Chase Bank Auto Loans

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Point of Interest

Chase Bank offers auto loans for new and used cars, along with a helpful car-buying service for borrowers. But while Chase may be a good option for financing a car with a dealer, it does not offer auto refinancing or financing for private party purchases.

One of the largest banks in the country, Chase Bank, offers auto loans for new and used cars, but the lender is not accepting any refinancing applications due to COVID-19. Still, if you’re on the market for a new car, this lender has some unique concierge and buying options available to help you find the vehicle you’re looking for. This lender does not publicly post its APR rates, but it does offer a helpful online calculator that can help you get an estimate based on your credit score, location, the type of vehicle you’re buying and the cost of the vehicle.

Chase Bank was founded in 2004 and currently operates out of its headquarters in New York, NY. It operates an impressive $2.6 trillion in assets, and offers a number of banking and lending services well beyond auto loans.

 

How Chase Bank stacks up

Pros

  • Helpful rate estimate calculator
  • Concierge car buying service available
  • MyCar maintenance tracking software

Cons

  • No refinancing options
  • No private party purchase financing
  • No commercial vehicle financing
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What’s interesting about Chase Bank

It’s always nice to be able to work with a large and established bank because you know the process will be streamlined for efficiency. Chase Bank allows you to apply for your auto loan directly through the website, over the phone or at a branch location. While rates aren’t publicly posted, you can use the bank’s rate estimate calculator to get a good idea of what you can expect to pay. Actual rates will require an application.

Chase also offers a few unique tools to help you before and after you buy your car. The Chase Auto Preferred program connects you with a personal concierge to help you pick out your vehicle. The program allows you to roll the buying and financing process into one convenient step. The company has also rolled out the MyCar program, which is in beta testing. The online resource helps you to accurately track maintenance and the value of your car in case you ever decide to sell it.

Things to consider

Chase Bank is not currently offering any auto refinancing due to COVID-19. While this could change in the future, the lack of refinancing options is currently not ideal.

A more public display of the available rate options would be helpful for easier comparison. If you don’t know the type of car you want or the value of the vehicle, you’re basically in the dark about what you can be approved for.

The bank also does not help at all with private party purchase financing, so unless you are buying your new or used car from a dealer, Chase Bank will not be able to help.

Auto loans

Chase Bank auto loans are available for both new and used cars. Used car financing is limited to vehicles less than 10 years old and with less than 120,000 miles. This lender does not list many limitations for new cars, except that there is no financing provided on commercial vehicles or for private party deals. This means that you will need to purchase a vehicle for personal use — and through a dealership — in order to use Chase as your lender. Chase auto loan rates are only available by searching for specific cars in specific locations, which makes it difficult to compare the bank against other lenders.

Auto loan refinancing

If you’re considering refinancing your existing auto loan, Chase Bank may be an option in the future. Right now, though, the bank is not accepting auto refinancing in response to COVID-19. If you are still interested in refinancing, start with an auto refinance calculator to see how much you may be able to save. From there, check with other major lenders like Bank of America to get started.

Chase Bank vs. Bank of America

Another lender that offers auto loan financing is Bank of America. Rates at Bank of America start at 2.69% APR for new cars and 2.99% APR for used cars. While Chase Bank is currently not offering refinancing, Bank of America is offering rates starting at 3.69% APR. You may be eligible for a rate discount of between 0.25% and 0.50% if you’re already a Bank of America customer, dependent on your status with the bank.

Chase Bank vs. Wells Fargo

If you’re looking for auto refinancing, you won’t be able to find it at Wells Fargo either. The bank does offer financing on new and used vehicles, but the vehicle must be purchased through the active dealer network. This means that unless the dealer works with Wells Fargo, you won’t be able to get financing. Luckily, that list includes over 11,000 dealers nationwide.

Chase Bank vs. Capital One

You don’t necessarily have to go to a brick and mortar bank to get access to funding. Online bank Capital One offers financing on cars, as long as you purchase through their dealer network. With over 12,000 dealers, the network is slightly larger than Wells Fargo. Capital One also allows you to get prequalified, so you’ll know roughly what certain cars will cost before you head to the dealer. Also, unlike Chase, Capital One still offers auto refinancing. That may be subject to change due to COVID-19, but for now, the company is still accepting and processing offers.

The final word

Chase Bank offers some great benefits for people looking to buy a new or used car. The company’s car-buying concierge service is a great touch that can help you roll the buying process and the financing process into one step. It would be nice to see the ability to refinance through the bank, but that’s currently not an option. Overall, expect to have a smooth and streamlined buying and financing process through Chase Bank.

Next steps

Jason Lee

Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skillsets with the rest of the world.