Chase Auto Loan Reviews

JPMorgan Chase & Co. is a multinational bank that offers a wide variety of financial services, including Chase auto loans for purchasing new and used vehicles. In this review, we’ll take a close look at this company and explore loan details, the application process, and Chase auto loan reviews from customers.

Our team has compared 25 of the best auto loan companies to help consumers make sense of their options. We rated companies in five main categories that encompassed over 800 individual data points. Among these include starting annual percentage rates (APRs), loan restrictions, loan types, customer service ratings, industry ratings, and term lengths. Our team also surveyed 2,000 auto loan customers to learn about their experiences and what’s important to them.

If you’re trying to buy a vehicle, finding the right auto loan can save you thousands of dollars in the long run. Read our review of the best auto loans to learn more about all your vehicle financing options.

While Chase auto loans do not have the lowest interest rates we have seen, the company does offer competitive rates. Plus, the Chase Auto Preferred program can make Chase your one-stop shop for finding an auto loan and purchasing a vehicle.

Chase is an established bank with many resources that may be useful for Chase loan customers. While some drivers have reported issues with their Chase auto loans, these represent a small fraction (less than one percent) of overall customers.

How We Rated Chase Auto Loans

Our rating methodology covers categories of industry standing, availability, loan details, rates and discounts, and customer service. Let’s take a closer look at how we rated Chase auto loans.

Industry Standing

It’s important for an auto loan company to be established in the industry with a good reputation. Our team looks at a company’s longevity and Better Business Bureau (BBB) rating in this category. Chase scores a 4.3-star rating from our team here because it has an A rating on the BBB but is not accredited.

Availability

Another important part of our rating process is a company’s availability. This includes availability by state along with vehicle restrictions like age and mileage. Minimum credit score is also included in this category. While Chase doesn’t list a minimum credit score, that doesn’t mean everyone is approved. Chase scores 4.5 for availability.

Loan Details

Next, our team considers what an auto lender offers for loan choices, amounts, terms, and benefits. Chase bank scores 4.2 for this category because it doesn’t offer refinance loans–only new and used car loans. Chase also doesn’t offer private party loans.

Rates And Discounts

One of the first things people think about when shopping for loans is the APR. A November 2022 consumer loans survey we conducted revealed that 29 percent of respondents cared most about finding a good APR.

Chase scores 4.3 out of 5.0 for this category because it offers decent APRs and no fees. However, it doesn’t offer savings opportunities like autopay or bundling discounts.

Customer Service

Low APRs and great loan terms can be hampered by poor customer service. Our team looks at customer reviews and complaints on Trustpilot and the BBB. We also consider mobile app scores and how reachable the company is.

Does the company offer 24-hour service or online chat? Chase scored lowest in this category with 3.2 out of 5.0. Unfortunately, Chase has low customer ratings on the BBB and Trustpilot, and it doesn’t offer 24-hour service or online chat.

If you’re looking to purchase a car, there’s no harm in applying for prequalification with Chase. You can also compare auto loan offers from other top lenders.

JPMorgan Chase & Co. has roots stretching all the way back to 1799, making it one of the best-established financial companies in the United States. The company is currently headquartered in New York, N.Y., but has branches and ATMs in every state in the U.S.

Chase Bank auto loan options include loans for purchasing new and used cars. Chase also offers a car-buying service online. Be aware that Chase Bank does not offer auto refinancing loans or loans for private party sales at this time. The company currently holds an A rating from the BBB.

Chase auto loans are available for purchases of new and used cars. Compared to the best loan providers, Chase auto loans come with slightly higher annual percentage rates (APRs), but one nice feature is that there are no fees for prepayment, origination, or application fees. A summary of key loan details is outlined in the chart below.

You can get a Chase auto loan with no down payment. However, making a down payment and especially a larger down payment can result in a lower interest rate and ultimately decrease the final cost of your loan. Chase offers a payment calculator on its website to help you get a better idea of what you might pay.

Chase Auto Loan Rates

While Chase offers competitive rates starting at 6.19 percent, those aren’t the lowest rates available. According to Experian’s State of the Automotive Finance Market report (Quarter 3, 2023), borrowers with scores above 780 found APRs of 3.84 percent on average. That’s quite a bit lower than Chase’s best auto loan rate.

Chase Auto Loan Minimum Qualifications

Chase does not mention any credit score or income requirements. However, this is no guarantee that every person will qualify for a Chase auto loan. The higher your income and the better your credit score, the better your loan offer will be. You can use a cosigner to improve your chances of getting a better rate. Make sure they know their score could be impacted if you miss a monthly payment, though.

