Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Chase offers auto loans for new and used cars.
Chase; Alyssa Powell/Business Insider
The bottom line: Chase Auto Loan offers auto loans with great minimum rates for borrowers with excellent credit, and it finances a wide range of loan amounts. However, borrowers who are late on payments will pay undisclosed late fees and certain cars are ineligible for financing.
Pros and cons of Chase auto loans
Pros
Competitive rates. The lowest rates Chase charges are on par with its competitors in the market. If you have excellent credit, you’re likely to find great rates with the lender. Wide loan amount range. You can get anywhere from a $4,000 to $600,000 loan from Chase, making it a great option for both borrowers who need a bit of cash to finance their purchase and those looking to buy a very expensive vehicle. Estimated rates available. Chase has an auto loan rates calculator that uses your credit score, vehicle make and year, your state of residence, and requested loan amount to figure out your approximate interest rate and monthly payment. This makes it easier to shop around for a loan and get a general idea of how much it will cost. Coapplicant allowed. A coapplicant with a good credit score can help you reduce your rate or qualify for a loan you might not otherwise have been able to get. Some other lenders don’t allow coborrowers. Easy to find which dealers are in network. In addition to its auto loans calculator, Chase has a tool to search for dealers in its partner network. This gives you a better idea of where you can take out a loan.
Cons
Auto refinancing and lease buyouts not available. Chase currently only offers new and used car purchases, not auto refinancing and lease buyouts. If you need that option, you’ll have to choose a different lender. Some older vehicles ineligible for financing. You can’t finance vehicles that are more than 10 years old or have more than 120,000 miles on the odometer. You also won’t be able to finance commercial vehicles or certain “exotic” makes. Many other lenders also have limitations on the types of cars you can finance, so these barriers to entry aren’t unique to Chase. Charges some fees. You’ll pay a $195 origination fee in Indiana, though you won’t be charged one in any other state. Chase doesn’t charge an application fee, though the lender does have undisclosed late fees.
Who is Chase best for?
Chase is best for borrowers with excellent credit who can qualify for its lowest rates. Borrowers who also want to get a general sense of their loan terms before committing to applying will also like Chase’s loan calculator and partner dealership search tool.
If you’re looking to refinance an auto loan or buy out a lease, you won’t have those options with Chase.
Chase also has a comprehensive FAQ section you can use to answer any additional questions you have.
How Chase auto loans compare
Chase has an undisclosed minimum credit score, while Wells Fargo isn’t clear about its credit score requirements either, as they vary depending on the dealership where you’re buying your car. Bank of America doesn’t have a minimum credit score it considers, so it may still be worth applying even if yours is low.
Chase is better than Bank of America for borrowers looking for affordable used cars. While Bank of America has a minimum loan amount of $7,500, Chase only requires minimum loans of $4,000. Wells Fargo doesn’t disclose its minimum loan amount.
See our ratings methodology for auto loans »
Frequently asked questions
Is Chase trustworthy?
Chase has an A rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The bank doesn’t have a perfect A+ grade because of government actions against the business. The BBB grades companies based on its responses to customer complaints, honesty in advertising, and transparency about business practices.
Chase has been involved in a few recent scandals.
In 2020, the company agreed to pay $920 million in “connection with spoofing and manipulation of precious metals and US Treasuries markets,” per the BBB. Also in 2020, the US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women.
In 2021, the SEC and Commodity Futures Trading Commission fined Chase $200 million for letting employees use WhatsApp to avoid trading regulations.
If these scandals make you uncomfortable, you may consider using a different lender for your auto loan.
Is Chase good for auto loans?
Chase is a very solid option for auto loans, with competitive rates for borrowers with excellent credit and clear terms outlined on its website. The lender doesn’t charge many fees, unless you live in Indiana or make a late payment.
What credit score does Chase use for an auto loan?
Chase does not specify a minimum credit score required for its auto loans, and it doesn’t specify which credit bureau it pulls your credit report from. You’ll find out if you qualify when you fill out an application with the bank.
How long does it take for Chase to approve a car loan?
Most loans will receive approval decisions within two to three hours. However, it may take longer if the bank needs additional documents to verify your financial situation and conduct a more detailed review.