Chase accepts cosigners on all car loans, which is a benefit for individuals with little established credit or for couples who want to apply together.
The Chase loan calculator offers users the capability to compare three different loan options at once. This helps users to assess which loan is best for their financial needs without having to do a lot of math; users can simply plug in a few numbers and see their results.
Borrowers who are approved for a Chase car loan will receive a .5% APR discount if they have a checking account with Chase.
Chase will not finance cars that will be used for racing, taxi, chauffeur, limousine or other commercial purposes. Chase also does not offer loans for motorcycles, boats or RVs. Borrowers who want to finance a recreational vehicle or a car to be used for work purposes will need to opt for another lender.
Chase requires all car loan applicants to have a current, open Chase account. This means that borrowers will need to open a Chase banking account before they can qualify for a Chase car loan. Unlike most of the other lenders we reviewed, which can notify borrowers of approval within minutes, Chase’s approval can take up to 24 hours. This may create a delay for borrowers who are hoping to expedite the approval and funding process.