Chase offers their customers competitive auto loan rates if you have a Chase checking account with them.
Essentially, when you bank with Chase, you’ll get an extra discount on top of their standard rates they give to everyone else.
If you’re set on getting a auto loan with Chase, and you don’t currently bank with Chase, consider opening a checking account with Chase, especially if the auto loan you’re seeking is a significant amount of money.
How Much Money Can You Save With A Chase Auto Loan?
- Chase can save you a maximum of 0.5% off of standard loan rates as of today.
- You can also receive a 0.25% additional discount if you have a Chase personal checking account.
- You can receive an additional 0.25% discount if you enrol yourself into automatic payments and continue to have your monthly auto loan payments automatically deduced from your Chase checking account.
The total discount you can have is 0.5%, which is half a percent savings.
How much does half a percent difference make?
If you were received a Chase auto loan at a rate of 5%, and you got a Chase auto loan discount of 0.5%, then you would be paying 4.5% for the life of the loan. And let’s say you took out $30,000 for your car loan.
- With a 5% interest rate, your monthly payment would be $566.14
- With a 4.5% interest rate, your monthly payment would be $559.29
The difference you paid over the entire life of the term is $411. That means, by reducing your interest rate by 0.5%, you will have saved yourself $411 in total. That’s obviously a lot of money. So if you can, you should absolutely open a checking account and enrol in automatic payments to take advantage of the discount.
Note: The above example used a car loan amount of $30,000, and a monthly payment for a 5 year term.
How To Get Good Interest Rates For Chase Auto Loans
I demonstrated above that a half percent in interest rate will save you almost $500. So it’s obviously very important to try and get the lowest interest rate possible, even if it is only half a percent – which seems really small, but it’s actually really significant when you borrow money, especially large amounts.
If you have excellent credit, and have a credit score in the high 700’s or better, then you will be able to secure the best rates for your auto loan. Improving your credit score more higher may help lower your interest rate a little, if it does at all, but probably won’t have a huge effect. But great job and continue to maintain your excellent credit.
if you have credit other than excellent, then I highly recommend working really hard to increase your credit score. A great credit score will save you so much money in the long run when you apply for big items like a mortgage or a business loan for example. Or even right now when you’re looking for a Chase car loan.
To learn how to increase your credit score, click here.
Chase Car Loan Calculator: Where To Check For Current Chase Bank Car Loan Rates?
Interest rates for car loans fluctuate constantly so it’s not very common for banks to disclose rates with a static number on a website, because it would constantly need to be maintained and changed and that’s not efficient.
Usually, they will use some sort of calculator function where you can populate number by clicking a button.
Chase does just that. You can see “todays auto loan rates” for 48,60, and 72 months for new car dealer purchase and used car dealer purchase as well.
Chase has two tables on their website that that will display values based on what they offer, and what they offer for Chase checking customers (and exclusive rate discount).
You can see the table below (Chase car loan calculator):
When you click on “see rates”, you’ll be asked to enter your zip code and when you do, you’ll get the current interest rate based on the loan type and term (in months).
Also, be aware that these rates are based on loan to value based on 80% of new vehicles and 95% on used vehicles, and it’s based on someone who has excellent credit history, and for a loan amount of $23,000.
If your credit is less than excellent, you likely won’t get the same car loan rates listed in the table when you check it.
How To Apply For A Chase Auto Loan
Probably the easiest and most convenient way to apply for a chase auto loan is to do it online on Chase’s website.
You’ll be able to apply for a loan online and get your loan approved before you go into the dealership.
A nice little tactic you can do with the dealership is to apply for a loan online with Chase, for example, and then you know you have a loan approved, with certain terms and interest rate.
Then what you can do is also apply for a loan at the dealership and see what types of rates and term you get with them.
I’ll be guessing that the loan you get from the finance department at the dealership won’t be as good, but this isn’t always the case.
You can use the current approved loan from Chase as leverage to see if the dealership can match or beat it.
I don’t recommend applying for car loans and checking for car loan rates at more than a few places because every time you inquire for a loan, it hurts your credit score a little. You do it too many times and then the effect becomes much large because you add up all the credit inquiries and find out you’ve lost 20+ points on your credit score.
To apply for a Chase auto loan online, click here.
If you don’t like doing things online, you can also visit a Chase branch and apply for an auto loan in person. You’ll get the most up to date car loan rates in person as well, as the loan specialist will be able to pull the numbers up on the computer and show you.
Make sure to bring your ID to the bank, as well as your vehicle you’d like to purchase information. They will need it to process your car loan application.
What Auto Loan Rates Should You Get?
It’s hard to know what car loan rates you should be getting based on your credit score. Especially if you are purchasing a vehicle for the first time or you’re just not really sure about this interest rate stuff.
The best way to tell if you’re getting a decent deal on car rates is to check the average of what other people are getting across the nation.
Bankrate compiles a list of current auto loan interest rates in a nice little chart here.
This chart is table is based on if you have good credit, so keep that in mind. But you can still see what the current auto rate is and get an idea of what is a reasonable interest rate. You don’t want to get duped into getting a car loan with sky high interest rates because you didn’t do your homework!