Chase auto loans: 2022 review, rates
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Costs
$195 setup fee, only in Indiana
Costs
$195 setup fee, only in Indiana
Details
Costs
$195 setup fee, only in Indiana
Advantages and disadvantages
Strong points
Advantages and disadvantages of Chase auto loans
Chase is best for borrowers with great credit who can qualify for its lowest rates. Borrowers who also want to get a general idea of their loan terms before committing to apply will also appreciate Chase’s loan calculator and partner dealer finder tool.
If you’re looking to refinance a car loan or buy out a lease, you won’t have those options with Chase.
Chase also has a comprehensive FAQ section that you can use to answer any additional questions you may have.
Chase Auto Loan Comparison
How Chase Compares
Editor’s Note
Regular APR
Starts at 3.50% APR
Editor’s Note
Regular APR
Varies by dealer
Editor’s Note
Regular APR
New: Starts at 3.79%, Used: Starts at 3.99%, Refinance/Lease Buyout: Starts at 4.89%
Chase has an undisclosed minimum credit score, while Wells Fargo is also unclear about its credit score requirements, as they vary depending on the dealership where you purchase your car. Bank of America does not have a minimum credit score that it considers, so it may be worth applying even if yours is low.
Chase is better than Bank of America for borrowers looking for affordable used cars. While Bank of America has a minimum loan amount of $7,500, Chase only requires minimum loans of $4,000. Wells Fargo does not disclose its minimum loan amount.
See our auto loan scoring methodology »
Frequently Asked Questions
Chase has an A rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The bank does not have a perfect A+ rating due to government actions against the company. The BBB rates companies based on its responses to customer complaints, honesty of advertising, and transparency of business practices.
Chase has been involved in a few recent scandals.
In 2020, the company agreed to pay $920 million “in connection with usurpation and manipulation of the precious metals and US Treasury bond markets,” according to the BBB. Also in 2020, the U.S. Department of Labor also demanded that Chase pay $800,000 in back wages in a settlement that accused the bank of underpaying women.
In 2021, the SEC and the Commodity Futures Trading Commission fined Chase $200 million for letting employees use WhatsApp to avoid trade regulations.
If these scandals make you uncomfortable, you may want to consider using another lender for your car loan.
Chase is a very solid option for car loans, with competitive rates for borrowers with excellent credit and clear terms outlined on its website. The lender doesn’t charge a lot of fees unless you live in Indiana or make a late payment.
Chase does not specify a minimum credit score required for its auto loans, nor does it specify which credit bureau it pulls your credit report from. You will know if you qualify when you complete an application with the bank.
Most loans will receive approval decisions within two to three hours. However, it may take longer if the bank needs additional documents to verify your financial situation and conduct a more detailed examination.
