Chase Auto Loan Review 2023

Chase Auto provides loans for new and used vehicles, but borrowers must buy from one of 12,000-plus dealerships in the Chase network.
By Shannon Bradley  

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Auto loan reviews

Chase

  • New auto purchase loan

  • Used auto purchase loan

The bottom line:

Best for applicants who are buying from a dealership in the Chase network and want the convenience of applying online before visiting the dealer.

New auto purchase loan review

Chase
Chase Auto - New car purchase loan

Not yet rated

Loan amount
$4,000-Max. not disclosed
Min. credit score
Did not disclose

Pros

  • Offers pre-qualification with a soft credit check.

  • Typically provides a loan approval decision within 2 to 3 hours.

  • Offers rate discount for Chase Private Clients.

  • Has more than 12,000 dealer partnerships, with dealers in all 50 states.

  • The application process is 100% online (with the exception of visiting the dealer to complete the transaction).

Cons

  • Must purchase your vehicle at a Chase network dealership.

  • If you change dealerships after completing the loan application, a new application must be submitted.

  • Does not allow co-signers.

  • Rate discount available only to Chase Private Clients based on deposit account balances.

Best for applicants who will be purchasing a new car from a Chase network dealer, especially those who qualify for the Chase Private Client rate discount.

Full Review

Chase Auto offers new and used car purchase loans through a network of car dealerships, with dealers in all 50 states. To finance a car through Chase, it must be purchased at one of these dealerships. Chase does not offer auto loan refinancing or private party auto loans.

Chase Auto provides private label financing for many auto manufacturers, including Subaru, Jaguar, Land Rover, McLaren, Maserati, Aston Martin and EV startup Rivian. Here’s how it usually works: The auto manufacturers create their own finance brand that’s funded and serviced through Chase. So, for example, if you purchase a Subaru at a Chase network dealership, your auto loan could be through Subaru Motors Finance – a program in which Chase provides auto financing and loan servicing to Subaru customers.

A car buyer’s experience can be nearly 100% online when working with Chase.

  • Using Chase’s Auto Preferred site, you can shop online for vehicles at dealerships in the Chase network. Upon finding a car, you’re connected to the dealer who assists with the car-buying process and helps with financing, which may or may not be with Chase. One drawback is that the Auto Preferred program is not available in all areas. Currently about 3,000 dealerships participate nationwide.

  • Chase does offer auto loan pre-qualification using a soft credit inquiry, which does not affect your credit score. The pre-qualification page on its website states it will provide an idea of the amount you may qualify to borrow, although it isn’t a guaranteed offer.

  • The Chase auto loan application is 100% online and found on the bank’s website. (If you go into a Chase branch to apply, bankers will direct you to apply online or walk you through the online application.) When completing the online application, you’re required to designate the dealership where you’ll be buying your car. Your approved loan information is then sent to the dealership, where you complete the transaction in person.

  • You won’t find a list of auto loan rates on the Chase website, but a Chase rates calculator enables you to enter vehicle information, your state, your estimated credit score and loan amount to see estimated rates and payments for several different loan terms.

Chase Auto may be a good fit for those who:

  • Want to manage their car-buying process online. You can shop online through Chase Auto Preferred dealerships, apply for Chase financing and later manage your loan through Chase’s online banking and mobile app.

  • Are a Chase Private Client. Those who have qualifying deposit balances to be a Chase Private Client automatically receive a 0.25% percentage point discount on auto loans if they apply at chase.com.

  • Have credit scores in the good to excellent range. Chase does not share a minimum credit score requirement; however, the Chase rates calculator only allows for the input of credit score ranges of fair to excellent. The calculator’s estimated rates for borrowers with good or excellent credit (a FICO score of 690 and above) are significantly lower than rates for fair credit borrowers.

Chase Auto loans at a glance

Application process

  • Origination fee: Only in Indiana ($195).

  • Personal information needed: Social Security or individual taxpayer identification number, address, time at address, phone, email, birthdate, employment status, employer name, housing status, housing payment amount, basic vehicle information, name of dealership.

  • Pre-qualification available: Yes, via soft credit check, which will not affect your credit score. Use the Chase online auto loan pre-qualification form.

  • Online, in-person or both: Process can be completed 100% online, including document upload in most cases. An in-person visit to a dealer is required to complete the financing transaction. If preferred, an applicant can also apply at the dealership.

  • Approval speed: Most decisions are available within 2-3 hours. Applications requiring a more detailed review can take longer. Credit decisions are sent to the applicant’s email address on the loan application. Applicants can also log in to check their application status.

