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Chase Auto Finance

2.5 out of 5

Chase offers multiple loan options and access to excellent online financial education tools, but that doesn’t necessarily mean a Chase auto loan is your best choice. Chase Car Financing has a history of discriminatory lending practices based on race and national origin. Chase Bank Auto Loan customer reviews report slow loan approval, poor customer service, and 30+ minute hold times on phone calls.

Funding Speed
2 out of 5
Rates
3 out of 5
Ease of Use
4 out of 5
Support
1 out of 5

Pros

Multiple Loan Products

National Lender Network

Excellent Financial Tools

Cons

Slow Approval Time

History of Discrimination Based On Race

Poor Customer Service

You can only buy from a dealer in the Chase network

Who Is Chase Auto Finance? 

Chase National Bank was founded in 1877 by John Thompson, and eventually grew into Chase Manhattan, one of the largest banks in the country. In 2000 Chase Manhattan completed the acquisition of J.P Morgan & Co, another financial industry giant, with the combined entity becoming J.P. Morgan Chase.

JP Morgan Chase is the largest bank in the U.S. with over 5,100 branches, 16,000 ATMs, and 250,000 employees. It’s also the largest credit card issuer in the US, after its acquisition of Bank One in 2004.

The Chase Bank Auto Loan division offers new, used, and refinancing loans for automobiles under ten years old with terms between 48 and 72 months. They offer several educational resources and financial calculators to help you choose an auto loan that you can afford.

What Makes Them Different?

The Chase Car Loans website offers a comprehensive financial education library that can help you understand the process of purchasing and financing a car.

The materials cover the entire auto purchase process, and there are multiple articles and worksheets that will help you determine whether you should purchase a new or used automobile. 

You can jump around from section to section or go through the entire process to prepare yourself for making your car purchase and obtaining financing. 

Chase’s car loan education resources stand out as much more comprehensive than other lenders’ websites we have reviewed. 

Of course, these resources are available to anyone whether you obtain a loan from Chase Auto Financing or not.

Another nice feature Chase offers is a free credit score through Chase Credit Journey, whether you are a customer or not. 

How Do Chase Car Loans Work?

The Chase Car loan process is straightforward if everything goes smoothly.

  • Choose a loan type. Are you buying a new car or a used car? Will you be refinancing or are you looking for a lease buyout?
  • Prequalify. You can prequalify in minutes with no impact on your credit score. You’ll know how much you can afford to spend.
  • Shop. You’ll have to use a dealer in the Chase network. Choose a car that fits your needs and your prequalification budget.
  • Apply. You’ll have to supply your car and dealer details to get a financing decision. Expect a hard credit check at this stage.
  • Review and compare. Review the loan offer and compare it with an offer from at least one other lender. Borrowers who shop get the best deals!
  • Close a deal. Chase will deal directly with the dealer, saving you time.

Note that you can only use a Chase auto loan at a dealer that is a member of the Chase network. The dealer will be the borrower of record. 

Requirements

You will need to meet a few general requirements before applying for a Chase auto loan.

  • Proof of identity. A government-issued ID with a photo and signature will be expected.
  • Proof of insurance. You may have to arrange insurance before a loan is approved. Lenders will expect comprehensive coverage.
  • A Social Security number will be required.
  • Registration papers for your current vehicle if you are trading it in.
  • Proof of employment. You will be expected to provide pay stubs, W-2 forms, or other proof of your employment and income.
  • A credit score. Chase doesn’t publish their minimum credit score. Some online reviews suggest a 650 minimum. Minimum credit scores may vary based on other factors, like income.

Most of these will be required by any auto lender, so get them ready if you plan to shop for a car loan.

JPMorgan Chase Auto Loan Calculator

The JPMorgan Chase Auto Loan Calculator is a great tool for getting familiar with loan costs and how rates and loan terms  

You should be aware of the current interest Chase Bank Auto Loan rates, and the Chase auto calculator will be helpful in determining how much of a loan and payment you can afford.

Checking Current JPMorgan Chase Car Loan Rates

First you want to check out the interest rate chart; we put this one below to give you an idea of what the chart looks like, you should be sure to click here to see current Chase Auto Loan rates. 

