Chase Auto Finance offers loans for new cars, used cars and refinancing. The brand is a division of JPMorgan Chase Bank, N.A., which is a subsidiary of JPMorgan Chase & Co. The corporation has $2.5 trillion in assets, operates in over 100 countries and has more than 240,000 employees.
How Do Chase’s Auto Loans Work?
With Chase Auto Finance, you can finance a new or used car, small truck, SUV or minivan. Most makes and models are eligible. If you are going to apply online, the vehicle must be five years old or newer with 75,000 miles or less. As long as your vehicle is less than ten years old with less than 120,000 miles, you can still apply, but you must do so by phone or in person at a local branch.
Chase works with a network of dealers, which streamlines the process of buying and financing a car. However, if you want to purchase a vehicle from a dealer that’s outside the Chase network, financing through Chase may still be possible if you ask for Chase when applying for funding through your preferred dealership.
What Are the Interest Rates for Chase’s Auto Loans?
The interest rates for Chase Auto Finance products are influenced by a customer’s creditworthiness, the loan terms, and the vehicle. APRs start as low as 2.49%. That rate includes a 0.25% discount for having a Chase personal checking account and another 0.25% discount for setting up your monthly payments to be automatically deducted from your Chase account.
How Much Money Can I Borrow for Chase Auto Loans?
With Chase Auto Finance, loan amounts can range from $7,500 to $100,000.
What Is Chase’s Application Process Like?
If you’re a current Chase customer and purchasing a car from a dealer in the Chase dealer network, you can apply for a loan online, by phone or at a local branch. If you’re not a current Chase customer or if you’re purchasing a car from a dealer that’s outside the Chase network, the credit decision and closing processes are different, and you may not be able to submit an application directly with Chase. In such cases, you can visit your auto dealer and request to finance your transaction through Chase, which may be an option.
If your loan is approved, you can visit a local branch to close on the loan, or you can request the documents be mailed to you so you can sign them and send them back. Once the completed forms are received, you get your check.
How Are Chase’s Auto Loans Better than Other Auto Loans?
- Chase Auto Finance offers low rates for customers with excellent credit history.
- Current Chase checking account customers can take advantage of APR discounts.
- Chase operates local branches throughout the country.