Chase Auto Loan Review 2024

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.

Chase auto loan rates aren't listed on the bank's website, but a Chase car payment calculator enables you to enter vehicle information, your state, your credit score range and loan amount to see estimated interest 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

Chase Auto may be a good fit for those who ...

Do you qualify for a Chase auto loan?

How to apply for a Chase auto loan

How auto loan rates work and how we collect them

How do we review auto loan direct lenders?

Chase auto loans at a glance

• Restrictions

  • 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.

• Other loan details

  • 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.

• More lender details

  • 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).