Automobile loan refinancing from JP Morgan Chase.
Chase does provide their customers as well as people who use other lenders access to auto loan refinancing programs. It is free to apply, and the service is available in all states including the District of Columbia. Either reducing interest rates or extending payment terms on a car loan can save families hundreds of dollars per year over the course of their agreement.
Whether you have a fairly new car, or a model that is a few years old, receiving a new car loan from Chase at a lower interest rate can allow borrowers to save money on their monthly payments. This can lead to more money in your pocket, which can be used for paying other bills or basic needs.
The process is simple and can be done online or through a quick phone call to JP Morgan Chase. While there may be some restrictions in place, individuals can apply to refinance their loan and at the same time apply for lower interest rates. There is no cost to apply, and it doesn’t matter where you live, who your original lender was, or what type of car you own. The bottom line is that JP Morgan Chase can provide qualified borrowers with a lower monthly car loan payment.
While anyone can apply (even if you did not take out the initial loan from Chase), you may be able to reduce your interest rate even more if you are a current Chase checking customer. It the past the lender has offered up to an additional .75% lower interest rate on their standard loan.
The process is quick, simple, free, and convenient. Since there is no cost in order to receive a quote, there is therefore no risk in trying to see what Chase will offer you. People can apply online in minutes, and receive a very quick decision on both their credit scores and the results of their application. If the application comes back favorably, you can complete the process at a Chase branch near you, or you can do this in the mail.
JP Morgan Chase also provides current interest rates and car loan calculators that people can use to determine how much money they can save. It is almost always a good idea to take this step as well to determine if this program can truly help the customer with paying off their car loan in less time.
Customer service representatives from the bank can also help people locate an available branch that they can stop by at to both meet face to face with a specialist and that can help them complete their refinancing application. They will help you set up an appointment at the local branch so you can meet with a personal banker, who can both answer any questions and this person is also the individual who will close your new auto loan.
Savings and refinancing process
A borrower may be able to save a significant amount of money on their monthly payments by refinancing an auto loan. This can start immediately, and thereby help the borrower catch up on any arrears they may have. The savings really add up over the length of the term of the loan, and can amount to hundreds of dollars over that period of time. Call Chase at 1-800-336-6675.
It is recommended that before going for a refi on your existing car loan, applicants will want to know what their vehicle is currently worth. This will help determine whether they are “underwater” or not. Use an online site, Kelly Blue Book, or even contact a local dealer in your neighborhood.
Some of the other information that is good to have, and that may be required is the Vehicle Identification Number (VIN). This is a 17 letter/number combination easily found on your insurance card, and it can be called a serial number as well. You should also have your current loan information, your vehicle's current mileage, as well as the name of current lien holder.
Usually the potential borrower will just be required to give JP Morgan Chase information on the make of the car, including the model and the year. That way they will also be able to arrive at a rough estimate on how much the vehicle is worth and therefore how much can be borrowed. If you have also done your own research on pricing, as indicated above, this will ensure you are not overcharged by Chase, or any other lender.
The process can also be completed by mail. Chase will send all necessary refinancing as well as loan closing documents to potential borrowers, and it can even be sent via overnight mail. The package will include both a toll-free number that people can use to call to get questions answered as well as contain easy-to-follow instructions.
There is also more information provide by the bank. The package sent to you from Chase will even include a postage-paid overnight return envelope for you to send the completed loan documents back to Chase. The bank wants to make it as easy as possible for people to process the forms, and to receive a lower interest rate on their existing car loan.
Automobile loan refinancing is offered across the nation. Call 1-800-336-6675. There are a limited number of restrictions. For example, not all products and benefits are available in all regions. Chase does not also commonly offer new loans for private party vehicle purchases and this type of assistance may not be available in all states.