  • Minimum FICO credit score: Did not disclose.

  • Minimum credit history: None.

  • Minimum annual gross income: None.

  • Maximum debt-to-income ratio: Did not disclose.

  • Bankruptcy restrictions: Has bankruptcy restrictions but did not disclose details.

  • States covered: Offers financing through dealerships in all 50 states.

  • New vehicle definition: Never been titled and not older than current calendar year minus one.

  • Maximum used vehicle age: 10 years.

  • Maximum used vehicle mileage: 120,000 miles.

  • Other vehicle restrictions: Must be in Chase network of 12,000-plus dealers. An online dealer locator can help you find a Chase dealership in your area.

  • Loan amount minimum: $4,000 for both new and used.

  • Loan amount maximum: Did not disclose.

  • Maximum loan-to-value ratio: 140% for new and used.

  • Loan terms: 12-84 months.

  • Rate discount: Offers 0.25% APR discount to Chase Private Client members only if application is submitted at chase.com. Chase Private Clients is a program of benefits available to Chase clients who carry higher balances in designated Chase checking and investments accounts.

  • Greater-than-minimum payments: Accepted and can be made by automatic payment. A payment is first applied to any interest due, then to principal due, then to outstanding fees. After paying the amount due and fees, any remaining amount is applied to reduce the principal balance.

  • Bi-weekly payments: Accepted but can’t be made by automatic payment.

  • Late payment fee: Yes. Did not disclose the amount.

  • Prepayment penalty: None.

  • Co-borrowers allowed: Yes.

  • Co-signers allowed: No.

  • Payment options: Mailed-in check, phone, online banking or portal, mobile app, through website, ACH (electronic bank-to-bank), in person.

  • Selected payment date: The customer can’t select the payment due date when closing a loan at the dealership. However, they can change the due date up to twice during the life of a loan and once during the life of a lease. A request to change the date can be made through the Chase website, secure email, phone or a letter.

  • Hardship plans: Yes. If a customer meets willingness and ability to pay criteria, Chase may offer payment extensions and deferrals. The Chase website has information about its hardship program.

  • Assistance provided: Borrowers will have access to Chase customer service during the application process and while paying off the loan.

  • Availability: Customer service hours are Monday to Friday 8 a.m.-7 p.m. ET, Saturday 9 a.m.-6 p.m. ET.

  • Contact options: Phone, email, website form, visit a location.

» MORE: Compare auto loans, rates and lenders

Used auto purchase loan review

Chase
Chase Auto - Used car purchase loan

Not yet rated

Loan amount
$4,000-Max. not disclosed
Min. credit score
Did not disclose

Pros

  • Offers pre-qualification with a soft credit check.

  • Typically provides a loan approval decision within 2 to 3 hours.

  • Offers rate discount for Chase Private Clients.

  • Has more than 12,000 dealer partnerships, with dealers in all 50 states.

  • The application process is 100% online (with the exception of visiting the dealer to complete the transaction).

Cons

  • Must purchase your vehicle at a Chase network dealership.

  • If you change dealerships after completing the loan application, a new application must be submitted.

  • Does not allow co-signers.

  • Rate discount available only to Chase Private Clients based on deposit account balances.

Best for applicants who will be purchasing a used car from a Chase network dealer.

More from Chase Auto

With the exception of going to a Chase dealership to finalize the auto loan and pick up a vehicle, Chase offers a fully digital car buying experience — from shopping to financing to later managing the loan. Through the Chase Auto Preferred website, you can shop live inventory at participating Chase dealerships, with the ability to filter by price, model, preferred features and more. You can then apply for financing online, and Chase will send all loan information to your selected dealership.

Chase auto loan customers have access to Chase Online banking and the Chase Mobile app to manage tasks like setting up automatic payments, using payment alerts, paying extra toward the principal or viewing the loan payoff amount. An Auto Account Resource Center has FAQs, videos and other account management tools.

Through a free service called MyCar, anyone with an online Chase account (not necessarily an auto loan) can register their vehicles to track and manage vehicle maintenance. MyCar can also provide an estimated trade-in value for your car. Currently MyCar does not support some popular vehicle brands.

Chase auto loan rates

Credit requirements vary by auto lender, but Chase Auto’s lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above). With fair or bad credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for a car loan.

Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 661-780, a $20,000 car loan, repayment term of 48 months, interest rate of 4.5% and $0 down payment would have monthly payments of $457.

To review Chase Auto, NerdWallet sent a survey to Chase requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product.

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