Going into a dealership without knowing what auto loan you qualify for can be a dangerous adventure for your wallet. Itâ€™s best to have a couple auto loan preapprovals in your back pocket so the dealership canâ€™t take advantage by charging you a higher APR. To help you research which lenders offer best rates, we did some work for you. Here, weâ€™ll review auto loans by JPMorgan Chase & Co: the company, its rates, its pros and cons, how to apply and who may be a best fit.
The largest bank in the U.S. with more than $2 trillion in assets, Chase offers everything from mortgages to credit cards.
Chase offers auto loans in all 50 states and D.C. with terms from 36 to 72 months. It also offers the car-buying service TrueCar at no extra charge. This service lets you see what others have paid for the same or similar cars, and has a network of TrueCar-certified dealers which compete for your business with clearly posted car prices.
A Chase auto loan could be an option for you, whether youâ€™re looking at a new or used car from a dealership. The bank may also refinance your existing auto loan or help you buy your car at the end of its lease period.
Though Chase declined to share its APR range, â€śChase Auto offers competitive rates based on [a] customerâ€™s credit history and the structure of the loan,â€ť said Shannon Oâ€™Reilly, a communications executive with Chase, specializing in auto finance. You may be able to get an idea for what rate you might receive by using Chaseâ€™s Auto Loan Calculator.
We used the Auto Loan Calculator to compare APRs for a new 2018 Honda in Michigan.
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APR and monthly payment are for a 72-month loan of $23,000. Rates vary by location. Rates as of 1/7/19.
Are you an existing Chase customer? Chase offers a 0.25% rate discount for Chase checking customers interested in refinancing an existing auto loan. To qualify, youâ€™ll need to have a Chase checking account before you apply for a Chase auto loan, and elect to have your monthly car payment automatically deducted from your Chase account.
Here are the strengths and weakness we found looking at Chase auto loans. Be sure to compare any auto loan offers you may get from Chase with offers from other lenders.
Highlights of Chase auto loans
Lowlights of Chase auto loans
To apply, youâ€™ll need to go to Chaseâ€™s website, call Chase or go in person to a Chase branch.
Whichever way you decide to apply, youâ€™ll have to provide your personal information (e.g. name, date of birth, address, phone number, email, Social Security number), employment and income, the car you want, the loan amount and loan term you want.
You could apply by yourself or with a co-applicant. And if you need to change the car, loan amount or loan term once youâ€™ve begun the application process, you could simply call Chase. Still, keep in mind that any changes you make could result in changes to your APR and other facets of the auto loan offer.
To qualify for a Chase auto loan, you need to be at least 18 years old (in Alabama, 18-year-olds have to meet specific state requirements). Chase doesnâ€™t finance all makes and models of cars: some lenders are reluctant to finance a car that is older than 10 years, has more than 100,000 miles or has a salvage title; Chase says it reviews any unique circumstances on a case-by-case basis.
Any offer Chase provides is good for 30 days. If you decide after 30 days that you would like to get an auto loan through Chase, youâ€™ll need to apply again.
Chase loans are best for existing Chase customers. If you arenâ€™t already a Chase customer, you may be able to quickly become one and receive the 0.25% rate discount on your auto loan. The convenience of having everything in one account, especially if youâ€™re already a Chase customer, is alluring.
It also doesnâ€™t hurt your credit to apply to multiple lenders within a 14-day window anymore than it would to apply to one lender â€” plus, shopping around for a car loan is one of the smartest things you can do.
So, if you think Chase may be a good fit for you, apply to Chase and compare the offer you may get with responses from other lenders. Potential lenders include your bank, credit union and online lender. And at LendingTree you could fill out an online form and receive up to five potential auto loan offers. LendingTree is the parent company of MagnifyMoney.