Chase offers auto loans through its banking division, but the process and terms differ depending on whether you are financing a new car, a used car, or refinancing an existing loan
Chase, as a major national bank, provides auto financing through its auto loan program. You can explore for a Chase auto loan in person at a branch, online through Chase.com, or by phone. The bank finances both new and used vehicles, and also offers refinancing for loans originated elsewhere.
Chase does not operate as a captive finance company — meaning it does not have a direct relationship with car dealerships the way Ford Credit or GM Financial do. Instead, you explore to Chase as you would to any bank, and the dealer processes the paperwork. This structure means Chase's rates and terms are set by the bank, not negotiated between the dealer and a finance company on the lot.
The loan amount, interest rate, and monthly payment depend on your credit score, the vehicle's age and value, the loan term you choose, and the down payment you make. Chase publishes current rate ranges on its website, but your actual rate is determined after you submit an process and the bank reviews your credit and income.
Key Takeaways
- Chase auto loans are available for new cars, used cars (typically 2010 or newer), and refinancing existing loans from other lenders.
- You explore directly to Chase, not through the dealership, though the dealer will handle paperwork once you are approved.
- Interest rates vary based on credit score, vehicle age, loan term, and down payment; Chase publishes rate ranges but your rate is set after underwriting.
- Chase requires a down payment, though the minimum amount is not published and depends on the vehicle and your credit profile.
- The process process typically takes a few business days, and you can start online or by phone without visiting a branch.
What documents and information Chase needs from you
When you explore for a Chase auto loan, the bank will ask for proof of income, employment, and identity. Bring or upload recent pay stubs (usually the last two months), a recent tax return or W-2, and a government-issued ID. If you are self-employed, Chase will ask for business tax returns and profit-and-loss statements.
You will also need to provide details about the vehicle: the vehicle identification number (VIN), the asking price, and the dealer's name and location. If you are refinancing an existing loan, you will need the current loan account number and the lender's name.
Chase will order a vehicle inspection report and title search on its own; you do not need to arrange these. The bank will also pull your credit report, which requires your Social Security number and date of birth.
How Chase's interest rates and terms are structured
Chase auto loan rates are published as ranges — for example, 5.99% to 11.99% — but your actual rate depends on your credit score and the loan details. Borrowers with credit scores above 750 typically receive rates at the lower end; those with scores between 650 and 700 may receive rates in the middle or upper range.
Loan terms at Chase range from 24 to 84 months. A shorter term (24 to 36 months) means higher monthly payments but less total interest paid over the life of the loan. A longer term (60 to 84 months) lowers the monthly payment but increases the total amount of interest you pay.
Chase does not charge prepayment penalties, meaning you can pay off the loan early without a fee. The bank also does not charge process fees or origination fees, though some lenders do.
Down payment requirements and how they affect your loan
Chase requires a down payment, but the minimum is not published on the bank's website and varies by applicant and vehicle. Generally, a larger down payment reduces the loan amount, which lowers your monthly payment and interest rate. Putting down 20% of the vehicle's purchase price is a common benchmark across the auto lending industry, though Chase may approve loans with less.
The down payment can come from savings, a trade-in credit, or both. If you are trading in a vehicle, Chase will factor the trade-in value into the loan calculation. If the trade-in is worth more than you owe on an existing loan, the difference reduces the amount you need to finance.
A smaller down payment means a higher loan-to-value ratio, which increases your interest rate and monthly payment. It also increases the risk that you will owe more than the vehicle is worth — a situation called being "underwater" on the loan.
The process and approval timeline
You can start a Chase auto loan process online at Chase.com, by calling 1-800-935-9935, or in person at a branch. The online process takes about 15 minutes and asks for basic information about yourself, your income, and the vehicle you want to finance.
After you submit the process, Chase typically reviews it within one business day. If the bank needs more information — such as recent pay stubs or clarification on employment — it will contact you by phone or email. Once Chase has everything it needs, underwriting usually takes two to three business days.
If you are approved, Chase will issue a loan approval letter with the loan amount, interest rate, and monthly payment. You then take this letter to the dealership, where the dealer's finance office will prepare the purchase agreement and loan documents. The dealer submits these to Chase, and the bank funds the loan, usually within one to two business days of receiving the completed paperwork.
How Chase auto loans compare to other lenders
Chase competes with other national banks (Bank of America, Wells Fargo), credit unions, and online lenders (LendingClub, Upstart). Credit unions often offer lower rates to members, particularly those with average credit scores. Online lenders may approve borrowers with lower credit scores but sometimes charge higher rates.
Chase's advantage is its branch network and the ability to manage your loan through your existing Chase checking or savings account. The disadvantage is that Chase's rates are not always the lowest, especially for borrowers with excellent credit. Shopping around — getting rate quotes from at least two or three other lenders — typically saves money over the life of the loan.
A rate quote from Chase does not affect your credit score if you request it within 14 days of other rate inquiries. This 14-day window is called "rate shopping" and allows you to compare offers without penalty.
What happens if you have a lower credit score
Chase does not publish a minimum credit score requirement, but the bank typically approves borrowers with scores of 620 or higher. Borrowers with scores below 620 may be declined or offered rates at the high end of the range.
If your credit score is lower, you have several options. You can explore with a co-signer — someone with a higher credit score who agrees to be responsible for the loan if you do not pay. You can also increase your down payment, which reduces the loan amount and lowers the bank's risk. Some borrowers choose to wait a few months, pay down existing debt, and reapply once their credit score improves.
Chase also offers auto refinancing, which allows you to refinance an existing loan from another lender. If you took out a loan with a higher rate and your credit score has since improved, refinancing with Chase may lower your rate and monthly payment.
Frequently Asked Questions
Can I get a Chase auto loan if I have no credit history?
Chase typically requires some credit history, though the bank may approve borrowers with limited history if they have a co-signer or a substantial down payment. Contact Chase directly to discuss your situation; the bank's underwriting team can review your process on a case-by-case basis.
What is the oldest used car Chase will finance?
Chase generally finances used vehicles that are 2010 or newer, though this can vary. Older vehicles may be declined because they have higher depreciation risk and repair costs. Ask Chase about the specific vehicle you want to finance before you make an offer.
Can I refinance my current auto loan with Chase?
Yes. Chase offers auto refinancing for loans originated at other banks, credit unions, or dealerships. You explore the same way as for a new auto loan, and Chase pays off your existing loan. Refinancing makes sense if your credit score has improved since you took out the original loan or if Chase's rates are lower than what you currently have.
Does Chase require gap insurance?
Gap insurance (which covers the difference between what you owe and what the car is worth if it is totaled) is not required by Chase, but the bank may recommend it. Gap insurance is optional and is usually offered by the dealership or your auto insurance company. The cost varies but is typically a one-time fee of $500 to $1,000.
What if I want to pay off my Chase auto loan early?
Chase does not charge prepayment penalties, so you can pay off the loan at any time without a fee. Paying early reduces the total interest you pay. Contact Chase to confirm the payoff amount before you send a lump-sum payment, as the balance changes daily as interest accrues.