Chase Auto Loan Review 2024

Chase Auto provides loans for new and used vehicles, but borrowers must buy from one of 10,000-plus dealerships in the Chase network.
Shannon Bradley
By
Last updated on January 31, 2024
Edited by
✅ Fact checked and reviewed
Julie Myhre-Nunes
Edited by
✅ Fact checked and reviewed

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  • 45+ auto loan products reviewed and rated by our team of experts.
  • 30+ years of combined experience covering financial topics.
  • Objective, comprehensive star rating system assessing 4 categories and 60+ data points across direct lenders and aggregators.
  • Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's auto loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in Nasdaq, MSN, MarketWatch, Yahoo! Finance and other national and regional media outlets. They have also appeared on NerdWallet's "Smart Money" podcast.

Auto loan reviews

Chase
New auto purchase loan
The Nerdy headline:

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

3.0
NerdWallet rating
Loan amount
$4,000 - No max.
Min. credit score
Did not disclose

Pros

  • The application process can be 100% online with information sent to the dealership.

  • Offers pre-qualification with a soft credit check.

  • Provides same-day loan decisions in most cases.

  • Charges no origination/processing fee.

  • Offers rate discount for Chase Private Clients.

Cons

  • Car buyers are limited to purchasing at a Chase network dealership.

  • Does not allow co-signers.

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

Best for applicants who purchase a new car from one of 10,000-plus dealerships in the Chase network.

Compare New or used car purchase
Lender
Est. APR
Loan amount
Min. credit score
MyAutoloan
4.0
Visit Lenderon MyAutoloan's website
on MyAutoloan's website
6.29- 29.90%
$8,000- $100,000
575
6.24- 34.90%
$8,000- $100,000
575
7.74- 15.69%
$5,000- $100,000
660
Visit Lenderon LightStream's website
on LightStream's website
7.74- 15.69%
$5,000- $100,000
660
Visit Lenderon LightStream's website
on LightStream's website
Auto Credit Express
Visit Lenderon Auto Credit Express' website
on Auto Credit Express' website
N/A
$5,000- $50,000
525
Visit Lenderon Auto Credit Express' website
on Auto Credit Express' website
View more

Used auto purchase loan review

Chase
Chase Auto - Used car purchase loan

3.0
NerdWallet rating
Loan amount
$4,000 - No max.
Min. credit score
Did not disclose

Pros

  • The application process can be 100% online with information sent to the dealership.

  • Offers pre-qualification with a soft credit check.

  • Provides same-day loan decisions in most cases.

  • Charges no origination/processing fee.

  • Offers rate discount for Chase Private Clients.

Cons

  • Car buyers are limited to purchasing at a Chase network dealership.

  • 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.

Full Review of Chase Auto

Chase Auto offers new and used car purchase loans for vehicles purchased through designated dealerships. While car buyers are limited on where they can buy, the Chase network is large — with more than 10,000 dealerships in all 50 states.

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

Auto loan pre-qualification with a soft credit check is available on the Chase website, so borrowers can get an idea of the loan amount they may qualify for without affecting their credit scores. A separate, online auto loan application uses a hard credit inquiry to provide a loan decision and send approved loan information to a dealership, where borrowers complete the transaction in person.

Table of contents

Chase auto loans at a glance

Minimum credit score

Did not disclose.

Minimum credit history

None.

Minimum annual gross income

None.

Maximum debt-to-income ratio

Did not disclose.

Maximum loan-to-value ratio

140%.

Loan terms

12-84 months.

Co-applicants allowed?

Allows co-borrowers but not co-signers.

Pre-qualification or preapproval offered?

Offers pre-qualification with a soft credit check. Also offers preapproval with hard credit inquiry.

Origination/processing fee?

None.

Rate discount offered?

0.25% APR discount to Chase Private Client members if application is submitted at chase.com. No discount for automatic payments.

States covered

Available through certain dealerships in all 50 states.

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

    • Maximum vehicle age: 10 years.

    • Maximum vehicle mileage: For new cars up to 6,000 miles; for used up to 120,000 miles.

    • Other vehicle restrictions: Did not disclose.

    • Loan amount minimum: $4,000.

    • Loan amount maximum: No maximum.

    • Maximum loan-to-value ratio: 140%.

