JPMorgan Chase & Co. is a global bank that provides many different financial services, such as Chase auto loans for buying both new and used vehicles. In this evaluation, we’ll look closely at this business and examine the loan terms, the application procedure, and customer reviews of Chase auto loans.
Finding the right auto loan can help you purchase a car and ultimately save you thousands of dollars. To learn more about all of your options for financing a vehicle, read our review of the best auto loans. Lending Partner Loan Term Min. APR Min. Credit Score Highlights.
Chase Auto Loan Review: 3 Stars
Although Chase’s auto loan interest rates are not the lowest we’ve seen, they are still competitive. Additionally, the Chase Auto Preferred program enables you to shop at Chase for both an auto loan and a vehicle.
Customers of Chase loans may find a variety of resources at this reputable bank to be helpful. Although some borrowers have complained about problems with their Chase auto loans, this is a small percentage (less than 1%) of all customers.
Chase Auto Loan Pros and Cons
|Chase Auto Loan Pros||Chase Auto Loan Cons|
|No extra fees||No financing for commercial vehicles or vehicles more than 10 years old|
|High loan amounts for customers with strong credit||No loans for motorcycles, boats, or recreational vehicles (RVs)|
|Can complete your auto purchase entirely through Chase (and entirely online)||No refinancing loans|
There is no harm in applying for prequalification with Chase if you want to buy a car. You can also contrast offers for auto loans from other reputable lenders.
JPMorgan Chase & Co. is one of the most well-established financial companies in the United States, with roots dating back to 1799. The company is currently headquartered in New York, N. Y. however, every state in the U.S. has branches and ATMs. S.
There are auto loan options from Chase Bank for both new and used car purchases. Chase also offers a car buying service online. Be aware that at this time, Chase Bank does not provide loans for private party sales or for auto refinancing. The Better Business Bureau (BBB) currently gives the business an A- rating.
Chase Auto Loan Details
For the purchase of both new and used vehicles, Chase offers auto loans. Chase auto loans have slightly higher annual percentage rates (APRs) than the best loan providers, but one nice feature is that there are no application, prepayment, or origination fees. The graph below provides a summary of important loan information.
|Chase Auto Loan Details|
|Minimum Loan Amount||$4,000|
|APR||As low as 3.49%|
|Loan Term Length||12 to 84 months|
|Origination Fee||None ($195 in OH and IN)|
Chase auto loans are available with no down payment. But making a down payment, particularly a larger one, can lead to a lower interest rate, which will ultimately lower the total cost of your loan. On its website, Chase provides a payment calculator to give you a better idea of what you might pay.
Chase Auto Loan Rates
While Chase offers competitive rates starting at 3. 49 percent, those aren’t the lowest rates available. Borrowers with scores above 780 discovered APRs of 2 percent, according to Experian’s State of the Automotive Finance Market report (Quarter 2, 2021). 34 percent on average. That is significantly less expensive than Chase’s best auto loan rate.
Chase Auto Loan Minimum Qualifications
Chase does not mention any credit score or income requirements. However, this does not imply that everyone will be approved for a Chase auto loan. Your loan offer will be better if your income is higher and your credit score is higher. To increase your chances of receiving a better rate, you can use a cosigner. However, make sure they are aware that if you miss a monthly payment, it may affect their credit score.
Chase Auto Loan Excluded Vehicles
Vehicles of the following categories are not eligible for financing through a Chase auto loan:
Chase Auto Loan Perks
Utilizing a major national bank for auto financing has a few advantages. You can use the Chase mobile app, for instance, to manage your auto account from your phone.
Chase. com also provides an online auto account resource center with information on how to start paperless statements, set alerts for paying your bills, and set up automatic payments from a Chase checking account or an external account.
Chase, a sizable FDIC-member financial institution, provides almost all financial products. Applying for a Chase credit card, checking account, mortgage, or other product online is simple if you prefer to do most or all of your banking in one location.
