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LAST UPDATED: April 11th, 2022

Chase, which is the consumer and commercial banking arm of JPMorgan Chase & Co., offers checking, debit card, investment, credit card, and mortgage services. 

Chase's auto financing branch offers competitive rates on loans for new or used cars, as well as a variety of refinancing options for existing auto loans. More than 3 million customers finance their car with Chase. Here are some quick stats: 

  • Minimum loan amount: $4,000
  • Maximum loan amount: $60,000
  • Available loan terms: 48-72 months

If you have an excellent credit score, annual percentage rates (APRs) start as low as 3.5 percent; however, if you have less than stellar credit history, rates will be higher, up into the twenties.

Whether a customer has to pay an origination fee depends on their state of residence. 

People 18 and older can apply for a loan online to get approval. Application requires a credit check and can, therefore, show up on your credit report. Loan details will be sent to the in-network dealer, where you can present the approval. 

Cash down payments are not required, but of course, this can decrease the total amount of money owed, as well as your monthly payments over the course of your loan term. 

Monthly car payment can be made via automatic payments, via your online account or the Chase mobile app. 

Keep reading for pros and cons, plus Chase auto loan reviews from customers.

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The Good

  • Loan Calculator
  • Co-Signer Financing
  • Customer Refinancing Discount
  • Chase Auto Preferred

Loan Calculator

The Chase loan calculator offers users the capability to compare auto loan rates and options at once. This helps users to assess which loan is best for their financial needs; users can simply plug in a few numbers and see their results.

Co-Signer Financing

Chase accepts co-signers on all car loans, which is a benefit for individuals with little established credit or for couples who want to apply together. This can help improve the odds of loan approval, or of receiving better APR on an auto loan.

Customer Refinancing Discount

Borrowers who are approved for a Chase car loan will receive a .25 percent APR discount on a refinancing rate if they have a checking account with Chase. This is a great discount for members, or for people who would like to become Chase members.

Chase Auto Preferred

If you are lucky enough to live in Phoenix, consumers can take part in the Chase Auto Preferred program for free, with no deposit. This car buying concierge service is available at 19 participating locations, requires no deposit, and is available with a wide variety of car brands participating:

  • Buick
  • Cadillac
  • Chevrolet
  • Chrysler
  • Dodge
  • Ford
  • Genesis
  • GMC
  • Honda
  • Hyundai
  • Jeep
  • Kia
  • Lexus
  • Ram
  • Toyota
  • Volkswagen

Anyone who wants to buy or lease a car in the Phoenix area can participate. Having an existing Chase account isn’t necessary to participate.

Participants get discounted pricing, a concierge, a dealership employee that is specially assigned to walk you through the process, including test drives and trade-in evaluation, etc.

You will work with the concierge to see your different financial options, including Chase. However, customers aren’t required to use a chase product or service for their car. They can use whichever lender gives them the best loan options.


The Bad

  • Vehicle Financing Restrictions
  • Approval Time
  • Lack of Transparency

Vehicle Financing Restrictions

Chase only finances vehicles at participating dealership partners. It will not finance cars that will be used for racing, taxi, chauffeur, limousine, or other commercial purposes. Chase also does not offer loans for certain vehicle brands, 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.

Approval Time

Unlike most of the other lenders we reviewed, which can notify borrowers of approval within minutes, Chase's approval typically takes 2-3 hours, but the company’s auto finance website says that the credit decision can take up to three business days. This may create a delay for borrowers who are hoping to quickly get approval and head out to the dealership.

Lack of Transparency

Chase is a well-known credit card issuer, but its website is lacking a great deal of information we expect to see on auto loan company websites. This information is important to customers who are shopping around for the best company that fits their needs. It is also difficult for our team to rank Chase with other companies in the auto loan industry without this information. We would like to see more transparency regarding application fees, APR ranges by credit score, as well as early payment and late payment fees.


The Bottom Line

Chase offers several products and services for auto customers. refinancing discounts, co-signer options, and great financial tools on its website.

However, approval may take between a few hours and a few days. Additionally, Chase’s auto finance website lacks a great deal of information about available rates, depending on credit score, and all applicable account fees.

Because of these reasons, we cannot recommend working with Chase auto finance at this time.

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nothing special. Banks are all the same meaning just want your money and give almost nothing in return

5 years ago


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Nathan Justis Smithfield, UT

I had a hard time keeping track of my password on the iOS app and had to reset my password frequently. This was frustrating.

2 years ago


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Ron Durfey Pleasant Grove, UT

Have no complaints with this service. They did fine in providing my loan for my car. The interest was fair and had no issues.

4 years ago Edited September 14, 2021

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Erika Lamoureaux

I write my check every month, they cash it. I'm not sure how I feel about them.

5 years ago

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Refund not given once loan was paid in full ahead of time by 9 months

4 years ago

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It's hard to log in and the auto pay options are not clear.,

5 years ago