Chase Auto Loan Excluded Vehicles

The following types of vehicles are not eligible for Chase auto loan financing:

• Vehicles more than 10 calendar years old
• Vehicles with more than 120,000 miles on the odometer
• Commercial vehicles
• Salvage or branded-title vehicles
• Vehicles not titled or registered in the U.S.
• Vehicles used for rideshare or taxi services
• Motorcycles, RVs, boats, or aircrafts
• Certain exotic cars

Chase Auto Loan Perks

There are a few benefits that come with using a large national bank for auto financing. For example, you can take advantage of the Chase mobile app to manage your auto account from your phone.

Chase.com also offers an online auto account resource center that includes instructions for setting up automatic payments from a Chase checking account or external account, starting paperless statements, or setting alerts for paying your bill.

Because Chase is a huge FDIC-member financial institution, it offers just about every financial product available. If doing most or all of your banking in one place sounds convenient, you can easily apply for one of the company’s credit cards, checking accounts, mortgages, and more with Chase online.

Average APRs For Auto Loans

Below, you can see how average APRs change depending on credit score for drivers across the country. This data is from Experian’s 2022 State of the Automotive Finance Market Report for the third quarter of that year. However, rates continued to rise beyond that as the Federal Reserve increased its rate to combat inflation. So, you may find higher rates than these as you shop around.

In our auto loan survey, we asked respondents what APR they were paying. The most common answer was five percent, followed by three and four percent. We also found a quarter of the respondents had a rate between seven and fourteen percent. Some were paying as high as 26 percent, as well.

APR Vs. Interest Rate

APR and interest rate are not the same thing. The interest rate is the cost of borrowing money expressed as a percentage, while APR includes interest plus other fees like origination fees. So, the APR will be slightly higher than the interest rate.

With Chase, you may pay an origination fee of $195 if you live in Indiana. This fee will be rolled into the total loan amount. Your APR may also include fees that aren’t part of the car’s sticker price, like dealership, DMV, or preparation fees.

Chase Auto Loan Application Process

The first step to applying for a Chase auto loan is called prequalification. Many loan providers have a prequalification stage. To prequalify, you will need to provide Chase with your name, address, income, and the last four digits of your social security number. There is no fee for prequalification or application.

Chase does not mention a minimum required credit score, and prequalification does not require a hard credit check. This means that your credit score will not be affected just for applying. After completing prequalification, Chase can give you an idea of the loan amount for which you qualify and an expected interest rate.

Documents Needed To Apply For Chase Auto Financing

If you decide to accept a Chase auto loan offer, you will need to give the company more information and documentation before you receive final approval. This step will require a hard check of your credit history. Be ready to provide your:

• Full social security number
• Employment information
• Income information
• Vehicle make and model
• Vehicle identification number (VIN)

Chase Auto Preferred Car Buying Service

One standout feature of the Chase auto loan program is that you can actually complete the vehicle purchase process through the company. Customers can prequalify for a loan, browse the inventory of participating dealerships, and buy their new vehicle entirely through Chase.

You don’t need a Chase bank account to participate in the car buying service. You can simply log on and search local dealer inventory for new and used cars by style or specific make and model.

When you settle on a car you want and move forward, a Chase concierge from a local dealership will help with your purchase process. While it is not necessary to take advantage of this option to get a Chase auto loan, it allows customers to shop for cars from home and even schedule test drives and car deliveries. Furthermore, customers using this service can get discounted pricing on certain vehicles.

Only sign up for Chase Auto Preferred if you are ready to purchase a car within the next 30 days.

While JPMorgan Chase & Co. has an A rating from the BBB, the company isn’t accredited, and customer reviews are not very positive. The BBB customer score is at a very low rating, with 1.1 out of 5.0 stars. However, this is based on a relatively small number of reviews (about 500). Given that Chase customers number in the millions, this score represents only a tiny fraction of Chase users.

The customers who have complained on the BBB website mention declined payments and delays in mailing their vehicle title after their loan is paid off. Positive Chase reviews typically praise Chase banking services and fraud detection.

In this article, we gave Chase car loans 4.3 out of 5.0 stars for its competitive rates and great online application process. Along with this review, we guided you through Chase auto loan details, services, and customer reviews. Before picking an auto loan provider, compare and weigh your options.

Chase Bank Car Loan: FAQ

Below are a few frequently asked questions about Chase Bank car loans: