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Chase Auto Loan review: 8.5 Stars
We rate Chase 8.5 out of 10.0 for its new and used car loan options, low starting APR and long term lengths. Borrowers can feel confident in the company’s ability to finance car loans since it’s the nation’s largest bank. Also, Chase has a strong industry reputation, with high scores for customer satisfaction in the J.D. Power Consumer Financing Satisfaction Study among borrowers financing luxury vehicles.
Chase Auto is the car financing division of J.P. Morgan Chase & Co., the largest commercial bank in the U.S. The lender allows borrowers to shop for Chase auto loans, finance new and used vehicles and manage their Chase accounts all in one place.
We at the Guides Auto Team will take a close look at Chase Bank and explore loan details, the application process and Chase auto loan reviews from customers. We’ll also discuss some of our recommendations for the best auto loan rates and best auto refinance rates of 2022.
About Chase
Year founded: 1799
Headquarters: New York
Better Business Bureau (BBB) rating: A
J.P. Morgan Chase & Co. can trace its roots back to 1799, when the Manhattan Company was founded in New York City. Since then, over 1,200 institutions have come together to create the nation’s largest bank. Chase Bank provides a range of financial services, including:
- Checking accounts
- Savings accounts
- Credit cards
- Home loans
- Auto loans
- Online investing
The financial institution is one of the most reputable banks in the U.S. However, it has an A rating from the BBB and isn’t accredited by the organization.
Chase auto loan details
Chase Bank offers auto loans for new and used vehicles, though all commercial vehicles and some exotic vehicles are excluded. According to our research, auto loan rates can start as low as 3.54% for borrowers with excellent credit. No down payment is required for Chase auto loans. Additionally, Chase doesn’t offer auto refinancing.
The lender provides loan term lengths of 48 to 72 months, with no prepayment penalty or application fees. Borrowers can make monthly payments through Chase online.
*Rate range as of 9/29/22.
Factors that affect auto loan rates
Several factors affect your car loan rates with Chase Bank, including:
- Your credit history
- Your loan term
- Your loan amount
- Your debt-to-income ratio
- Age of the vehicle you purchase
- Down payment amount
- Current market rates
Who is eligible for Chase auto loans?
Anyone over the age of 18 can apply for a Chase auto loan. The company only provides financing for new and used vehicles less than 10 years old and with fewer than 120,000 miles. Chase auto finance doesn’t cover the following:
- Commercial vehicles
- Salvaged or branded title vehicles
- Vehicles that aren’t titled or registered in one of the 50 states or Washington, D.C.
- Vehicles used as taxis or limousines or for rideshare services such as Uber or Lyft
- Motorcycles, RVs, boats or aircraft
- Certain exotic makes
Chase doesn’t list any minimum income or credit score requirements on its website, so it may be easier for those with fair credit to be approved for an auto loan.
Chase application process
You can apply for prequalification for a Chase auto loan online. The information you send to Chase will only be viewed by the financial institution and won’t be forwarded to any dealerships until you purchase a car.
Before you start the application process, have the following personal information ready:
- Name
- Address
- Social Security number
- Employment information
- Income
- Email address
- Make, model and trim of the vehicle you want to purchase
Applying for prequalification for a Chase auto loan won’t affect your credit score since the lender only conducts a soft credit check. While prequalification can give you an idea of how much you may qualify for, you’ll need to submit a formal application with Chase to get actual loan approval.
Keep in mind that the APR and loan term you receive during prequalification may differ from what’s offered during final approval. Your credit decision and APR are good for 30 days if you’re approved.
Chase reviews
While Chase Bank has average customer reviews, it has a strong reputation among industry organizations. The company scored second place in the luxury market for overall customer satisfaction in the J.D. Power 2021 U.S. Consumer Financing Satisfaction Study℠. Chase received lower marks in the mass market category, scoring seven points below the segment average.
On the BBB’s website, Chase holds an A rating and isn’t accredited. Customer reviews give the company a 1.1-star rating out of 5.0. While this may seem low for a financial institution, nearly 500 reviewers have left a rating for Chase Bank, which is not representative of all Chase customers. These reviews also include all of the bank’s financial services, not just auto loans.
Positive Chase reviews
Positive Chase reviews on the BBB’s site mention the company’s top-notch customer service and payment processes. Several reviewers mention that the company does its best to offer solutions for personal and financial issues that arise and has solid security that detects fraudulent activity quickly.
Negative Chase reviews
Out of the 50 negative reviews we looked at on the BBB’s site, none of them applied to Chase auto loans. Frequent complaints against the financial institution center on issues with credit cards and payroll not being deposited into checking accounts in a timely manner.
Our team reached out to Chase Bank for a comment on its scores and negative reviews, but the company declined to comment.
Recommendations for auto loans
While Chase is a reputable financial institution, it pays to shop around for the best auto loan rates before making a decision.
myAutoloan: Best Low-rate Option
The myAutoloan marketplace allows you to comparison shop for the best auto loan rates from several lenders. You can enter your personal information into myAutoloan’s online form and instantly receive loan offers. APRs from its network of lenders begin at 3.99% for new cars, 4.24% for used cars and 2.49% for refinancing, though the interest rate you receive will vary depending on factors including your credit and the loan term length you choose.
Within the auto financing industry, myAutoloan has a strong reputation, with an A+ rating and accreditation from the BBB. Customers on Trustpilot rate the lender 4.2 stars out of 5.0.
Keep reading: myAutoloan review
AutoPay: Most Well-rounded
AutoPay is one of the top rated companies in the auto loan industry for its ability to be so well-rounded. With a minimum credit score of 575, auto loans are very accessible through AutoPay. The company also provides a large range of loan amounts ($2,500 to $100,000) and a large range of loan terms (up to 84 months).
As long as you meet the requirements to be granted an auto loan, you can receive low starting APRs compared to what is offered by many other companies in the industry. Of course, your interest rate will not be the same as everyone else’s and can vary depending on several factors.
Our methodology
Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best auto loan companies. We collected data on dozens of loan providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the companies that scored the most points topping the list.
Here are the factors our ratings take into account:
- Reputation (25% of total score): Our research team considered ratings from industry experts and each lender’s years in business when giving this score.
- Rates (25% of total score): Auto loan providers with low APRs and high loan amounts scored highest in this category.
- Availability (25% of total score): Companies that cover a variety of circumstances are more likely to meet consumer needs.
- Customer Experience (25% of total score): This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness and helpfulness of each lender’s customer service team.
*Data accurate at time of publication.
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