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Pros and Cons of Chase Auto Loans
Who is Chase Best For?
Chase is best for borrowers with excellent credit who can qualify for its lowest rates. Borrowers who also want to get a general sense of their loan terms before committing to applying will also like Chase's loan calculator and partner dealership search tool.
If you're looking to refinance an auto loan or buy out a lease, you won't have those options with Chase.
Chase also has a comprehensive FAQ section you can use to answer any additional questions you have.
How Chase Auto Loans Compare
Chase has an undisclosed minimum credit score, while Wells Fargo isn't clear about its credit score requirements either, as they vary depending on the dealership where you're buying your car. Bank of America doesn't have a minimum credit score it considers, so it may still 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 doesn't disclose its minimum loan amount.
See our ratings methodology for auto loans ยป
How to Apply for a Chase Auto Loan
1. Gather the information you need. This may include your address, employment, and income details. You'll need to know what car you're after. You must buy your new or used car through a Chase partner dealer.
2. Submit a formal application and wait for an approval decision. If you're approved for a loan, you may receive your funds quickly with Chase. The bank will review your application and credit history and make an approval decision swiftly.
3. Budget for your monthly payments. Depending on the interest rate you receive, the amount of money you borrowed, and your term length, your monthly payments could be several hundred dollars. Make sure you make a plan to fit auto loan payments into your budget.
Frequently Asked Questions
Is Chase trustworthy?
Chase has an A rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The bank doesn't have a perfect A+ grade because of government actions against the business. The BBB grades companies based on its responses to customer complaints, honesty in advertising, and transparency about business practices.
Chase has been involved in a few recent scandals.
In 2020, the company agreed to pay $920 million in "connection with spoofing and manipulation of precious metals and US Treasuries markets," per the BBB. Also in 2020, the US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women.
In 2021, the SEC and Commodity Futures Trading Commission fined Chase $200 million for letting employees use WhatsApp to avoid trading regulations.
If these scandals make you uncomfortable, you may consider using a different lender for your auto loan.
Is Chase good for auto loans?
Chase is a very solid option for auto loans, with competitive rates for borrowers with excellent credit and clear terms outlined on its website. The lender doesn't charge many fees, unless you live in Indiana or make a late payment.
What credit score does Chase use for an auto loan?
Chase does not specify a minimum credit score required for its auto loans, and it doesn't specify which credit bureau it pulls your credit report from. You'll find out if you qualify when you fill out an application with the bank.
How long does it take for Chase to approve a car loan?
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 review.