Chase Bank Car Loan Rates: Review, Pros, Cons & How to Apply

Whether you plan to buy a new car or go for an affordable but still reliable used vehicle, Chase Bank has a financing solution for you. While the bank only finances vehicles purchased through dealers in its own network, the good news is that said network now includes over 12,000 dealerships nationwide (covering all 50 states).

Are you interested in Chase auto finance rates and qualification terms? In our Chase auto loan review, we’ll discuss auto loans, their types, how to apply for one, and what to do if your application has been denied. Read on to find out more!

Overview of Chase Auto Loans

Chase Bank offers auto loans for both new and used vehicles, ranging from around $4,000 (minimum) up to about $750,000. Eligible vehicles must generally be 10 years old or newer (model year within the past 10 years).

The main benefits of Chase auto loans are:

• Extensive dealer network.
• Online application and prequalification.
• Flexible repayment terms.

If you want a loan from a reputable bank, have a good credit score, and agree to stick with the models that in-house dealerships offer, a Chase loan is a good option for you.

Types of Chase Auto Financing

Let’s dive into the main types of auto loans offered by the bank.

New Car Loans

Chase defines a “new” car as one that has never been titled and is from the current or previous model year (Chase will consider the next model year as new, if available). In 2025, the eligible new vehicles for Chase financing are cars from the 2023, 2024, or 2025 model year.

If you have an excellent credit score, you can count on Chase new car loan rates to start at 3.5%. However, the bank doesn’t disclose the maximum rate limits. On the brighter side, there’s no down payment, and loan terms are quite flexible (up to 7 years).

Used Car Loans

Chase Bank also offers used car financing and has an extensive network of sellers to choose from. To qualify for a loan, the car must be no more than 10 years old. Chase Bank used car loan rates and credit terms are similar to those for purchasing a new car (except for a higher APR).

Lease Buyout Loans

Chase also offers lease buyouts for drivers who wish to take ownership of their leased vehicles from partner automakers. Under this financing program, you can either purchase a car directly or opt for a loan product.

Refinance Options

If you already have a loan but are no longer satisfied with its conditions, Chase can offer you some decent refinancing options. This is great for situations where interest rates start to become overwhelming. Keep in mind that you’ll need a fair credit score to access the program, and some vehicles and states are currently not eligible.

Chase Auto Loan Rates

Chase auto loan interest rates and other credit terms depend on a range of factors, such as:

• Your credit score. The lower your credit score is, the higher the APR that you will have to pay for getting a loan.
• Loan length. There is a correlation between your loan terms and the interest rate. Those who choose a 60-month or longer term should prepare to face a higher APR.
• Down payment size. If you’re willing to provide a significant down payment, your interest rate will be significantly reduced.

While Chase Auto provides loans online, the bank doesn’t disclose its rates. On average, if you want to buy a new car and have an excellent credit score, Chase car loan rates start at around 3.5%. For used cars, a borrower with good (prime-tier) credit can expect an APR in the high single digits to low teens, depending on their exact credit profile. For example, in Q2 2025, the average used-car APR was about 9.4% for prime credit scores and around 14% for the next tier down.

How to Apply for a Chase Auto Loan

Now that you know some details about potential Chase car loan interest rates, you probably wonder — how do I apply for a loan online? Here’s a step-by-step guide:

Step 1. Prepare the documents

• To start the car loan application process, you’ll need to provide the following documents: ID (passport or driver’s license), SSN, and proof of income (bank statement, W-2, or tax returns).

Step 2. Complete the prequalification process

• Go to Chase Auto and prequalify by tapping “Apply Now.”
• Enter all the required information. This includes your full name, SSN, income details, and address. Note that the prequalification process will not affect your credit score.

Step 3. Browse through the options

• You can browse through the Chase network and select the car you want to buy, as well as choose where to purchase it.

Step 4. Fill out the application

• Once you have chosen the car and dealership, you can complete the application. You will need to specify your desired loan term, vehicle information, income, and loan size. 
• Once the form is filled out, you can submit it. Note that this will automatically trigger a hard credit check.

Step 5. Accept the offer

• If your application is approved, you will be offered certain APR conditions and will see how much you have to pay every month.
• If you are satisfied with the offer, you can accept and sign it online.

You’ll be notified about the bank’s decision regarding your loan approval via the email address you provided. An important note: once approved, Chase auto interest rates are “frozen” for one month.

What to Do If You’re Denied a Chase Auto Loan

The first thing you should do if your application is declined is to determine the reason for the rejection. Contact the lender and then choose an action plan based on the reason for your denial.

If the reason is unclear, here are the universal steps you may take:

• Review your documents and application for errors. If you haven’t provided all the required documents or made mistakes while filling out the online form, find out if you can correct them and reapply.
• Improve your credit score and other approval criteria. A common reason for auto purchase loan rejection is a poor credit rating, bad credit history, or low income. It’s a good idea to increase your credit score before applying again. You can use the Chase prequalification calculator to find out if you meet the requirements for a specific loan.
• Buy a cheaper car. If you were considering buying an expensive vehicle and were turned down for credit, choose a more affordable option and apply for a smaller loan amount.
• Consider offers from other lenders. Look for lenders that openly publish the requirements for potential borrowers — this will help you assess your chances in advance and find the best available option. Note that some financial institutions offer vehicle financing options for individuals with low credit scores. However, expect higher interest rates and less favorable terms compared to Chase Bank car loan rates.

Chase Auto Loan Pros & Cons

Chase auto loans are a great option for purchasing both new and used vehicles, as well as lease buyouts. Before applying, check your credit history, calculate your monthly income, gather all the necessary documents, and use the Chase prequalification tool to assess your approval chances.

Chase offers 100% financing with no down payment and early repayment options. One potential drawback to Chase auto financing is a lack of transparency regarding the terms and requirements for potential borrowers. In some cases, it may be wise to explore offers from other lenders.

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