Car Loan With Chase: A Complete Guide

Releasing the full amount needed to purchase ones desired car can be difficult for many and that is why there are a number of car loan providers in the U.S including Chase providing financing to those who need it. It is one of the top car loan providers in the US with over 4% market share.

Chase has provided car loans to millions of car owners and you can also apply for financing at Chase.

How Chase Car Loan Works

Securing a car loan with Chase is quite straightforward and the process can be completed online at your own convenience hence you wouldn’t have to visit the dealership or Chase regularly to track the progress of your application.

Not everyone can provide the lump sum needed to purchase their desired car; whether new or used and Chase understands that completely hence making the process easy for every borrower to follow. The process basically involves three steps ie. Apply online, obtain your loan and head to the dealership to choose your desired car and hit the road immediately.

Response time is fast as applicants will know their fate after application via email within 2 or 3 hours. You can also check your car loan application status online by clicking Check Loan Status.

It is also possible to obtain prequalification ahead of time to find out how much you can borrow if you qualify for a car loan with Chase. NB:prequalification does not affect your credit score.

Additionally, in order to get a car loan at Chase, the dealership you choose to purchase from must be in the Chase network. Click Chase Dealer Locator to check the list of dealers in their network.

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Things You Need To Apply

You need the following things when applying for a car loan with Chase…

  • Identity Document: you need to have your identify documents such as a State issued ID, Passport or Drivers License. These documents helps Chase to determine if indeed you are who you say you are.
  • Permanent Address: you will have to show proof of your permanent residence so Chase can pay you a visit if the need arises.
  • Proof of income: you need to show proof of income by providing recent paystubs or payslips. This is to enable Chase determine the risk level and if you can pay back your loan.
  • Insurance: showing proof of insurance goes a long way in helping you to have your car loan approved.
  • Registration certificate will be needed if you are trading in your old car to finance a new one.
  • Vehicle information: you will have to provide the vehicle model, trim and make

How To Apply For A Car Loan With Chase 

You can either choose to apply online through Chase’s online application portal or through your dealership. But before going ahead to begin the application process online, you must know about the car you wish to buy, where you can  find the dealership of your choice and then the amount you wish to borrow.

Click Online Application to begin with your application.

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Q1. What Types Of Vehicles Are Not Financed By Chase?

There are certain restrictions on the type of cars Chase can finance hence these vehicles do not qualify for financing at Chase;

  • Vehicles used for commercial purposes such as transporting passengers or goods
  • Cars older than ten years
  • Any car that has not been registered in any of the States does not qualify for financing
  • Cars that have covered a distance of over 120,000 miles
  • Salvaged Vehicles, etc.

Q2. Can I Refinance My Car Loan At Chase? 

No! as at now, Chase does not allow borrowers to refinance their loan.

Q3. Can I Prequalify For A Loan?

Yes! You can choose to prequalify for a car loan with Chase to know ahead of time how much you can borrow. However, note that it is not automatic to secure a loan the moment you get prequalification.

Q4. How Does Chase Determine My Rate?

Chase is able to determine an applicants Rates looking at the following indicators;

  • Type of car- whether new or used
  • Vehicle make – eg. Audi, Bentley, BMW, Cadilac, Ford, Honda, Dodge, etc
  • Your State
  • Your credit rating
  • Loan amount

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