Chase Auto Loan Review 2022 – Forbes Advisor
Chase Bank offers auto loans in addition to a wide range of financial services, including checking and savings accounts, credit cards, and home loans. Auto loans are available from $4,000 to $600,000 for new vehicles and used vehicles less than 10 years old.
Rates vary based on credit history, loan term, loan amount, debt-to-income ratio (DTI), vehicle age, current market rates and down payment amount ( although no deposit is required).
Cars must be purchased from one of the thousands of dealerships in the Chase network, and financing for vehicles from private sellers is not available. However, Chase provides a digital car shopping service that can help drivers find their next vehicle.
Here are the main types of car loans offered by Chase:
Buying a new car
To qualify for a new car loan through Chase, the vehicle must be from the current year or the previous two years. For example, 2022 drivers can finance a 2023, 2022 or 2021 vehicle with Chase’s new car rates. Chase auto loans are also not available for vehicles purchased from private sellers.
For borrowers with excellent credit, rates start around 3.5%, but Chase does not disclose its maximum rates. Terms are available from 12 to 84 months, and no down payment is required.
Buying a used car
Chase also finances the purchase of used cars through its dealer network. To be eligible for financing, vehicles must not be more than 10 years old. As with new car loans, borrowers have access to terms of 12 to 84 months without down payment.
Chase offers a lease buyout program for customers who finance through its private label partnerships with Aston Martin, Maserati, Jaguar Land Rover, Subaru and McLaren. Drivers can choose to purchase the vehicle outright or convert it to a loaner product through Chase.