2024 Chase Auto Loan Review

Chase auto loans at a glance

	New auto loans	Used auto loans
Starting annual percentage rate (APR)	Not disclosed	Not disclosed
Loan terms	12 to 84 months	12 to 84 months
Loan amounts	$4,000 to $750,000	$4,000 to $750,000
	See Auto Loan Rates	See Auto Loan Rates

Chase offers auto lending for new and used vehicles only. While it’s not up front about its APR range and underwriting requirements, Chase does provide a relatively large range of terms and loan amounts compared to other major financial institutions. Chase allows you to apply for prequalification, so if you want to get an idea of what your offered APR might be, you can do so without impacting your credit report.

• Can qualify with less-than-perfect credit: You’re not likely to qualify with a bankruptcy or delinquency on your credit report, but you don’t necessarily need a 700 credit score, either.
• Model year must be within the past 10 calendar years: Make that the past five calendar years if you’re purchasing a Tesla.
• Quick turnaround: Most applicants get a decision back within two to three hours.
• 100% financing available: You don’t necessarily need a down payment for a Chase auto loan.
• Rate reduction for Chase Private Clients: Expect to see a reduction of 0.25% APR.
• Best for borrowers shopping at Chase partner dealerships: Even if Chase offers you a great rate, that’s not going to matter if you don’t purchase your vehicle from a Chase partner dealership. If you’re a Private Client shopping at a partner dealership, you’ll get the sweetest deal possible with your APR reduction.

Chase auto loan requirements

Chase doesn’t share minimum credit score requirements publicly, but its calculator does give you an idea of what to expect. Outside of borrower requirements, you’ll also have to consider vehicle requirements.

Credit score ranges

The Chase auto loan calculator doesn’t automatically disqualify you if you have “fair” credit. The calculator defines fair credit as 619 or below, but the general industry range for fair credit is usually somewhere around 580-669 as defined by FICO.

There is one lower tier known as “poor,” and Chase’s prequalification calculator doesn’t explicitly account for it. If your credit report is under your Individual Taxpayer Identification Number (ITIN) rather than your Social Security number, you will need to apply in person at a partner dealership. Those with a Social Security number can apply online.

Vehicle requirements

Chase only provides financing for vehicles that are 10 years old or newer. “New” vehicles must be from the current model year or the past two. In 2024, that means the model years 2025, 2024 or 2023 qualify as new as long as you are the first owner. Used vehicles can be from any model year back to 2014. Regardless of whether the vehicle is used or new, the odometer can’t be above 120,000 miles. The vehicle must be for personal use only.

Then, there are vehicles that are excluded from Chase auto lending altogether. They include:

• Teslas older than five calendar years
• Vehicles you’re planning on using as an Uber or taxi driver
• Motorcycles
• RVs
• Boats
• Aircraft
• Any vehicle with a salvaged or branded title

Chase pros and cons

There are pros and cons to Chase auto financing. If you’re shopping at a Chase dealership anyway, you might as well check the rate it offers you. When you’re shopping around for credit for a big purchase like a car, multiple credit inquiries all at once don’t hurt you in the same way they would if you were applying for something like a credit card.

You won’t necessarily need a down payment for a Chase auto loan, as 100% financing is available. Though, as with any lender, a down payment can help you qualify for lower rates — or even qualify at all if you have a spotty credit history. You also don’t need to be a current Chase customer, though if you happen to be a Chase Private Client you will qualify for a 0.25% APR reduction.

You’ll have to purchase your vehicle from a partner dealership — you won’t be able to use Chase auto financing anywhere else. Chase doesn’t currently provide refinancing, and even with its new and used vehicle purchase loans, it’s not terribly transparent about its rates.

Chase company overview

This is Chase Bank, as in JPMorgan Chase. JPMorgan Chase is the largest bank in America and the fifth-largest bank in the world. When you think of a larger bank, you might assume you’ll run into extraneous fees or strict lending requirements. But there are no application fees with Chase auto loans, and you can pay off your car loan early without running into prepayment penalties. While Chase isn’t abundantly transparent with its specific credit requirements, it does include those with fair credit scores in its prequalification calculator.

Chase auto loan types offered

Chase offers two types of financing:

• New vehicle financing: For vehicles model years 2023-2025 when you are the first owner. Terms range from 48 to 72 months. No down payment required.
• Used vehicle financing: For pre-owned vehicles model years 2014-2025. Terms range from 24 to 48 months. No down payment required.

Chase does not offer auto refinancing at the current time. If you’re looking for refinancing, be sure to check out our page on the best auto refinancing rates and lenders on the market.

How to get an auto loan with Chase

Applying for an auto loan with Chase is easy — especially if you apply online. There’s an option for prequalification without a hard pull on your credit, and once you submit your final application, your offer will be good for about a month.

Consider prequalification

You do have the opportunity to apply for prequalification before you officially apply with Chase auto financing. Prequalification gives you a peek at the estimated rates and terms you might be offered without performing a hard pull on your credit. If you’re not ready to officially shop yet, but you want a ballpark idea of what you might be offered, this can be a good option.

If you’re in the thick of applying with other lenders anyways, you might as well put in an official application. Another hard pull shouldn’t affect your credit as long as the applications are all submitted in the same time frame. Plus, once you officially apply, you’ll get an official offer with the final terms — no more estimates.

Submit an official application

If you have a Social Security number, you can apply for a Chase auto loan online. But if your credit report is tied to your ITIN, you’ll need to apply in person at a Chase partner dealership. Wherever you apply, you’ll need to provide personal information like your:

• Social Security number
• Employment information
• Income
• Email address
• Vehicle make, model and trim
• Amount you need to finance and other loan details

Start shopping hours later

It usually takes two to three hours to hear back with your final offer for rates, terms and loan amounts. Once you have it in hand, it’s good for 30 days for use with Chase’s online shopping portal or in person at one of its partner dealerships. You are allowed to change the vehicle after you get approved, but the change in vehicle may change your offer.

Is a Chase auto loan right for you?

If you’re looking for an auto loan without application fees or prepayment penalties, it can be worth at least getting prequalified with Chase. While you’re unlikely to get approved if you’ve had a recent bankruptcy or delinquency, you don’t necessarily need perfect credit in order to secure a loan. Chase may also be a good option for those with credit scores associated with an ITIN rather than a Social Security number.

Chase auto financing is especially fitting if you have a Chase Private Client account as you’ll be able to secure that APR discount. No matter what APR you’re offered, it’s always a good idea to shop around for the best auto loan rates. That way, you can ensure you’re not paying more money than you need to over the life of your loan.

How Chase auto loans compare

It’s hard to compare Chase auto financing without APR ranges or explicit minimum credit score requirements. However, it does come with a wide range of loan terms and loan amounts compared to other lenders. It’s middle of the road when it comes to accessibility.

The below details are for new car loans.

While Chase auto loans can be applied for online or at partner dealerships, Wells Fargo only accepts applications at its own partner dealerships with no online application available, and Bank of America allows you to purchase online or in person at any manufacturer dealership, CarMax, Carvana or Enterprise Car Sales.