Chase Auto Loan Application Process
Prequalification is the first stage of the Chase auto loan application process. Many loan providers have a prequalification stage. You must give Chase your name, address, income, and the last four digits of your social security number in order to prequalify. There is no fee for prequalification or application.
Prequalification does not necessitate a hard credit check, and Chase does not specify a minimum required credit score. This indicates that simply applying will not have an impact on your credit score. Chase can inform you of the loan amount for which you qualify and the anticipated interest rate after you have completed prequalification.
Documents Needed To Apply For Chase Auto Financing
Before receiving final approval, you will need to provide Chase with additional information and documentation if you decide to accept the auto loan offer. Your credit history will need to be rigorously examined for this step. Be ready to provide your:
Chase Auto Preferred Car Buying Service
One noteworthy aspect of the Chase auto loan program is that you can actually finish the car-buying process with the business. Customers can prequalify for a loan, look through participating dealerships’ inventories, and complete their new car purchase through Chase.
You can use the car buying service without having a Chase bank account. You can easily log on and browse the new and used car inventories at your neighborhood dealers by style or specific make and model.
A Chase concierge from a nearby dealership will assist with your purchase once you decide on the car you want and proceed. Although using this option to apply for a Chase auto loan is optional, it enables customers to look for cars from home and even arrange test drives and car deliveries. Additionally, users of this service can receive special pricing on a selection of vehicles.
Enroll in Chase Auto Preferred only if you intend to buy a car in the next 30 days.
Chase Customer Reviews And Reputation
While JPMorgan Chase & Co. has a BBB rating of A-, is not accredited, and receives unfavorable customer feedback. The BBB customer score is at a very low 1. 1 out of 5 stars. However, this is based on a scant amount (less than 400) of reviews. Given that there are millions of Chase customers, this score only represents a small portion of Chase users.
Customers who have complained on the BBB website discuss delayed mailing of their vehicle title after their loan is repaid and declined payments. Positive Chase reviews frequently highlight the company’s fraud prevention and banking services.
Chase Car Loan Reviews: Conclusion
In this article, we gave chase car loans 4. 3 out of 5. 0 stars for their competitive rates and great application process. We also walked you through the specifics of the services offered by Chase Auto Loan in addition to this review. We advise you to compare and consider your options before choosing an auto loan provider. Lending Partner Loan Term Min. APR Min. Credit Score Highlights.
Chase Bank Car Loan: FAQ
Here are some frequently asked queries about car loans from Chase Bank:
For loans to buy both new and used cars, Chase is a good option. The bank makes things simple with an online car-buying service that can include home delivery and typically offers competitive rates.
The account number for your Chase auto loan appears at the top of each monthly statement. If you need assistance finding your auto account number, call Chase customer service at 1-800-935-9935.
Because Chase doesn’t specify a minimum credit score, applicants with at least fair credit scores may be accepted. Chase’s eligibility requirements are less stringent than those of other financial institutions.
For its auto loan program, Chase doesn’t have a minimum credit score requirement. However, that doesn’t mean everyone will qualify. Generally speaking, if you have a low credit score it might be difficult to get financing from Chase.
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Does Chase auto have a grace period?
A grace period of 7 to 15 days is provided by the Chase late payment policy. Grace periods differ from lender to lender, and as a result of the coronavirus pandemic, banks have become much more understanding with their customers. The minimum late fee we’ve seen was 5% of the monthly payment amount, but late fees vary greatly by loan.
How long is the grace period for auto loans?
The majority of auto loans have a 10-day grace period for payments, which means you can make a payment within that time frame without it being considered past due.
What happens if I pay my car loan 3 days late?
If your payment is received after the grace period has passed, you might be assessed a late fee. Usually, auto lenders wait 30 days after your payment due date before notifying the credit bureaus that the payment was received late.
What happens if your 5 days late on car payment?
If you’re more than five days late with a payment, some lenders may impose a late fee. However, this shouldn’t affect your credit score. Your credit score will suffer if you are more than 30 days late with your payments.