There are a lot of financing options available when it comes to purchasing a vehicle, regardless if it is new or second-hand. Each financing option will have its advantages and disadvantages, as well as its own terms and conditions. Choosing the right one for your vehicle financing needs will likely depend on a lot of factors.
What is Subaru Auto Finance
If you’re purchasing a Subaru vehicle, though, there’s one financing option that you can check out and it’s called Subaru Auto Financing or Subaru Motors Finance program.
The program is being offered by JPMorgan Chase Bank N.A. to provide people with financing options to purchase new or pre-owned Subaru vehicles.
With the program, people looking to purchase a car won’t need to find their own financing, as the dealer can already provide it through their partnership with Chase. But is the Subaru Motor Finance program really a good option if you want to get a vehicle, or are you still better off looking for other finance options? Read on to find out.
The Difference with other Finance Options
Of course, one difference this financing option has is that it is geared towards purchasing new or used vehicles, which also means a lot of the benefits and offers it has will be related to the vehicle brand.
Probably one of the main differences that the Auto Financing provides you that other finance option cannot is that they have these special programs that for people who are looking to purchase their own vehicle.
An example of a program that the Subaru Motors Finance offers is the College Graduate Program. This offer allows soon-to-be or recent graduates to get financing for a new or pre-owned vehicle that will be approved by the Subaru Motors Finance.
The beauty of this program is that qualified graduate students will also be eligible for any retail offers or special lease that is currently available in a Subaru dealer.
Another program that the Subaru Motors Finance offers is a Special Finance Rate that starts at 0.99% APR for certified pre-owned vehicles for the years 2013 – 2018. This type of program also doesn’t require a down payment and you can expect to pay about $28.20 per $1,000 borrowed.
However, this program is only for well-qualified customers, meaning, those who have a good credit score.
These are just some of the programs you can enjoy if you go to that other companies cannot offer you if you are looking to buy a Subaru vehicle. But is this enough for you to use this financing option? Let’s see what people are saying.
What People Are Saying about Subaru
A lot of people have already tried the Subaru Finance program for their financing needs for a vehicle, but it seems a lot of them didn’t really enjoy their experience with the program. The program is in partnership with the Chase bank, which means the financing would be run through them.
A lot of the complaints from people are about the payment process of their loans. Some tried to pay their loans early so they can close it earlier than the loan term, but it seems like the program is trying to prevent them from doing it, as they are not really processing it properly and making it harder for people.
Others are complaining that they paid their monthly due on time, but the bank to post it late on their records. What’s worse is that the bank is trying to slap them with late payment fees, even if they paid on time and the problem is not on their part.
There are even some who experienced a problem in making payments, as the bank seems to be refusing to accept the payment. Once they became late, they are again being charged with late payment fees.
There are some who are satisfied with their experience with the program, since everything is easy and automatic, considering they Subaru will be the one to process everything. But there are only very few of them, as there are more people who are complaining than praising the program.
The Subaru Auto Financing program seems like a good financing program to get, especially if you are purchasing a Subaru vehicle. But based on reviews of people who actually tried it, it looks like it will just be a headache for you instead of a convenient option.
If you’re planning to purchase a Subaru vehicle, it would likely be in your best to try and get financing from a different lender instead of trying to go through Subaru Finance program to avoid getting any headaches with the experience, especially when it comes to paying off your debt, as a lot of the problems come from there.