how much money you can afford to buy the car, it is now time to decide on the vehicle you wish to purchase.
Decide on the vehicle you want to purchase and where you want to get it from
Before you apply, you have to know the type and model of the vehicle you wish to purchase. While the amount of money you borrow could vary depending on different factors or add-ons, the more accurate you can be, the better.
After you’ve decided on the car you want, it is now time to gather your documents and actually apply for the loan.
Documents you’ll need to submit your application
To apply for your auto loan, you will need to provide the following:
- Personal info like your address, phone number, Social Security number etc.
- Employment and income information
- Proof of residence
- The loan amount you want to borrow depends on the vehicle you want to purchase
- The dealer that you want to buy the vehicle from
- Your auto loan term
Apply online or at a local branch
Once you have gathered all your information, you can apply for an auto loan online or at a physical branch. It may take a few hours or up to three business days. When you apply online, you can check the status of your application using the application ID which is emailed to you.
You may also use the application ID to finish your application if you were not able to finish it. Once you get approved, the decision and the rate offered are valid for one month. It will also inform you of the documents you need to provide the dealer with.
Chase Auto offers various customer support options, including phone, email, mail, and social media accounts. You can reach out to their customer support team through email by logging into your account on the website. If you would like to speak to someone on the phone, call the Chase Auto customer support team at 1-800-336-6675.
Their website is quite informative and useful. You will find that there is a detailed description of their services. In addition, there is a Frequently Asked Questions section that you can refer to if you have any inquiries.
Chase Auto is a great option if you are looking for a reliable auto loan provider to buy a new or used car. Although they do not mention a minimum credit score on their website, it has been proved that the higher your credit score is, the better the interest rate you will be getting. Chase Auto auto loan application requires the basic documents (mentioned above) and information to approve your auto loan.
If you have any questions or inquiries, their customer support team will be more than happy to help answer the questions you have.