Chase Auto Refinance

Chase Auto Refinance Review

Chase auto refinance is an auto loan refinance offering by Chase Bank, based in New York, NY. Founded in 1877, Chase Bank offers auto refinance loans in 50 states (and Washington, DC).

Key Takeaways

• Uses a variable APR. This is uncommon for auto refinaning loans. If interest rates increase in the future it could make it harder to make payments for borrowers who are on a tight budget. Auto refinance loans typically range between 4% and 26%. The starting rates for Chase Auto Refinance are on the lower end of the spectrum.
• Fair credit accepted. The credit score needed for Chase Auto Refinance is relatively low. Borrowers with a credit score as low as 650 may qualify for Chase Auto Refinance.
• Vehicle requirements. Vehicles must have less than 120,000 miles and a maximum age of 10 years.
• Refinancing for large loan amounts. You can refinance auto loans of up to $100,000 with Chase Auto Refinance.
• Hard credit pull required. You can't check your rates or see if you prequalify for Chase Auto Refinance without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
• No origination fee. Chase Auto Refinance does not charge an origination fee for processing your loan application.
• Long loan terms. Chase Auto Refinance offers loan terms of up to 72 months. Most auto refinancing loans have a maximum term of 60 months.

Chase auto refinance Pros & Cons

Chase auto refinance FAQ

How much can you borrow via Chase auto refinance?

Auto refinance loan amounts start at $7,500 and go up to $100,000.

What are the auto loan refinancing rates offered through Chase auto refinance?

Chase auto refinance offers a car loan refinancing product that ranges from 4.89% APR up to 5.24% APR.

What is the maximum loan term you can get with Chase auto refinance?

Chase auto refinance offers auto refinancing with terms ranging from 48 to 72 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.

Does Chase auto refinance charge an origination fee on auto refinance loans?

No, Chase auto refinance does not charge a loan origination fee for refinancing a car loan.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount.

Does Chase auto refinance charge a late fee?

Yes, auto refinance loans via Chase auto refinance are subject to late payment penalty fees.

Does Chase auto refinance charge prepayment fees?

No, there is no prepayment penalty.

What do you need to qualify for Chase Auto Refinance?

Chase Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement. Chase Auto Refinance only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Chase Auto Refinance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Chase Auto Refinance. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Driver's license
• Government issued photo ID
• Proof of identity
• Proof of citizenship or residence permit
• Proof of residence
• U.S. tax identification number

What is the maximum mileage to refinance with Chase Bank?

Chase Bank is an option for high-mileage vehicles. They will consider car loan applications for vehicles with up to 120000 miles on the odometer.

What is the maximum car age to refinance with Chase Bank?

Only vehicles that are 10 years old or less can qualify for an auto refinance.

Does Chase Auto Refinance report your account activity to credit bureaus?

Yes, Chase Auto Refinance reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.