Auto loans are one of the oldest types of finance and goes back to the early 19th century. This type of finance allows consumers to purchase an item they need in order to get to their destination. With the price of cars, it’s very rare for someone to purchase theirs cash nowadays, for this reason, auto finance forms an integral part of a consumer’s financial journey. What is important is that the finance matches the needs of the customers. The Chase Auto Loans selection looks promising, but only with a careful analysis will we be able to determine whether they meet the needs of consumers. This review strives to do just that.
We recently did a full review on the auto loans options from BNP Paribas.
About Chase Bank
This is a bank that has roots off the beaten track. Instead of starting the journey in the financial industry, Chase was involved in many other industries first. Chase has the proud history of being part of a group of companies that shaped the United States through proper infrastructure and planning. It was involved in the waterworks development, which Americans can thank today for access to a safe and reliable source of water. It was only much later that the bank became involved in banking. This happened to be a good move as the bank is now known as one of the biggest banks in the world. Not only does it provide integral banking services to customers, but also has an important role to play in the American economy. Those who don’t recognize the name might remember it as JP Morgan Chase & Co.
Auto Loans Tips and Tricks
Auto finance is a fast and convenient way to get behind a new set of wheels. It is also a legal commitment and consumers are recommended to stick to their repayments to ensure they get the most out of the deal.
Decide on a Term That is Easily Affordable
This is an important part of the finance journey as consumers can simply just opt for the longest term. But the longest term does not necessarily have their best interests at heart, as the longer the term is the more interest they have to repay over the period. The rule of thumb is to look for a vehicle where the repayments are done over a three-year period.
Look for the Best Deal Across All the Pricing Platforms
Although the interest rate is an important part of the finance, it is not the only thing to look out for. Some institutions offer great interest rates but provide consumers with shocking fees and pricing structures that negate the great rate. Consumers are recommended to look at the deal in its entirety.
A Down Payment Makes a Significant Difference
There are a number of reasons why a down payment should be considered and the first is the fact that it reduces the loan amount. This, in turn, decreases the monthly amount spent on installments, which allows the budget to breathe easy. Finally, a downpayment shows banking institutions that they don’t carry the risk of the vehicle alone, which could allow the client to negotiate their interest rate.
Plan the Repayments Ahead
Banks that offer a fixed rate option provide customers with the peace of mind that no matter the market conditions, their installments will remain the same. This means that consumers are able to plan their repayments ahead of time, which makes it easier to budget and ensure there are enough funds to cover all their installments.
Chase Auto Loans Product Offerings
Chase offers customers three different aspects of auto finance. The first allows customers to find their ideal car at a reasonable price through partnering dealerships. The second is to finance the car and the third is a refinance option.
Find A Car
Chase car buying service is a great place to start for anyone looking to purchase the next family vehicle. It provides them with the necessary access to some of the best deals around the country, whether they’re looking for a passenger vehicle or roadster.
- There are new and pre-owned vehicles available on this list.
- Customers have access to see what other buyers paid.
- Furthermore, the service guarantees savings on the prices of vehicles. Currently, buyers save an average of over $3,000 off the MSRP.
- The deals only take place through certified dealers.
- Finally, the process is smooth and simple and customers can apply for finance directly through the site once they’ve found their vehicle.
Finance A Car
This option is ideal for consumers who wish to use the Chase finance division to finance their new or used vehicle. Furthermore, they may also benefit from the Chase car buying service.
- The application process is simple and effective and customers have a decision on their loan in no time.
- They may use the online process to explore their payments and rates.
- Furthermore, there is an online calculator that will provide consumers with more information about the repayments. This is a great help to determine affordability.
- The online process also allows the customer a pre-approval of sorts, which allows them to go to the dealership with the finance already resolved.
- Finally, other helpful tools on the website allow consumers to do a bit of homework first before they apply for the finance.
Auto Loan Refinancing
Refinancing is not something consumers consider very often, but when customers opt for it, it is usually because they’re offered a better deal than before. Furthermore, refinancing often provides customers with better rates than before.
- The number one reason consumers opt for a refinance deal is because of a more favorable interest rate.
- Chase customers often have the option to receive an even more discounted interest rate.
- Finally, the application process is simple and takes place online.
Consumers who want to try their hand at property finance should take a look at the mortgage range offered by Chase.
What We Like About Chase Auto Loans
This is a finance structure that is there with the customer from the minute they decide to look for a new vehicle. The online platform provides all the essential ingredients into making the perfect deal work, as consumers not only have the opportunity to find their ideal vehicle but also to apply for finance. The longest part of the process is making the decision between the wide array of vehicles.
Also, there is a simple process to follow in order to get finance in place. Those who have already found their vehicle at a dealership and didn’t necessarily go through the online tool, and still apply for the finance online. The application itself takes only a few minutes and customers don’t have to wait too long for the decision.
The refinance option is just as simple and those who have their finance elsewhere will have very few hassles bringing it over to Chase. The savings on the interest rates often spur consumers on to choose a refinancing option.
What We Don’t Like About Chase Auto Loans
A recurring trend throughout the Chase product lines is the fact that the product information is a little thin. There is plenty of other information available, such as the finance speed and aspects that are not really critical in terms of making the best financial decision. This is especially true for the new loans. The refinance loans at least sheds a little bit of clarity on the savings on the interest rates.
What we’re particularly concerned about with this range, is the fact that there is hardly anything available to guide consumers as to the pricing. This means they will have to dig and scratch around on the site to find the right information. There is also the no real information on whether the bank owns the car during the period or not. This could be styled as an installment agreement or it could be styled as a personal loan. There is simply no way of telling.
Finally, the product range doesn’t really provide variety at all. It simply gives customers the finance option with a few bells and whistles. There is no information on whether customers have access to finance for other types of assets such as boats, motorhomes and RVs, two-wheelers, and more.
The Chase Savings Accounts range may provide the ideal savings vehicle for those who wish to purchase their cars cash.
Critical Reviews Rating Chase Auto Loans – 3 of 10
As we work through the Chase products, it’s hard to believe that this bank is featured as one of the top banks on the planet. The product range is average. When it comes to Chase Auto Loans, this one doesn’t really add a whole lot of sparkle either. With only one – maybe two – loan type/s to consider, there is very little that sets this finance range apart from the rest of the world. When compared to products from other leading banks, this one is sad and lonely.
Redeeming qualities we tend to find in other product ranges include the fact that customers may enjoy competitive rates. Or, at the very least, access to the fees. Not in this range, as the information is not available upfront. Consumers will need to dig around the site to find this information out.
Finally, there is very little to redeem the qualities of this product range. We cannot afford to part with a higher rate.
Find out whether the auto loans options from Lloyds had a similar struggle for the perfect score.