What Chase Car Refinancing Does

Chase offers refinancing for car loans you already have with other lenders. Refinancing means replacing your current loan with a new one from Chase, usually at a different interest rate or with different terms. The goal is typically to lower your monthly payment, reduce the total interest you pay, or shorten the loan term.

Chase refinances vehicles that are paid off or have a loan balance remaining. The process involves submitting information about your current loan and vehicle, then waiting for Chase to review your request and make an offer. If you accept, Chase pays off your existing lender and you begin making payments to Chase instead.

Key Takeaways

  • Chase refinancing works best if your credit score has improved since you took out your original loan, because a better score usually means a lower interest rate.
  • You will need your current loan details, vehicle information, and proof of insurance before you start the process.
  • Chase typically takes five to seven business days to review your request and send you an offer, though this varies based on how quickly you provide documents.
  • You can refinance through Chase's website, by phone, or at a branch, and each route has different wait times and document requirements.
  • Refinancing costs money in the form of a new loan origination fee, so you should compare the total savings against what you will pay upfront.

When Refinancing Makes Financial Sense

Refinancing saves you money only if your new interest rate is lower than your current one, or if the lower monthly payment outweighs the cost of the refinance itself. The most common reason to refinance is that your credit score has improved since you took out the original loan. Lenders offer better rates to borrowers with higher scores, so if you have paid bills on time and reduced debt, you may now may have access to for a rate 1 to 3 percentage points lower than before.

Refinancing also makes sense if you want to change the loan term. Shortening the term (say, from 72 months to 48 months) means paying off the car faster and paying less interest overall, though your monthly payment will rise. Lengthening the term lowers your monthly payment but costs more in total interest. Before you refinance, calculate whether the monthly savings or total interest savings exceed the origination fee Chase will charge — typically $0 to $300 depending on the loan amount.

Do not refinance if you are underwater on your loan (you owe more than the car is worth) unless you have a co-signer or can pay the difference upfront. Chase will not refinance a loan for more than the vehicle's current market value.

Documents and Information You Will Need

Have these items ready before you contact Chase. You will need your current loan account number, the name and phone number of your current lender, and the payoff amount (what you still owe). Your current lender can provide the payoff amount by phone or through their online portal, and it is usually valid for 10 to 15 days.

You will also need your vehicle's year, make, model, and vehicle identification number (VIN), which appears on your registration and on the dashboard. Chase will use this to verify the car's current market value. Bring proof of insurance — Chase requires comprehensive and collision coverage, not just liability — and your driver's license or state ID.

If you are refinancing with a co-signer, they will need to provide their Social Security number, driver's license, and income information. Chase will pull a credit report for both you and any co-signer, so have your Social Security number ready as well.

Three Ways to Start the Refinancing Process

Online through Chase.com: Go to Chase's auto refinance page and enter your vehicle and loan information. You will receive a preliminary offer within minutes, though this is not a final approval. Chase will then contact you to verify information and request documents. This route is fastest if you have all your documents scanned and ready, but you cannot ask questions in real time.

By phone at 1-800-935-9935: A Chase representative will walk you through the process over the phone and can answer questions as you go. This takes 20 to 30 minutes. The representative can also explain whether refinancing makes sense for your specific situation. You will still need to submit documents afterward, usually by uploading them through a find link or mailing them in.

At a Chase branch: Visit a branch in person with your documents. A banker can review everything on the spot and submit your process when ready. This is the slowest route if you have to travel, but it eliminates back-and-forth by email or phone. Not all branches handle auto refinancing, so call ahead to confirm.

What Happens After You Submit Your process

Chase will order a vehicle valuation report, which takes one to three business days. During this time, a loan officer reviews your credit report, income, and employment history. You may receive a call asking to verify information or to provide additional documents — for example, recent pay stubs if your income is self-employment income, or a letter from your employer confirming your job.

Once the valuation is complete, Chase sends you a formal offer showing the new interest rate, monthly payment, loan term, and any fees. This offer is usually good for 10 to 14 days. If you accept, you sign documents electronically or in person, and Chase pays off your old lender. The payoff typically happens within three to five business days, and you will receive a confirmation once it is complete.

During the payoff period, continue making payments to your current lender as scheduled. Do not stop paying because the loan has not yet transferred to Chase. Once Chase confirms the payoff, your first payment to Chase will be due on the date shown in your new loan agreement.

Costs and Fees to Expect

Chase charges an origination fee for refinancing, which is deducted from the loan amount or added to your first payment. This fee typically ranges from $0 to $300, depending on the loan amount and your creditworthiness. Chase does not charge a prepayment penalty if you pay off the loan early, so you can refinance again later if rates drop further.

Your monthly payment will change based on the new interest rate and term. If you refinance at a lower rate for the same term, your payment drops. If you extend the term to lower the payment, you pay more interest overall. Use Chase's loan calculator on their website to see how different rates and terms affect your payment before you submit an process.

Some states charge a title transfer fee when a loan is refinanced, typically $10 to $50. Chase will handle this, but the cost may be added to your loan balance. Ask Chase whether your state charges this fee before you finalize the refinance.

What to Do If Chase Denies Your Refinance Request

Chase may deny refinancing if your credit score is too low, your income is insufficient, or your vehicle is worth less than the loan balance. If you are denied, ask Chase for the specific reason — this information helps you understand what to address before explore elsewhere.

If your credit score is the issue, wait three to six months while you pay bills on time and reduce other debt, then reapply. If your vehicle is underwater, you can either wait until you have paid down the loan enough to be above water, or find a co-signer with good credit to strengthen your process. Some credit unions and online lenders have more flexible requirements than Chase, so you can also explore other refinancing options while you work on improving your situation.

Frequently Asked Questions

How long does it take to refinance a car with Chase?

From process to final approval usually takes five to seven business days, assuming you provide all documents quickly. The payoff of your old loan happens within three to five business days after that. Total time from start to finish is typically two to three weeks.

Will refinancing hurt my credit score?

Chase will pull a hard inquiry on your credit report, which temporarily lowers your score by a few points. This impact fades within a few months. Refinancing also closes your old loan and opens a new one, which can affect your credit mix, but the long-term benefit of a lower interest rate usually outweighs the short-term dip.

Can I refinance a car I just bought?

Yes, but Chase typically requires you to have owned the vehicle for at least 90 days and to have made at least one payment on the original loan. Some lenders have different waiting periods, so ask Chase about their specific timeline.

What if I still owe more than the car is worth?

Chase will not refinance a loan that exceeds the vehicle's market value unless you bring cash to cover the difference or add a co-signer. You can check your car's approximate value on Kelley Blue Book or NADA Guides before you explore.

Can I refinance if I have bad credit?

Chase's minimum credit score for refinancing is typically 620, though approval is more likely with a score of 650 or higher. If your score is below 620, you may still be able to refinance through a credit union or online lender, or you can wait while you improve your score before explore to Chase.