In addition to a vast selection of financial services, such as checking and savings accounts, credit cards, and mortgage loans, Chase Bank allows customers to get financing for the purchase of automobiles. Car loans are available for amounts ranging from $4,000 to $600,000 for the purchase of new automobiles or used vehicles no older than 10 years.
The size of the down payment, the loan length, the loan amount, the debt-to-income (DTI) ratio, the car's age, and the current market rates all play a role in determining the interest rate.
Financing cars acquired from private parties is not an option; thus, customers must buy their automobiles through one of the hundreds of Chase network dealerships. Despite this, Chase does provide a computerized car-buying tool that helps users pick the next vehicle that best suits their needs. The following is a list of the primary kinds of car loans that Chase can provide:
New Car Purchase
The vehicle must be from the current year or the two years before to be eligible for a new auto loan with Chase. For instance, Chase's new auto rates allow drivers in 2022 to finance a vehicle manufactured in 2023, 2022, or 2021. Chase bank auto loans are also not an option for automobiles bought from private dealers.
Chase's interest rates begin at around 3.5% for applicants with great credit, but the company does not publicize its top rates. There is no need for a down payment; the terms range from 12 to 84 months.
Used Car Purchase
Chase also funds the acquisition of secondhand automobiles via its network of dealers. More than ten years old vehicles are ineligible for financing and cannot be purchased with cash. Borrowers may choose maturities ranging from 12 to 84 months, and there is no need for a down payment. This is similar to the situation with new automobile loans.
Lease Buyout
Customers who get financing via Chase's private label relationships with Aston Martin, Maserati, Jaguar Land Rover, Subaru, and McLaren are eligible to participate in the lease buyout program offered by Chase. The car may be purchased entirely by the driver or converted into a loan product via Chase.
Minimum Borrower Requirements
Chase does not make credit or underwriting standards available for its chase auto loans. This includes a minimum credit score, income, and credit history. On the other hand, we suggest a credit score of at least 620 if you want to increase your chances of being approved for a Chase auto loan.
Chase Auto Loan Application Process
You may use Chase to finance a vehicle purchase in one of two ways: by using the digital car-buying tool that Chase provides or by applying for financing directly via a network dealer. When applying for a Chase auto loan, the stages involved are somewhat different depending on the kind of loan you want, but in general, they are as follows:
Prequalify
In contrast to some other auto lenders, Chase provides a prequalification procedure that does not impact a potential customer's credit score. To become prequalified, go to the auto loans webpage and click "Get prequalified." The next step is to submit your personal information, including your yearly gross income and the last four digits of your Social Security number.
Shop for a vehicle
With the digital car-buying tool offered by Chase, you can browse for a vehicle through various local and online merchants and via the lender's network of dealerships. The procedure for obtaining permission is partly determined by the car's brand, model, and trim level, in addition to the dealership from whom you want to acquire the vehicle.
Complete an application
The car-buying procedure is more streamlined and expedited because applications take a few minutes to complete. Chase will accept applications from drivers who are accompanied by a co-applicant. To achieve this, just start your application by selecting the option to apply with a co-applicant when prompted to do so. Additionally, be sure to offer details about the automobile you want to acquire and the dealership where you intend to make the transaction.
Await a lending decision
Chase's judgment on your request will typically come within two to three hours, but the process might take much longer. You may monitor your status online or wait for a lending decision to be sent to you at the address you supplied to Chase when you applied for the loan. After approval, the rates will remain unchanged for the next 30 days.
