Short Answer: Chrysler Capital makes financing decisions on an individual basis. During the application process, you will be required to provide personal information, including your Social Security number, and employment information like your annual income and how long you’ve been employed at your current workplace. Chrysler Capital representatives do not publicize exact credit score requirements, but the company uses a custom scorecard to evaluate your creditworthiness, and it factors in more than just your credit score. For more on Chrysler Capital financing requirements, see below.
Chrysler Capital Financing Requirements
You can apply for Chrysler Capital financing online and, if approved, receive an offer immediately. During the financing application process, Chrysler Capital will request the following information:
- Full name
- Phone number
- Home address
- Email address
- Social Security number
- Annual income
- Place of employment
- Length of employment
- Monthly rent or mortgage expense
- Length of time at current residence
Chrysler Capital requires a “hard” pull of your credit, which can temporarily lower your credit score by a few points. Chrysler Capital customer service representatives would not disclose exact credit score requirements needed for approval, but they did say that your credit score alone won’t dictate your financing tier. (See our related article for more on credit tiers for auto loans.) Representatives also said that credit analysts individually evaluate applicants using a custom scorecard system.
If you have a history of making on-time auto loan payments, are prepared to make a substantial down payment, and/or are financing a relatively inexpensive car, you may be more likely to be approved for financing.
However, even if you have less-than-ideal credit, you may still qualify for financing. On its website, Chrysler Capital says that its financing programs provide a high rate of approvals for all types of credit situations. And, in a company blog post, the Chrysler Capital Credit Team wrote that the company does have buying power for first-time buyers for some subprime applicants, including someone recovering from a previous bankruptcy. New, “nontraditional” lending technology and data allows Chrysler Capital and other lenders to look at credit reports for applicants with scores in the 500 to 600 range and see an upward trend in responsible spending and on-time payments, which improves approval odds.
For more about Chrysler Capital financing, we also have information about the company’s repossession policies.