JPMorgan Chase & Co. is a multinational bank that offers a wide variety of financial services, including Chase auto loans for the purchase of new and used vehicles. In this review, we’ll take a close look at this company and explore the loan details, application process, and customer reviews of Chase auto loans.
If you’re trying to buy a vehicle, finding the right auto loan can save you thousands of dollars in the long run. Read our review on best auto loans to learn more about all the financing options for your vehicle.
Chase Auto Loan Review: 3.5 Stars
Although Chase auto loans don’t have the lowest interest rates we’ve seen, the company offers competitive rates. Plus, the Chase Auto Preferred program can make Chase your one-stop shop for finding an auto loan and buying a vehicle.
Chase is an established bank with many resources that Chase loan customers may find helpful. Although some drivers have reported problems with their Chase auto loans, these represent a small fraction (less than one percent) of all customers.
If you’re looking to buy a car, there’s no harm in applying for prequalification from Chase. You can also compare car loan offers from other major lenders.
About Chase Bank
JPMorgan Chase & Co. has roots that date back to 1799, making it one of the most established financial companies in the United States. The company is currently headquartered in New York, NY, but has branches and ATMs in every state in the United States.
Chase Bank’s auto loan options include loans for the purchase of new and used cars. Chase also offers an online car buying service. Please be aware that Chase Bank does not offer auto refinance loans or loans for private sales at this time. The company currently holds an A+ rating from the Better Business Bureau (BBB).
Chase car loan details
Chase car loans are available for the purchase of new and used cars. Compared to top loan providers, Chase auto loans come with slightly higher Annual Percentage Rates (APRs), but one nice feature is that there are no application, prepayment or origination fees. . A summary of key loan details is presented in the table below.
You can get a Chase car loan with no down payment. However, making a down payment and especially a larger down payment can lead to a lower interest rate and ultimately lower the final cost of your loan. Chase offers a payment calculator on its website to help you get a better idea of what you might be paying.
Although Chase offers competitive rates starting at 3.49%, these are not the lowest rates available. According to Experian’s State of the Auto Finance Market Report (Q2 2021), borrowers with scores above 780 found APRs of 2.34% on average. That’s a little less than Chase’s best auto loan rate.
Chase does not mention any credit rating or income requirement. However, this does not guarantee that every person will qualify for a Chase car loan. The higher your income and the better your credit rating, the better your loan offer will be. You can use a co-signer to improve your chances of getting a better rate. Make sure, however, that they know their score could be affected if you miss a monthly payment.
The following types of vehicles are not eligible for Chase auto loan financing:
- Vehicles older than 10 calendar years
- Vehicles with over 120,000 miles on the odometer
- Commercial vehicles
- Salvage or branded vehicles
- Vehicles not registered or registered in the United States
- Vehicles used for ride-sharing or taxi services
- Motorcycles, motorhomes, boats or airplanes
- Some exotic cars
There are a few advantages to using a major national bank for car financing. For example, you can take advantage of the Chase mobile app to manage your car account from your phone.
Chase.com also offers an online Automatic Accounts Resource Center that includes instructions for setting up automatic payments from a Chase checking account or an external account, starting paperless statements, or setting alerts to pay. your bill.
Because Chase is a huge FDIC member financial institution, it offers just about every financial product available. If doing most or all of your banking in one place is convenient, you can easily apply for any of the company’s credit cards, checking accounts, mortgages and more with Chase online.
Chase Auto Loan Application Process
The first step to applying for a Chase car loan is called prequalification. Many loan providers have a prequalification step. To prequalify, you will need to provide Chase with your name, address, income, and the last four digits of your social security number. There are no prequalification or application fees.
Chase does not mention a minimum credit score required and prequalification does not require a rigorous credit check. This means that your credit score will not be affected just for applying. After you complete prequalification, Chase can give you an idea of the loan amount you qualify for and an expected interest rate.
If you decide to accept a Chase car loan offer, you will need to provide the company with more information and documentation before receiving final approval. This step will require a thorough check of your credit history. Be prepared to provide your:
- Full social security number
- Job Information
- Income information
- Vehicle make and model
- Vehicle Identification Number (VIN)
A remarkable feature of the Chase auto loan program is that you can actually complete the process of purchasing the vehicle through the company. Customers can prequalify for a loan, browse inventory at participating dealerships, and purchase their new vehicle entirely through Chase.
You do not need a Chase bank account to participate in the Buy Car Service. You can simply log in and search local dealership inventory for new and used cars by style or specific make and model.
When you choose a car you want and move forward, a Chase Concierge from a local dealership will help you with your buying process. While you don’t have to take advantage of this option to get a Chase car loan, it does allow customers to buy cars from home and even schedule test drives and car deliveries. Additionally, customers using this service can get discounted prices on select vehicles.
Join Chase Auto Preferred only if you’re ready to buy a car within the next 30 days.
Hunt customer reviews and reputation
Although JPMorgan Chase & Co. has an A+ BBB score, it is not accredited and customer reviews are not very positive. The BBB customer score is at a very low 1.1 stars out of 5. However, this is based on a relatively low number of reviews (less than 400). Since Chase customers number in the millions, this score represents only a tiny fraction of Chase users.
Customers who have complained on the BBB website cite declined payments and delays in sending their vehicle title after their loan has been paid off. Positive Chase reviews generally praise Chase’s banking services and fraud detection.
Chase Car Loan Reviews: Conclusion
In this review, we gave Chase Auto Loans 3.5 stars out of 5.0 for their competitive rates and excellent application process. Along with this review, we’ve walked you through the details, services, and customer reviews of car loans. Before choosing an auto loan provider, we invite you to compare and weigh your options.
Chase Bank Auto Loan: FAQs
Below are some frequently asked questions about Chase Bank auto loans: