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JPMorgan Chase is one of the oldest and largest financial institutions in the United States. Chase operates 5,100 bank branches and 16,000 ATMs nationwide. The company also issues credit cards, provides mortgage lending, and offers investing products.

Doing business with the largest bank in the country certainly has its perks, but there are a few important things to consider as well – especially if you’re shopping for a Chase auto loan. Read on to learn more about Chase car financing, the ins and outs of its online car loan program, and the interest rates you may see when you finance a car through Chase.

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Contents of This Review:

Current Chase Auto Loan Rates

Credit Score

New Car Loan

Used Car Loan

Refinance Car Loan

Excellent

4.33 – 4.64%

4.57 – 4.89%

4.94 – 5.29%

Very Good

4.83 – 5.09%

5.53 – 5.89%

Not available for this credit tier

Good

6.03 – 6.44%

7.94 – 8.64%

Not available for this credit tier

Fair

10.99 – 13.44%

13.31 – 16.99%

Not available for this credit tier

Chase provides financing to car shoppers with all types of credit, but it reserves the best rates for those with an excellent credit score. Each lender sets its own criteria for what “excellent credit” means, but it generally equates to a credit score of between 781 and 850, according to Experian. Applicants in this range may find new-car loan rates as low as 4.33 percent from Chase, and used-car interest rates of just 4.57 percent.

A credit score within the range of 661 to 780 is typically considered “prime” by lenders. This is also the credit range that most applicants find themselves in. Shoppers in this group could see new car loan rates of between 4.83 and 6.44 percent from Chase, and used car loan rates of between 5.53 and 8.64 percent.

Applicants with a lower score – 660 and below – typically find themselves in the “nonprime” and “subprime” categories. Shoppers in this group may see new car rates of 10.99 to 13.44 percent from Chase, and used car rates of 13.31 to 16.99 percent.

Chase’s advertised rates are competitive overall, but they aren’t quite as low as some top auto lenders like LightStream and Bank of America.

These rates were found using Chase’s auto financing calculator and are for illustrative purposes only. The rates on this page are accurate as the date of this publication, and we do update them regularly. Auto loan rates fluctuate over time, however, so you may see different rates as you shop for an auto loan. The rates you qualify for may differ from these depending on your credit history, income, and selected loan terms.

Is Chase a Good Car Loan Company?

Chase is a good option if you’re looking to finance a new or used car. It’s also worth consideration if you have excellent credit and want to refinance your current car loan. The bank offers loans to shoppers in all 50 states and Washington, D.C. Chase’s auto loan terms are generous, letting borrowers pay quickly in as few as three years or make small monthly payments over the course of five years or more. Chase doesn’t require a down payment for its auto loans, and there are no program application fees or prepayment penalties.

Among the biggest benefits of financing through the Chase program are its added perks, though. Chase not only handles vehicle financing, but it can also get customers a guaranteed discount on new vehicles at participating dealerships. This means you won’t have to haggle over pricing with the dealer.

Key Chase Car Loan Info

 

New

Used

Refinance

Available APR

4.33 – 13.44%

4.57 – 16.99%

As low as 4.94%

Loan Length

48-72 months

36-72 months

12-72 months

Prepayment Penalty?

No

No

No

Income Requirements

Contact for amount

Contact for amount

Contact for amount

Minimum Loan Amount

$4,000

$4,000

$4,000

Should I Get a Chase Auto Loan?

Consider a Chase auto loan if you want to take all the guesswork out of your next car purchase. Chase’s website will walk you through the whole process – you can search for a car, receive a guaranteed discount, and apply for financing – all without leaving your couch. That’s a pretty big convenience.

On the other hand, there are aspects about Chase’s online program that customers might not like. Chase only finances vehicles purchased at participating dealers, and the program excludes private sales (used cars purchased directly from an owner). Both of these limitations can cut down on the eligible cars for sale in your area.

You may also have to reapply if you choose to buy a different vehicle than the one originally specified. This can make it frustrating if you’re shopping between multiple types of cars. Chase’s interest rates aren’t as low as some other top lenders either. If any of these issues give you pause, consider another lender, like Capital One, Sun Trust’s Light Stream Auto Loan program, or Bank of America, or other major car loan companies.

How to Apply for a Chase Auto Loan

If you like shopping online, the Chase Car Buying Service may be perfect for you. It’s the online tool that Chase Bank uses to connect shoppers with cars for sale and financing. Here’s how it works.

Log on to the website and hit the “Search Vehicles” button. You can then view new and used cars for sale at participating dealers in your area. These search results are provided by TrueCar (U.S. News also partners with TrueCar for our Best Price Program) and they can be filtered by make, model, age, price, mileage, body style, and more. You can view a vehicle’s description and specs, see photos and estimated loan terms, and save listings to review later on.

If you want to learn more about a certain vehicle, click the “Check Availability” button to contact the dealer. You’ll need to provide contact information like your name, email, and phone number. You can then chat with the dealer, schedule a test drive, and see what other shoppers paid for similar vehicles. If it’s a new car, you can even receive a guaranteed savings certificate that’s redeemable at the dealership.

Woman on laptop
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These no-haggle offers are one of the biggest perks of the Chase Auto program, and they’re attractive if you don’t want to negotiate for every last dollar of savings. The certificate doesn’t expire for new cars, but any discounts quoted for used cars are valid for seven days.

Next, you’re ready for financing. Chase asks for personal information like your home address, social security number, and employer. The company will examine your credit history, which could affect your credit score. If there are no red flags, you’ll receive a loan offer with your monthly payments and interest rate confirmed.

The loan offer is valid for 30 days, and there’s no application fee. One sticking point is that you may need to reapply if you decide to purchase a different car or buy from another dealership, which could also change the rates and terms. Once you’ve received your loan offer, you can go to the dealer to finalize the purchase. If you don’t like the offer, you don’t have to accept it.

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What Income Do I Need for a Chase Auto Loan?

Chase Auto does not disclose its income requirements. This is partially due to competition between lenders, but also because a borrower’s income may not indicate their likelihood to repay a loan. A better calculation is the debt-to-income ratio (DTI). To find it, simply divide your total monthly debt payments by your total monthly income.

For instance, monthly debt payments of $2,100 and a monthly income of $6,000 would equal a debt-to-income ratio of 35 percent. Likewise, monthly payments of $750 and a monthly income of $3,000 translate to a DTI of 25 percent.

Most lenders typically draw the line at a debt-to-income ratio of 40 percent or more, because it indicates the borrower is financially overextended.

What Credit Score Do I Need for a Chase Auto Loan?

Chase does not list its credit score requirements, and neither do most other lenders. Again, this is partly for competitive purposes, but it’s also because a credit score is only one aspect of the loan approval process. Other major factors include your total income, the amount of debt you carry, and the various types of debt you have, like a mortgage, personal loans, and credit cards. All in all, the bank just wants to ensure that you can pay back the loan.

What Cars Can I Buy With a Chase Auto Loan?

Chase offers financing for shoppers that buy cars from its network of participating dealerships. Private sales are excluded, which means you can’t get a Chase auto loan if you are buying a used car directly from the owner.

Chase doesn’t elaborate on the exact make, model, or mileage requirements of its program. However, it’s fairly easy to tell which cars the company will finance. If a car, truck, minivan, or SUV shows up in Chase’s online inventory search, it’s covered under the program.

There are new and used cars from every major brand, as well as used vehicles from a few defunct brands like Hummer, Mercury, Pontiac, Saab, and Saturn. The listings span every model year from 1997 to 2019. You can even find cars for sale with well over 200,000 miles included in the program. That’s a lot of options.

Women in a car lot
kali9 / Getty Images

Chase also provides loans for drivers who want to buy their car at the end of its lease, which is called a lease buyout. The company provides refinancing for existing car loans as well, but only for loans that were originated by other lenders, such as competing banks and credit unions. Chase only finances auto loans of at least $4,000; the maximum amount varies based on the applicant’s income, credit score, and the vehicle.

It is worth noting that Chase Bank may finance vehicles that are available outside of its dealer network, but the process and loan terms are different. Call or visit a local Chase branch for details.

What Down Payment Does a Chase Auto Loan Require?

Chase does not require a down payment for its auto loans. That said, making one can lower your monthly payments and save you money in the long run. A down payment reduces the total amount you need to finance, thereby reducing the amount of interest you’ll accrue over the loan.

Does a Chase Auto Loan Have Prepayment Penalties?

There are no penalties for paying off a Chase auto loan early. Chase accepts extra payments when paying with a check, online, over the phone, or on its mobile app. Users can schedule an advance principal-only payment to be made on a certain date. Another option is to overpay on your normal monthly bill. Just make sure to specify these excess funds as a principal payment, or they could otherwise be applied to the following month’s payment.

Chase only offers one type of auto loan: a simple interest loan. Here’s how it works. Interest – the cost of borrowing money – is calculated daily from the beginning of the loan until the day it’s paid off. This interest is based on the remaining balance of the loan. As the balance is paid down over time, the amount spent on monthly interest goes down as well.

Opting for a loan with short terms and larger monthly payments is the best way to save money in the long run. While it may be tempting to stretch small monthly payments across long terms like six years or more, this can leave you spending thousands of dollars more on interest alone. Late payments cause additional interest and potential late fees to accrue as well.

Chase vs. Wells Fargo

Chase and Wells Fargo take two different approaches to online auto financing. Chase offers a more comprehensive program, and it walks shoppers step by step through the entire car buying process. You can find the car you want, get a guaranteed discount, and apply for financing – all without leaving the Chase website.

Wells Fargo puts more focus on the actual financing, and in many ways, that makes it a better program. The funds from a Wells Fargo loan can be sent to you as a check or deposited right into your bank account, so you can shop for a car with all the confidence of a cash buyer. Chase Auto, on the other hand, requires the financing process to be completed by the dealer.

Those financing with Wells Fargo can also consider a larger pool of vehicles for sale. That’s because the bank doesn’t have dealer restrictions, and it allows shoppers to buy from private sellers. By comparison, Chase has dealer restrictions and doesn’t finance private sales.

Ultimately, there are tradeoffs to both programs. Wells Fargo charges an origination fee of $99 with all of its auto loans, and the bank doesn’t finance vehicles in Louisiana. Alternatively, Chase’s new-car interest rates aren’t quite as low as Wells Fargo’s. Opt for the program that appeals more to you.

 

Chase

Wells Fargo

New Car Rates as Low as

4.33%

3.9%

Used Car Rates as Low as

4.57%

5.26%

Prepayment Penalties?

No

No

Minimum Monthly Income

Contact for amount

Contact for amount

Chase vs. Bank of America

Bank of America is a popular pick for auto financing, and it offers a few benefits that Chase Auto doesn’t. Bank of America has lower advertised rates for both new and used car loans. The company provides financing for car shoppers that want to buy from a private seller (visit a local branch for details). Bank of America also offers refinancing of its own auto loans, while Chase only refinances loans that were originated by other lenders.

It’s not a runaway win for Bank of America, though. The bank requires a down payment on its auto loans in some instances; Chase doesn’t. Chase also provides smaller loan amounts – a minimum of $4,000 for newly originated loans – while Bank of America requires shoppers to finance at least $7,500 or more.

There is some common ground between these online programs. Both are limited to participating dealers, and each bank finalizes the loan process at the dealership, which adds an extra step to the car-buying process. Try out the inventory search tools of both programs to see which offers more options in your area.

 

Chase

Bank of America

New Car Rates as Low as

4.33%

3.59%

Used Car Rates as Low as

4.57%

3.79%

Prepayment Penalties?

No

No

Minimum Monthly Income

Contact for amount

Contact for amount

Chase vs. Capital One

The Chase and Capital One auto financing programs have a few similarities. Both walk shoppers through each step of the car buying process with simple online tools, including inventory listings, loan calculators, and credit pre-approvals. On the other hand, both programs also limit buyers to participating dealers, and neither finances private party sales. Restrictions like these can really cut down on the number and variety of vehicles for sale in your area.

That said, there’s a bit more to like about the Chase auto loan program. Chase’s partnership with TrueCar allows shoppers to see what others paid for similar vehicles and receive no-haggle price discounts. The Chase program is available in all 50 states, whereas Capital One doesn’t offer financing in Alaska or Hawaii. Unlike Capital One, Chase also provides financing for those that want to buy their car at the end of its lease. Chase also has no down payment requirements for its loans.

 

Chase

Capital One

New Car Rates as Low as

4.33%

3.99%

Used Car Rates as Low as

4.57%

4.62%

Prepayment Penalties?

No

No

Minimum Monthly Income

Contact for amount

$1,500 - $1,800

myAutoloan

APR Range: 1.99% - 27%

Loan Term: 24 - 84 months

Loan Range: $8,000 - $100,000

Applicant Requirements:

At least 18 years old, resident of the U.S. (except Alaska and Hawaii), with min. income of $1,800/month and min. credit score of 500

Vehicle Requirements:

Max mileage of 125,000 miles, 10 years old or newer

myAutoloan presents up to four offers from a variety of participating lenders based on your specific loan requirements, offering a wide variety of choice and selections.

LightStream

APR Range: 3.34% - 17.49% (AutoPay Discount of 0.50% also included)

Loan Term: 24 - 144 months

Loan Range: $5,000 - $100,000

Applicant Requirements:

Must have good to excellent credit*

Vehicle Requirements:

No restrictions

LightStream caters heavily to applicants with very strong credit scores, offering a streamlined application process and a Rate Beat program that guarantees they'll beat any other qualifying offers an applicant receives.

Capital One

APR Range: 3.99% - 10.08%

Loan Term: 36 - 72 months

Loan Range: $4,000+

Applicant Requirements:

$1,800/month minimum income requirements, resident of the U.S. (except Alaska or Hawaii)

Vehicle Requirements:

Limited to vehicles available through the Capital One network of dealers

Capital One offers a pre-qualification, which allows you to take your offer to any participating dealer within 30 days.

Chase

APR Range: 4.29% - 24.99%

Loan Term: 48 - 72 months

Loan Range: $4,000+

Applicant Requirements:

At least 18 years old

Vehicle Requirements:

Limited to vehicles available through the Chase network of dealers, no older than 2008

After your application is approved, Chase will send the information to the dealer you choose. The offer is good for 30 days.

Bank of America

APR Range: 3.49+%

Loan Term: 12 - 75 months

Loan Range: $7,500 - $100,000

Applicant Requirements:

At least 18 years old (19 in Alabama or Nebraska) U.S. resident

Vehicle Requirements:

Max mileage of 125,000 miles, 10 years old or newer, valued at $6,000+, plus additional restrictions

Bank of America Preferred Rewards clients can receive an interest rate discount of 0.25-0.50% depending on their tier at the time of applying for an auto loan.

Company

Details

Requirements

Descriptions

myAutoloan

APR Range: 1.99% - 27%

Loan Term: 24 - 84 months

Loan Range: $8,000 - $100,000

Applicant Requirements:

At least 18 years old, resident of the U.S. (except Alaska and Hawaii), with min. income of $1,800/month and min. credit score of 500

Vehicle Requirements:

Max mileage of 125,000 miles, 10 years old or newer

myAutoloan presents up to four offers from a variety of participating lenders based on your specific loan requirements, offering a wide variety of choice and selections.

LightStream

APR Range: 3.34% - 17.49% (AutoPay Discount of 0.50% also included)

Loan Term: 24 - 144 months

Loan Range: $5,000 - $100,000

Applicant Requirements:

Must have good to excellent credit*

Vehicle Requirements:

No restrictions

LightStream caters heavily to applicants with very strong credit scores, offering a streamlined application process and a Rate Beat program that guarantees they'll beat any other qualifying offers an applicant receives.

Capital One

APR Range: 3.99% - 10.08%

Loan Term: 36 - 72 months

Loan Range: $4,000+

Applicant Requirements:

$1,800/month minimum income requirements, resident of the U.S. (except Alaska or Hawaii)

Vehicle Requirements:

Limited to vehicles available through the Capital One network of dealers

Capital One offers a pre-qualification, which allows you to take your offer to any participating dealer within 30 days.

Chase

APR Range: 4.29% - 24.99%

Loan Term: 48 - 72 months

Loan Range: $4,000+

Applicant Requirements:

At least 18 years old

Vehicle Requirements:

Limited to vehicles available through the Chase network of dealers, no older than 2008

After your application is approved, Chase will send the information to the dealer you choose. The offer is good for 30 days.

Bank of America

APR Range: 3.49+%

Loan Term: 12 - 75 months

Loan Range: $7,500 - $100,000

Applicant Requirements:

At least 18 years old (19 in Alabama or Nebraska) U.S. resident

Vehicle Requirements:

Max mileage of 125,000 miles, 10 years old or newer, valued at $6,000+, plus additional restrictions

Bank of America Preferred Rewards clients can receive an interest rate discount of 0.25-0.50% depending on their tier at the time of applying for an auto loan.

Disclaimer: All information provided here is based on Annual Percentage Rate estimates from the websites of the individual lenders on 12/18/2018. It is not a binding or guaranteed loan offer. Individual auto loan rates will vary.

Notes: In compiling this data, we used new-car purchase rates for Virginia.

*To meet LightStream's standard for good credit, you must have several years of credit history with a variety of account types, including credit cards, installment debt (vehicle loans), and mortgages. LightStream also prefers to see few, if any, delinquencies and a history of savings, evidenced by things like deposit accounts and manageable revolving credit card debt. You'll also want to provide proof of stable and sufficient income to repay current debt obligations as well as any new loan with LightStream.

More Shopping Tools From U.S. News & World Report

If you need to do more research, our rankings and reviews are a great place to start. If you’re ready to buy, check out our new car lease deals and purchase deals pages.

Our Best Price Program can also save you money. You can get a pre-negotiated price on your car at a local dealer. On average, buyers have saved more than $3,000 off MSRP using the Best Price Program.

In addition to savings off MSRP, getting the best interest rate on your car loan can save you thousands. Compare rates from up to four lenders with myAutoloan to get the best deal.

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