Chase auto loans are one of several services provided by JPMorgan Chase Bank, N.A. Founded in 2000; JPMorgan Chase now does business as Chase Bank and provides services such as checking/savings accounts, credit cards, mortgage loans, consumer loans, investment services, auto loans and more.
How Do Chase Bank Auto Loans Work?
Chase Bank makes it very easy for consumers to purchase an auto. Chase Bank offers loans for both new and used cars as well as refinance options for customers interested in renewing their current auto loans. A customer can get a Chase auto loan directly from his or her local Chase bank, through a car dealership or by applying online.
Many customers finding applying online the easiest and most convenient way to purchase an auto. The step-by-step application process takes less than five minutes to complete. The Chase auto loans that are available to customers, as well as the interest rates charged, generally depend on the state in which the customer lives.
Chase customers often get better loan deals so they may find it beneficial to open up a Chase savings or checking account while or prior to applying for a Chase auto loan. Customers who apply online are asked in which state they live and are directed to a site where they can enter the required information. Certain factors such as interest rates and specific loan details may be contingent on what is available in the specific state.
Chase bank typically requires the following information: name, address, social security number, employment information and income information. Customers applying for an auto loan refinance will need to enter information on the automobile. In most cases, the customer will have a loan decision in just a few minutes.
What Type of Rates and Terms are Available with Chase Auto Loans?
Interest rates on Chase auto loans vary depending on certain factors. Although the factor that usually has the most impact is the customer’s credit rating, other factors that play a role include the term of the loan, the price of the vehicle and if the vehicle is new or used. Chase typically requires the vehicle be at least $7,500 and not be more than five years old.
Chase will loan up to $100,000 on an auto loan, allowing customers to purchase the vehicle of their choice whether it be an automobile, SUV or even a large truck. The bank also requires a certain loan-to-value ratio depending on if the car is new or used. For instance, if a new car is valued at $20,000, the customer can borrow up to $16,000, which is the 80% loan to value ratio generally customary for new cars.
Terms generally range from 48 to 72 months. According to MagnifyMoney.com, interest rates by be as low as 2.59% or as high as 5% and more. Chase auto loans for new cars usually offer a lower interest rate than used cars or auto refinances. Chase customers generally get a customer discount. If customers sign up to have their payment taken out of their account automatically will also get a discount. However, if the customer discontinues the automatic withdrawal during the loan, the discount often disappears as well. APR discounts of up to 0.50% may be available to Chase customers.
The Chase Bank website has an online payment calculator that allows potential car buyers to enter variable information such as price of car, interest rate and term of loan to determine what they can expect for monthly payments. This feature gives customers the information they need prior to applying or visiting a dealership or Chase Bank.