Chase Auto Loan rating: 8.5 stars
We rate Chase an 8.5 out of 10.0 for its new and used auto loan options, low initial interest rate, and long terms. Borrowers can be confident in the company’s ability to fund auto loans because it is the country’s largest bank. In addition, Chase has a strong industry reputation with high customer satisfaction ratings in the JD Power Consumer Financing Satisfaction Study among luxury vehicle borrowers.
Chase Auto is the auto financing division of JP Morgan Chase & Co., the largest commercial bank in the US Lender enables borrowers to purchase Chase auto loans, finance new and used vehicles, and manage their Chase accounts in one place.
At the Home Media review team, we will be taking a close look at Chase Bank and examining customer loan details, the application process and Chase auto loan reviews. We’ll also discuss some of our recommendations for the best car loan rates and Best Auto Refinance Rates from 2022.
founding year: 1799
headquarters: New York
Better rating by the Business Bureau (BBB).: B-
JP 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 form the country’s largest bank. Chase Bank offers a range of financial services including:
- verify accounts
- savings accounts
- credit cards
- home loan
- car loans
- online investments
The financial institution is one of the most reputable banks in the US, but has a BBB B rating and is not accredited by the organization.
Chase car loan details
Chase Bank offers auto loans for new and used vehicles, although 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 ratings. Chase auto loans do not require a down payment. Additionally, Chase does not offer automatic refinancing.
The lender offers loan terms from 48 to 72 months with no prepayment penalties or application fees. Borrowers can make monthly payments online through Chase.
*Tariff zone from 04/12/22.
Factors that affect car loan rates
Several factors will 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 purchased
- deposit amount
- Current market prices
Who Eligible for Chase Auto Loans?
Anyone over the age of 18 can apply for a Chase car loan. The company only finances new and used vehicles that are less than 10 years old and have driven less than 120,000 miles. Chase Auto Finance does not cover the following:
- commercial vehicles
- Salvaged or branded vehicles
- Vehicles not titled or registered in any of the 50 states or Washington, DC
- Vehicles used as taxis or limousines, or for ride-sharing services such as Uber or Lyft
- Motorbikes, mobile homes, boats or airplanes
- Certain exotic makes
Chase does not list minimum income or credit requirements on its website, so it may be easier for people with fair credit to be approved for an auto loan.
follow the application process
You can apply to prequalify for a Chase auto loan online. The information you send to Chase is only seen by the financial institution and is not shared with dealers until you buy a car.
Before you start the application process, have the following personal data ready:
- social security number
- Employment Information
- Make, model and equipment of the vehicle you want to buy
Applying for prequalification on a Chase auto loan will not affect your credit score as the lender only conducts a soft credit check. While prequalification can give you an idea of how much you may qualify for, you must submit a formal application to Chase to receive actual credit approval.
Keep in mind that the APR and loan term you receive during pre-qualification may differ from what is offered upon final approval. Your credit decision and APR are valid for 30 days if approved.
While Chase Bank has average customer ratings, it enjoys a strong reputation with industry organizations. The company ranked second in the luxury market for overall customer satisfaction JD Power 2021 US Consumer Financing Satisfaction Study℠. Chase received lower marks in the Mass Market category, scoring seven points below the segment average.
Chase has a B rating on the BBB website and is not accredited. Customer reviews give the company a 1.1 star rating of 5.0. While this may seem low for a financial institution, only about 400 reviewers gave Chase Bank a rating, 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 website mention the company’s top-notch customer service and payment processes. Several reviewers mention that the company does its best to offer solutions to personal and financial problems that arise and has solid security that quickly detects fraudulent activity.
Negative Chase reviews
Of the 50 negative reviews we looked at on the BBB website, none of them applied to Chase auto loans. Frequent complaints against the financial institution about problems with credit cards and payslips, not depositing into checking accounts on time.
Our team reached out to Chase Bank for comment on their findings and negative reviews, but the company declined to comment.
Auto Loan Recommendations
Although Chase is a reputable financial institution, it’s worth researching the best auto loan rates before making a decision. We recommend contacting myAutoloan and LightStream.
myAutoloan: Most popular marketplace
The myAutoloan marketplace allows you to compare the best car loan rates from multiple lenders. You can enter your personal information in the myAutoloan online form and receive loan offers immediately. APRs from its network of lenders start at 1.99% for new cars, 2.24% for used cars and 1.24% for refinance, although the rate you get depends on factors like your loan and the one you choose Loan term depends.
In the auto finance industry, myAutoloan has a solid reputation, with a Rating A+ and accreditation from the BBB. Customers on Trustpilot rate the lender 4.3 stars out of 5.0.
Continue reading: myAutoloan Review
LightStream: Top choice for good credit
LightStream is a loan provider backed by Truist Bank, the seventh largest bank holding company in the United States. The lender offers refinancing, new and used vehicle loans with loan amounts ranging from $5,000 to $100,000 and interest rates starting at 4.99%** APR with AutoPay and excellent credit (price as of 05/18/2022). The company can fund your loan the very next day.
The BBB website has customer reviews for LightStream on its page where it is accredited by the BBB and has an A+ rating.
Continue reading: LightStream Review
Because consumers rely on us to provide objective and accurate information, we have developed a comprehensive rating system to formulate our ranking of the best car loan companies. We collected data on dozens of loan originators to rank the companies based on a variety of ranking factors. The end result was an overall rating for each vendor, with the companies with the most points topping the list.
Here are the factors our reviews take into account:
- Reputation (25% of total score): Our research team considered industry expert reviews and each lender’s fiscal year to generate this score.
- Prizes (25% of total points): 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 correct at time of publication.
**Your loan terms, including APR, may vary based on loan purpose, amount, term and credit profile. Excellent credit is required to qualify for the lowest interest rates. Rates range from 4.99% to 10.49% APR with AutoPay. The price is given with AutoPay discount. The AutoPay discount is only available before loan financing. Prices without AutoPay are 0.50 percentage points higher. Subject to credit approval. Conditions and restrictions apply. Advertised prices and conditions are subject to change without notice.”