How Chase Auto Finance is letting you get $25,000 to invest in a $200,000 house
The US bank has launched a new app that lets you get a $25k loan for a $300,000 home.
The company’s new Chase Auto Financing app lets you make loans on behalf of friends, family and strangers, and lets you pay the loan off in installments over time, so you can pay off the balance each month.
Chase claims it will make you the most valuable person in your family by allowing you to make more money over time.
You can choose to be an investor or pay the entire loan off upfront.
You can also pay a percentage of the loan balance and keep all of the interest on your account.
If you’re not sure whether you want to be a lender or investor, Chase says you can apply for a Chase Auto Funding account by calling the phone number on your home’s title.
The application will ask you if you want access to your bank account.
The app’s launch comes as the US government is tightening its restrictions on the banking industry.
As part of the measures, it has barred financial institutions from offering loans to individuals, families or other groups without a government-issued license.