Chase Auto Loan Review 2022 – Forbes Advisor

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Chase Bank offers auto loans in addition to a wide range of financial services, including checking and savings accounts, credit cards, and home loans. Auto loans range from $4,000 to $600,000 for new vehicles and used vehicles less than 10 years old.

Rates vary based on credit history, repayment term, loan amount, debt-to-income ratio (DTI), age of vehicle, current market interest rates, and down payment amount (although no down payment is required).

Cars must be purchased from one of the thousands of dealerships in the Chase network, and financing for vehicles from private sellers is not available. However, Chase offers a digital car buying service that can help drivers find their next vehicle.

Here are the main types of car loans offered by Chase:

new car purchase

To qualify for a new vehicle loan through Chase, the vehicle must be in the current year or two years prior. For example, drivers in 2022 can finance a 2023, 2022, or 2021 vehicle with Chase’s new vehicle rates. Chase auto loans are also not available for vehicles purchased from private sellers.

Interest rates start at about 3.5% for borrowers with excellent credit ratings, but Chase doesn’t disclose maximum rates. Terms from 12 to 84 months are available and no deposit is required.

Used car purchase

Chase also finances used vehicle purchases through its dealer network. In order to be eligible for financing, the vehicles must not be more than 10 years old. As with the new car loan, borrowers have terms of 12 to 84 months without a down payment.

hire purchase

Chase offers a lease-buyout program for customers financing through its private label partnerships with Aston Martin, Maserati, Jaguar Land Rover, Subaru and McLaren. Drivers can choose to purchase the vehicle directly or convert it to a rental through Chase.

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