Here’s the updated Chase Bank Auto Finance 2025 article:
🔧 What is Chase Auto Finance?
Chase Auto Finance offers financing for new and used vehicles through their dealer network (12,000+ dealerships) (cyberrised.com). Financing is done by JPMorgan Chase Bank, N.A. so when you apply in advance the dealer gets the approval details directly from Chase (autofinance.chase.com).
Highlights
- Pre-qualification available with a soft credit check, so you can see how much you can borrow and what APR without it affecting your credit score. Final approval is a hard pull (nerdwallet.com).
- Loan terms 12-84 months (1-7 years) (nerdwallet.com).
- No down payment required and you can finance up to 140% of the vehicle’s value (including taxes and fees) (autofinance.chase.com).
- Eligible vehicles: New or up to 10 years old; Teslas up to 5 years; less than 120,000 miles; excludes salvage, private-party purchases, commercial vehicles, motorcycles, etc. (autofinance.chase.com).
💵 Rates
Chase doesn’t publish exact APR ranges; your rate depends on credit score, vehicle age, term length and loan amount (lendingtree.com). However:
- Excellent credit applicants can see new-car rates starting at 3.5% .
- Market rates in early 2025 were 6.7% for new-car loans, 11-14% for used cars .
- Chase Private Clients get an extra 0.25% rate discount (chase.com).
- Longer terms (e.g. 84 months) mean higher APRs—shorter terms save you money.
🛠️ Application Process
- Pre-qualify online: Enter basic info—income, zip code, car preferences; decision in minutes (nerdwallet.com).
- Lock in rate: Pre-qualification APR is good for 30 days (90 days for Tesla purchases) (autofinance.chase.com).3. Apply with dealer: Finalize at dealership; most decisions in 2-3 hours (autofinance.chase.com).
- Close at dealership: Dealership finalizes paperwork; Chase funds the loan (autofinance.chase.com).
✅ Pros & Cons
Pros Cons Pre-qualification without credit impact; rates & payments transparency Must use Chase’s dealer network (no private sales) No down payment required, high loan-to-value (up to 140%) Slower transparency on actual APR until application is submitted Competitive starting APR (~3.5%) for excellent credit Co-signers not permitted—only co-borrowers Fast decisions (within hours) and 30-day rate lock Does not finance private-party transactions Extra 0.25% rate discount for Private Clients Limited to vehicles meeting Chase’s age/mileage criteria
🔍 2025 Market
- Car prices are high: New cars ~USD 50K; used autos ~USD 30K on average (investopedia.com).
- Rates are high: Fed is steady, auto loan APRs ~9% for new, ~14% for used—tiered by credit score (nerdwallet.com).
- Many buyers are choosing 84-96 month terms to manage payments—longer loans increase interest cost (investopedia.com).
🏁 Final Take
Chase Auto Finance is good if:
- You’re buying from a partner dealership.
- You need pre-qualification and rate-lock.
- You want transparent monthly payments and flexible loan terms.
- You’re a Chase Private Client—that extra 0.25% off can save you hundreds.
But not if:
- You’re buying from a private party.
- Co-signer is important.
- You don’t want to be limited to the Chase dealer network.
💡 Tip
Compare offers—including online credit unions, local banks and auto-based lenders—to make sure Chase’s rate and service is right for you. Always review the total cost (rate, term, fees) and not just the monthly payment.