Chase Auto Finance Review

Chase Auto Refinance Review (Updated 2019)

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Discover how Chase auto refinance compares with outer auto refinance lenders. Here is an in-depth review of the pros and cons, and the application process.

Chase is one of the “big four” U.S. banks which collectively holds 39% of U.S. customer deposits. It offers a wide range of products including credit cards, banking, home loans, personal loans, car loans, and investing services.

So, being that it’s one of the biggest banks, you may be wondering if it can it offer you the best deal on refinancing your vehicle. It’s possible, but to find out for sure, you’re going to have to do a bit of research.

Read on to find out:

Should you refinance your car loan?

The first question to answer is: should you be refinancing your auto loan? Here are several everyday situations when it is beneficial:

1. When you can lower your interest rate

The most common reason to refinance an auto loan is if another lender offers you a lower interest rate than you currently have. This scenario might happen if your credit score has gone up, interest rates have dropped, or you got a bad deal from your current lender.

It also might happen if the lender offers exclusive discounts (i.e., Chase auto loan rates provides a 0.50% rate discount for having a qualifying personal bank account and setting up automatic payments). Switching can enable you to cut your costs and save money.

How often can you refinance an auto loan?

2. When you can reduce your monthly payment

A less common, but understandable, reason to refinance your auto loan is if you need to lower your payments. By refinancing, you may be able to extend your term and pay less each month. While this may cost you more in the long run, it can be a better solution than defaulting on your loan.

3. If you want a better customer experience

You may also be unhappy with your current lender’s customer service. Maybe the company is not very helpful, doesn’t have up-to-date technology, or has caused you undue stress. If this is the case, refinancing allows you to choose a new lender with a better reputation.

Read reviews on auto loan lenders

4. When you want to lower the cost of your insurance

Lastly, Parker Daniels, a personal finance and insurance specialist with The General Auto Insurance, says, “Different lenders have different requirements for the amount of coverage you must have on your financed vehicle in a collision, comprehensive, and even GAP coverage.”

He adds, “By refinancing your auto loan, you could save money on the cost to insure your vehicle.” You will have to check with prospective lenders to see what insurance requirements they have in place.

3 steps to figure out if Chase Auto Refinance is right for you

Now that you know when it might be beneficial to refinance your auto loan, here are three steps to figure out if Chase will offer you the best value.

1. Find out if you qualify with Chase auto refinance

You can apply to refinance your auto loan online at Chase.com. From there, you will also be able to view Chase refinance rates based on your profile. You will need to provide your personal information (birthdate, social security number), contact information, residence status, current employment, and income information, co-applicant information (if applicable), and vehicle information (make, model, year, and mileage).

There are also a few requirements which include the following:

  • Loan must be at least $4,000
  • Vehicle cannot be more than five years older than the current model year
  • Current mileage cannot exceed 75,000 miles

If your situation checks these boxes, here’s how to apply:

  1. Visit Chase.com, click on the drop-down menu, and select “Car Buying and Loans.”Visit Chase

  2. Click the button to “Lower your payment” in the Chase auto refinance box.Lower Your Payment

  3. Click “Apply now.”Apply

  4. Take note of what you need to get started and click “Next.”Chase Auto Refinance review

  5. Enter your personal and contact information.Chase Auto Refinance review

  6. Create a user ID and password.

  7. Enter your employment and income details.chase auto refinance review

  8. Provide your loan and vehicle information.chase auto refinance review

  9. Double check all of your information.chase auto refinance review

  10. Read the terms and conditions, agree, and submit the application.chase auto refinance review

That’s it! You will find out if you qualify and the terms that you can get. Then, you can take that information to the next step.

2. Calculate your savings

Now that you know what Chase can offer you, it’s time to compare it to your current rate and terms. Chase has a refinance payment calculator on its website that can help.

You enter your loan amount, APR, and term and it will estimate your monthly payment, total interest, and total cost of the loan. Easily compare your current loan to your new one to see if it will help or hurt you.

3. Shop around

Your job isn’t don’t yet. Once you know how Chase’s offer compares to your current loan, it’s time to shop around. While Chase may very well offer you the best deal, you won’t know for sure until you check with a few other lenders.

Note that a recent report looked at 2.4 million auto loans and found that people save significantly by checking with at least two lenders before making a choice (the more lenders, the better).

One of the easiest ways to get quotes is by using SuperMoney’s auto loan engine. In about two minutes, you can receive offers from various lenders competing for your business.

It’s a way to turn the tables and bring the lenders to you rather than going out and applying for each one. And, as a bonus, it won’t impact your credit score.

Get your loan rates now!

FAQ on Chase Auto Refinance

Can I refinance my Chase auto loan?

You apply to refinance with a bank, such as Chase or another lender. You’ll need to have information ready about your current loan and vehicle. Once you’re approved, your bank will contact you with details about your new interest rate and monthly payment.

When to think about refinancing auto loan?

You may want to think about refinancing your current vehicle loan if: 1. Your credit score is good or has recently improved. 2. You have more than a few months remaining on the loan and have lower than average mileage on your car. 3. You have a high interest rate on your current loan. 4. Your bank offers an additional relationship rate discount.

Can I apply for a refinance in Chase in online?

You can apply to refinance your auto loan online at Chase.com. From there, you will also be able to view Chase refinance rates based on your profile. You will need to provide your personal information (birthdate, social security number), contact information, residence status, current employment, and income information, co-applicant information (if applicable), and vehicle information (make, model, year, and mileage).

When should you refinance your car?

Cars depreciate quickly, so you’ll likely only be able to refinance within the first few years of owning your car. Some lenders, for example, will not refinance cars that are older than seven years or have more than 75,000 miles on them.

What happens when you refinance a car?

Refinancing a car means a new loan is used to pay off an existing one, with the vehicle as collateral. Reduced monthly car payments – A refinanced auto loan might lower your monthly car payment as a result of a lower interest rate or a longer loan term, or both.

Is Chase auto refinance right for you?

If you’ve come this far, you are getting close to finding the right lender for your situation. Compare the offers you receive against Chase and your current lender.

Consider rates and terms as well as each company’s reputation, technology, and values. With all things considered, pick the one that will offer you the best overall return on investment.

Maybe that will be Chase, maybe not, but you can rest assured in knowing that you did your due diligence to find the best possible deal for your situation.