Chase does refinance auto loans, but only if you already bank with them or meet their credit standards
Chase will refinance an auto loan you hold with another lender, but the process and approval depend on your credit score, income, and whether you have an existing relationship with Chase. You do not need to have financed the original car through Chase — you can refinance a loan from any bank, credit union, or dealership. However, Chase has stricter credit requirements than some competitors, and they do not refinance vehicles older than a certain age (typically 10 years, though this varies by location and loan type).
The refinance itself works like this: Chase pays off your current loan in full, and you begin making payments to Chase instead. The new interest rate depends on your credit score, the age and condition of the vehicle, and current market rates. If your credit has improved since you took out the original loan, or if rates have dropped, refinancing can lower your monthly payment or shorten your loan term.
Key Takeaways
- Chase refinances auto loans from other lenders if your vehicle is newer than 10 years old and your credit score meets their minimum (typically 620 or higher, though better rates require 700+).
- You can refinance through Chase online, by phone, or in person at a branch, and the process usually takes 3 to 7 business days from application to funding.
- Chase will not refinance vehicles with outstanding liens from other lenders unless you pay off that lien first, or they will pay it off and add it to your new loan balance.
- Your new interest rate is based on your credit score and current market conditions, not your original rate, so refinancing only saves money if your score has improved or rates have fallen.
- Chase charges no prepayment penalty if you pay off the loan early, but you may owe a small fee to your current lender for early payoff.
How Chase auto refinance works step by step
Start by gathering your current loan documents: the loan number, current lender's name, and your payoff amount. You can find the payoff amount by calling your current lender or logging into your account online. Chase will ask for this information during the application.
Apply online through Chase's auto refinance page, by phone at the auto loan department, or in person at a branch. You will need to provide your Social Security number, income, employment history, and details about the vehicle (year, make, model, VIN, current mileage). Chase will pull your credit report as part of the application. If you are approved, Chase will issue a loan offer with the interest rate, monthly payment, and loan term. You can accept or decline the offer.
Once you accept, Chase orders a title search and verification of the vehicle's condition. This step typically takes 2 to 3 business days. After verification, Chase funds the loan by sending a check or electronic transfer directly to your current lender. Your current lender releases the title, and Chase becomes the lienholder. You then begin making payments to Chase on the schedule they provide.
Credit score and income requirements for Chase auto refinance
Chase does not publish a minimum credit score, but based on customer reports and industry patterns, approval typically requires a score of 620 or higher. However, the interest rate you receive depends heavily on your score. A score of 700 or above usually qualifies for their best rates; scores between 620 and 699 may receive higher rates; and scores below 620 face steep rates or denial.
Chase also verifies your income and employment. You will need to show recent pay stubs (usually the last two months) or tax returns if you are self-employed. Your debt-to-income ratio — the percentage of your monthly income that goes to debt payments — also matters. Chase typically wants to see a ratio below 50%, though this is not a hard rule.
If you have a Chase checking or savings account, you may receive slightly better rates or faster processing. Chase also offers rate discounts for setting up automatic payments from a Chase account, typically 0.25% off your interest rate.
Vehicle age and condition limits
Chase will not refinance vehicles older than 10 years from the model year, with rare exceptions for low-mileage vehicles in excellent condition. If your car is a 2015 model, for example, Chase will refinance it in 2025 but likely not in 2026. Some lenders are more flexible on age; credit unions and online lenders sometimes refinance vehicles up to 15 years old.
The vehicle must also have a clear title (no outstanding liens from other lenders) or Chase will require you to pay off those liens before closing. If the lien amount is small, Chase may pay it off and roll it into your new loan balance, but this increases what you owe.
Chase may also require a vehicle inspection or appraisal if the car has high mileage (typically over 100,000 miles) or if the loan amount is large relative to the vehicle's value. This step protects Chase in case you default and they need to repossess and sell the car.
Timeline and costs for Chase auto refinance
The entire process from application to funding usually takes 3 to 7 business days. The application itself takes 15 to 30 minutes online or by phone. Credit approval happens within 1 to 2 business days. Title verification and vehicle inspection (if required) add another 2 to 3 days. Funding — when Chase sends money to your current lender — happens on the final business day.
Chase charges no application fee, origination fee, or prepayment penalty. However, your current lender may charge an early payoff fee if your original loan agreement includes one. This fee is typically $50 to $500 depending on the lender and how much time remains on the loan. Ask your current lender about this fee before you apply to Chase.
The only cost you may see is a title transfer fee charged by your state's motor vehicle department, but this is not a Chase fee — it is a state requirement. This fee varies by state and is usually $10 to $50.
When Chase auto refinance makes financial sense
Refinancing saves money if your new interest rate is lower than your current rate, or if extending the loan term lowers your monthly payment enough to offset the extra interest you will pay over time. For example, if you have 4 years left on a loan at 8% interest and you refinance to 5% for 5 years, your monthly payment drops, but you pay interest for an extra year.
Refinancing also makes sense if your credit score has improved significantly since you took out the original loan. If you had a 600 credit score when you financed the car and now have a 750, you will may have access to for a much better rate. Even a 1% or 2% rate reduction can save hundreds of dollars over the life of the loan.
Do not refinance solely to lower your monthly payment if it means extending the loan term by several years. You will pay more interest overall, and you risk owing more than the car is worth if it depreciates quickly. Use an online auto refinance calculator to compare your current loan against Chase's offer before you decide.
Alternatives to Chase auto refinance
If Chase denies your application or offers a rate higher than you expected, other lenders may approve you or offer better terms. Credit unions typically have lower rates and more flexible credit requirements than banks. If you belong to a credit union, check their auto refinance rates first — they often beat Chase and other banks.
Online lenders like LendingClub, Upgrade, and SoFi also refinance auto loans and sometimes approve borrowers with lower credit scores than Chase requires. However, online lenders may charge higher rates to offset the risk, so compare offers carefully.
If your credit score is very low (below 620), you may not may have access to for refinancing anywhere. In that case, focus on improving your credit score by paying bills on time and reducing other debt. After 6 to 12 months, you can reapply to Chase or other lenders.
Frequently Asked Questions
Can I refinance a car loan with Chase if I don't have a Chase bank account?
Yes, you can refinance without an existing Chase account. However, having a Chase checking or savings account may help you may have access to or receive a slightly better interest rate. Chase also offers a 0.25% rate discount if you set up automatic payments from a Chase account, so opening one before you refinance could save you money.
What happens to my current loan if Chase approves my refinance?
Chase pays off your current loan in full by sending money directly to your current lender. Your current lender then releases the title to Chase and closes your account with them. You will receive a final statement showing a zero balance. From that point forward, you owe money only to Chase.
Can I refinance if I still owe more than the car is worth?
Yes, but it is riskier. If you owe $15,000 on a car worth $12,000, Chase may still refinance you, but they will likely charge a higher interest rate because the loan is "upside down." If you default, Chase cannot recover the full loan amount by selling the car. Some lenders will not refinance upside-down loans at all, so ask Chase directly.
How long does it take to see the new payment in my Chase account?
After funding, your first payment to Chase is usually due 30 to 45 days after the loan closes. Chase will send you payment instructions by mail or email. Set up automatic payments through your Chase account to avoid missing a payment during the transition.
Can I refinance with Chase if my car has a loan from a dealership?
Yes. Dealership financing is just another type of auto loan. Chase will pay it off the same way they would pay off a loan from a bank or credit union. Dealership loans sometimes have higher interest rates, so refinancing to Chase often results in significant savings.