Current Auto Loan Interest Rates 

Dates60-month new car48-month new car36-month used car
1/11/20236.17%6.15%6.47%
1/4/20236.26%6.25%6.66%
12/28/20226.13%6.12%6.44%
12/21/20226.13%6.12%6.44%
12/14/20226.1%6.09%6.43%
12/7/20226.05%6.04%6.35%
11/30/20226.05%6.04%6.36%
11/22/20226.06%6.05%6.34%
11/16/20225.97%5.96%6.18%
11/9/20225.78%5.76%6.00%
11/2/20225.69%5.67%6.00%
10/26/20225.63%5.61%5.88%
10/19/20225.60%5.59%5.87%

The above chart gives you an idea of the starting interest rate based on how long you need the loan for. 

As you can see, the longer time you plan to take to pay the loan off, the higher the rates become. 

While the monthly premiums will be lower if you select a longer payoff period, you are going to end up paying much more interest.

CategoryScore RangeNew car
average interest rate
Used car
average interest rate
Deep subprime300-50012.93%19.81%
Subprime501-60010.11%15.86%
Near prime601-6607.25%9.81%
Prime661-7804.90%5.47%
Super prime781-8503.84%3.69%

*Actual interest rates are based on many factors such as state, down payment, income, and others.

The above chart gives you an idea of the average interest rate based on your credit score.

Estimating Your Rate

Once you have an idea of what your starting interest rate might be  you can now use the Chase Car Loan Calculator to help explore rates and payments. 

During this step you will choose the type of loan , the loan amount, put in your credit type or actual credit score and then your Zip Code.

Once you complete this process you will see 3 different APR’s, a low APR, an average APR and a high APR.

You can use the Average APR to help determine what your monthly car note may be.

Figuring Out Your Car Note

This tool is going to help you understand how much you will need to pay on a monthly basis based on the loan term length you choose.

Chase Auto Loan Reviews

Chase car loan reviews are mostly very negative. 

‘If you like being treated like crap, CHASE is the bank for you!!!’ (no emphasis added or needed)

Being the largest isn’t always the best, as customer reviews reveal a lender that has lost sight of their customers needs and regularly takes actions that would indicate that they also do not care. 

Below are some of the Chase Auto Loan reviews:

Chase Auto Loans Consumer Affiars Review
Chase Auto Loans Consumer Affairs Review

As part of the process of this review, we read countless hours of JPMorgan Chase Car Loan reviews and while it is not uncommon for a large company to have negative reviews, these were especially troubling. 

Looking closely, it doesn’t take long to realize that Chase Auto customer service consistently shows a callousness to problems they have created and will make the minimal amount of effort necessary to correct a problem. 

One example would be the number of complaints from people checking on their Chase Auto Loan Status and finding out that it keeps getting extended. 

The estimated Chase Car Loan Status seems to be just that, an estimate, we’ve read customer reviews complaining of months of run around before funding. 

If you are one of the lucky people who never has to contact Chase Financial Auto than you will probably have a fine experience but if there are any problems along the way…

Below we have gathered the most trusted customer Chase Bank Car Loan reviews from sites such as Yelp, Google and BBB for the Chase Auto Finance Division.

Chase Auto Loan Reviews

Customer Average Rating

Yelp Reviews Avg. Rating

1.0

Google Reviews Avg. Rating

1.9

Better Business Bureau Avg. Rating

1.1

Consumer Affairs Reviews Avg. Rating

3.9

Best Company Reviews Avg. Rating

3.9

CUSTOMER REVIEWS AVG. RATING

2.4

Chase Auto Loan BBB – Better Business Bureau

Chase Auto Loan BBB has had a file at the Better Business Bureau since 1923.

Unfortunately, they have an A rating with a staggering 4200 complaints in the past three years.  

Chase BBB complaints tend to be financial related with claims of fees being charged outside of the contract or loan payments continued to be debited from customers accounts after being paid off. 

The Chase BBB Reviews generally point to a company that wants your business so long as it is all of the online and automated variety. 

Chase BBB reviews and customer complaints are not taken seriously by the company as most go without a response which is why JPMorgan Chase Car Finance has an A rating. 

Chase Auto Finance BBB ratings

Taking Action On A Car Loan

Hopefully, you found this Chase Auto Loan Review helpful because getting an auto loan can be complicated and a time-suck if done incorrectly.

Now that you know there are dealerships ready and willing to work with you there is no reason to go without a car. 

Getting a car loan is also part of establishing a different type of tradeline which overtime, will help increase your credit score.