The higher your income and the better your credit score, the better your loan offer will be. However, this is no guarantee that every person will qualify for a Chase auto loan. Chase Auto Loan Minimum QualificationsĬhase does not mention any credit score or income requirements. That’s quite a bit lower than Chase’s best auto loan rate. According to Experian’s State of the Automotive Finance Market report (Quarter 3, 2023), borrowers with scores above 780 found APRs of 3.84 percent on average. While Chase offers competitive rates starting at 6.19 percent, those aren’t the lowest rates available. However, making a down payment and especially a larger down payment can result in a lower interest rate and ultimately decrease the final cost of your loan. Chase offers a payment calculator on its website to help you get a better idea of what you might pay. You can get a Chase auto loan with no down payment. Unfortunately, Chase has low customer ratings on the BBB and Trustpilot, and it doesn’t offer 24-hour service or online chat. We also consider mobile app scores and how reachable the company is.ĭoes the company offer 24-hour service or online chat? Chase scored lowest in this category with 3.2 out of 5.0. Our team looks at customer reviews and complaints on Trustpilot and the BBB. Low APRs and great loan terms can be hampered by poor customer service. However, it doesn’t offer savings opportunities like autopay or bundling discounts. A November 2022 consumer loans survey we conducted revealed that 29 percent of respondents cared most about finding a good APR.Ĭhase scores 4.3 out of 5.0 for this category because it offers decent APRs and no fees. One of the first things people think about when shopping for loans is the APR. Chase also doesn’t offer private party loans. Chase bank scores 4.2 for this category because it doesn’t offer refinance loans –only new and used car loans. Next, our team considers what an auto lender offers for loan choices, amounts, terms, and benefits.
While Chase doesn’t list a minimum credit score, that doesn’t mean everyone is approved. Minimum credit score is also included in this category. This includes availability by state along with vehicle restrictions like age and mileage. AvailabilityĪnother important part of our rating process is a company’s availability. Chase scores a 4.3-star rating from our team here because it has an A rating on the BBB but is not accredited. Our team looks at a company’s longevity and Better Business Bureau (BBB) rating in this category. It’s important for an auto loan company to be established in the industry with a good reputation. Let’s take a closer look at how we rated Chase auto loans. Our rating methodology covers categories of industry standing, availability, loan details, rates and discounts, and customer service.
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