Chase Auto Finance Review
Applying for auto loans has become an easy and stress-free way to obtain the needed sum of money to purchase a car.
Getting this type of loan online is even more convenient as with streamlined approaches a borrower has a chance to know the exact interest rate and plan the budget beforehand, turning the process of buying a new or old car a beneficial experience.
Chase auto finance can range and lasts usually for 48-72 months, but the interest rates may differ in different states.
The biggest loan a borrower can get equals to $100,000 with APR discount up to 0.50%.
How to Apply for Auto Loan from Chase
It doesn’t matter whether you know already what car you are going to buy or not, you can either do it online or turn to the nearest Chase branch.
The vehicle information will be collected later, and now you should provide the information you have, which includes the following:
- Your full name;
- Date of birth;
- Phone number;
- Information about your employment and income;
- The amount you want to borrow and for what term;
- Vehicle information, if any. It may be year, model, make, VIN, mileage, etc.
Chase provides low APRs of only 2.59%, which are based on creditworthiness of a borrower.
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If you are their client, you can get a discount of up to 0.50%: 0.25% if you possess a personal checking account at Chase and another 0.25% if you get enrolled in automatic payments, which will allow the loan payments to be withdrawn from your checking account.
The decision of whether to issue a loan or not is based on the following criteria:
- Credit history of a borrower and its length;
- Debt ratio per month;
- Payment to income ratio per month;
- Loan structure.
However, there are several restrictions when getting auto finance from this company:
- The car shouldn’t be used for commercial purposes (taxi, limo);
- It shouldn’t be more than five years older, compared to the current model year;
- The mileage shouldn’t exceed 75,000 miles;
- It can’t be declared total loss or sold for scrap.
Advantages and Disadvantages of Getting Chase Auto Loans
According to numerous reviews of borrowers, we have singled out a range of pros and cons.
- You can get sums that range from $7,500 up to $100,000;
- Low APRs and additional discount for being a client of Chase and having a checking account;
- Chase finances both new and used vehicles;
- Payoff terms vary from 48 up to 72 months.
- You can apply online, but there is no online pre-approval;
- Rates may be different and vary by states.