Chase Bank Auto Loan Review
Chase Bank offers checking account holders 48-month, new-car loans for as little as 2.38% APR, and 60-month car loans starting at 2.49% in many parts of the country.
There are probably more than a few Chase customers who pay higher auto loan rates, since the average cost of a new-car loan is 4.2% APR for five years, according to our most recent survey of lenders.
The customers who get the best rates are checking account holders with excellent credit who sign up to have their auto loan payments automatically deducted from their account.
There are no set rules for what “excellent credit” means, but if your FICO score is less than 740, you may not be offered the best rate. And those who qualify but decide not to use the automatic payment option can expect a rate that’s a quarter point higher.
If you borrow $22,000 at 2.49% with a 5-year loan, the monthly payment is about $390. Borrow that same $22,000 for five years at the average rate of 4.2%, and the monthly payment shoots up to $407.
The lower Chase Bank rate saves $17 a month, or $1,020 over the entire loan term.
Use our auto loan calculator to help you figure what your monthly payment would be for a new car or truck.
The loan terms vary by location, so you have to go to Chase’s online rate chart and plug in your ZIP code for specific information. We noticed that rates for California ZIP codes feature the 2.38% APR for 4 years, but the lowest promotional rates for Florida ZIP codes are slightly more, at 2.43% APR for 4 years.
Loans are available for those who live in one of the states with a Chase Bank branch. You can apply in a branch, online or by phone.
Getting preapproved for a loan and having an idea of how much you’d pay allows you to negotiate more effectively with a car dealer’s finance manager. Either the manager beats the low rate, or you can go with Chase Bank’s offer.
Whichever you choose, you’ll know you’re going to get a good deal.
Want to keep searching for more rates? Go to our database of the best auto loan rates from other lenders in your area. It can help you see if you could score a better deal from another source.