    • Bankruptcy restrictions: Did not disclose.

    • Approval speed: Most decisions are available within 2-3 hours. Applications requiring a more detailed review can take longer. Approved loan offers are good for 30 days for most applicants.

    • Existing loan payoff: For refinancing, funds are provided to the borrower who must then pay off the previous loan.

    • Selected payment due date: Borrowers can’t select their payment due date.

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

    • Late payment grace period and fee: Offers a grace period but did not disclose length or late fee amount.

    • Hardship plans: Hardship options may include deferred payments and extended loan terms. Disaster and hardship information is available on the Chase website.

    • Contact options: Phone.

    • Availability: Monday-Friday 8 a.m.-7 p.m. CT.

    • Mobile app to manage account: Yes.

    • Online resources: Has auto FAQs and an Auto Education and Resources center with numerous educational articles.

    • Related services: Offers MyCar, a free service anyone with an online Chase account (not necessarily an auto loan) can use. Users register their vehicles to track and manage vehicle maintenance and see estimated trade-in. MyCar doesn’t support some brands.

» Curious about other options? Compare auto loan rates from more lenders

Chase Auto may be a good fit for those who:

  • Want to save time at a dealership. Borrowers can take care of selecting a dealership, in some cases shop for available vehicles and apply for Chase financing online, resulting in less paperwork at the dealership.

  • 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.

  • Prefer digital tools to manage their auto loan. Using the Chase mobile app, borrowers can easily make their car payment, set automatic payments, pay extra to loan principal and see the current loan payoff amount.

Do you qualify for a Chase auto loan?

Basic eligibility requirements to apply for a Chase auto loan include the following:

  • Must be at least 18 years old.

Here are minimum borrower requirements to qualify for a Chase auto loan. Note that meeting these requirements doesn’t guarantee approval. Also, many lenders are flexible with minimum requirements when considering an applicant's total financial picture.

  • Minimum credit history: None.

  • Minimum annual gross income: None.

Chase did not disclose minimum credit score or maximum debt-to-income ratio.

Before you apply

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto loan calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. When you know your maximum car payment, a car affordability calculator can help you determine a realistic car price.

Gather your information and documents. Chase requires the following to submit a pre-qualification form: name, address, gross annual income, last four digits of your Social Security number and email.

To proceed with a loan application, you will also need: phone, birthdate, employment status, employer name, housing status, housing payment amount, full Social Security number, basic vehicle information and dealership information.

How to apply for a Chase auto loan

  1. Find an authorized dealership and vehicle. Since Chase Auto financing is limited to certain dealerships, it’s a good idea to ensure you have access to one. The Chase website has a locator to find participating dealerships. There is also a digital car-buying site, where some Chase network dealerships list their inventory. The car-buying site is somewhat limited, with about 3,000 dealerships listing vehicles.

  2. Submit your auto loan application. Chase auto loan applications can be submitted on the bank’s website or at the dealership. Car buyers can’t apply at a Chase branch. When you apply online, you’ll be asked to provide details about the car you want and the dealership that has it. If your choice of car or dealer changes, this information can be updated later.

  3. If approved, go to the dealership. Submitting the online application will result in a hard credit inquiry on your credit report and an emailed loan decision from Chase. Loan details, including estimated rate and payment, are provided to you and the dealership. Visit the dealership to complete the transaction.

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the lender. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging lenders to send us updates when rates change. We also compare these rates to APRs on the lender's website, if available. The accuracy of our rates depends on the information lenders provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar lenders, to determine if a lender’s provided rate seems realistic.

We ask lenders to provide their lowest rate that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months, without including any potential rate discounts. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask lenders for their highest rates, which typically reflect rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this lender's auto loan borrowers may be different from the rates shown in this review.

How do we review direct lenders for auto loans?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Our survey for direct lenders has different questions than the survey for aggregators, but each includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, a lender must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered when rating direct lenders and our process, read our full methodology.

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Frequently asked questions

  • Chase Auto is a provider of private label financing for many auto manufacturers, including but not limited to Subaru, Jaguar and Rivian. Here’s how it usually works: The auto manufacturer creates its 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.

  • Chase does not offer auto loan refinancing. It does provide lease buyout loans, but only for leases that were originated through a Chase private label financing group.

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