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If you’re considering buying or leasing a Subaru, take a look at the incentives and options from Subaru Motors Finance (SMF). Subaru financial deals will vary depending on your location, your credit and the specific Subaru model. You can apply online so you’ll be prepared when you go to the dealership.

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Subaru financing options

Buying a Subaru

Subaru Motors Finance is the name for the program operated by JPMorgan Chase Bank, N.A. (“Chase“) that provides auto financing to Subaru buyers through participating Subaru retailers.

Currently, Subaru Motors Finance offers auto loans with rates starting at 2.90% APR with loan terms that range from 36 to 72 months, subject to credit approval.

To apply online, you must first select the model and trim level you want because financing decisions are based on the specific vehicle selected. But don’t worry; the dealer can help you apply for financing on a different vehicle if you change your mind.

Leasing a Subaru

If you’re looking for a new vehicle with a lower monthly payment than what you could get financing a purchase, Subaru Motors Finance also offers leases. Many leases are offered with a $0 security deposit with terms from 24 to 48 months. Annual mileage options are

10,000
12,000
15,000

The higher the mileage option you choose, the more your monthly payment will be. You can purchase singular miles for $0.15 each if you plan to go over 12,000 miles per year. You can read more about how leases work.

The first month’s payment is due at signing. At the end of the lease, you could turn in your Subaru, trade it in or buy it. There’s a $50 lease-end purchase fee if you buy the car or a $300 disposition fee if you decide to turn it in.

Depending on how long you want to keep the Subaru and how much you drive per year, leasing may or may not be the best value for you. Here’s some information if you’d like to know more about leasing versus buying.

Subaru financing pros and cons

Like most automakers, Subaru offers financing through its dealers to help sell cars. In Subaru’s case, it works with Chase Bank to offer financing. Borrowers can take advantage of the Chase online portal and mobile app to manage their account.

A closer look at Subaru financing

Subaru uses low financing offers and rebates to attract buyers. Deals change throughout the year — special financing offers usually have an expiration date of 30 days or so. You can apply for Subaru financing even if you’re not interested in the incentive rates.

Neither Subaru Motors Finance nor Chase Bank have disclosed any credit score requirements, but the best financing deals are reserved for what it calls ”well-qualified applicants.” That usually means you’ll need to have a solid credit history, which ideally includes showing that you’ve paid a car loan regularly. Typically, a credit score of 740 is the start of the “very good” rating range. After you receive approval for Subaru financing, the dealer will finalize your monthly payment to include taxes, registration, licensing and any dealer fees.

Subaru financing special programs

In addition to its limited-time financing deals, Subaru also offers several special programs for qualifying buyers.

Subaru Vehicle Assistance Program: Victims of Hurricane Ian or the subsequent flooding in Florida can qualify for up to $500 toward the purchase or lease of a 2022 or 2023 Subaru vehicle to replace a vehicle damaged during the storm.
Military Discount Program: $500 discount after final price negotiation for active-duty and reserve members of the U.S. Air Force, Marines, Army, National Guard and Coast Guard. Veterans and retirees within 12 months of the separation date can also qualify.
College Graduate Program: Recent and upcoming college graduates can apply to finance or lease a new Subaru through SMF and are automatically eligible for any special offers currently available.
Certified pre-owned vehicles: Special finance rates are often available on certified pre-owned vehicles, which are used cars within the last three model years that meet high standards.
Lease Loyalty: If you already lease a vehicle through SMF, Subaru will make the first monthly payment of up to $500 on your next lease and waive the disposition fee.
Subaru Mobility Assist: This program provides up to $1,000 reimbursement to help Subaru owners with disabilities get vehicle modifications to adapt for medically recognized physical disabilities. To qualify, vehicle modifications must be made within a year of purchase and the claim must be submitted within 180 days of the modification.
Subaru Guaranteed Trade-In Program: The program guarantees the trade-in value of a Subaru vehicle if you trade it in at a Subaru dealer within eight years of ownership.

How to apply for financing through Subaru

You can complete the application for Subaru Motors Finance online. Before you start, have the following information ready:

Vehicle information: You must select a vehicle to start the process. Once you click on a model, the information will fill in automatically.
Trade-in: Complete information on any trade-in vehicles, including year, make, model and mileage. The dealer will finalize the amount you get for the trade-in.
Loan terms: Select the amount you want to finance and loan term. If you’re leasing, you’ll need to also pick the annual mileage.
Personal information: For each applicant, you’ll fill in the name, Social Security number, date of birth, address, phone number and email address.
Financial information: You’ll also need to include the employment history and current annual income for yourself and any co-applicant.
Additional information: You may be asked to supply proof of employment, residence and income by uploading images of pay stubs or utility bills.

If you apply during regular business hours, Subaru will typically give you an answer within one hour. You’ll get an email with a reference code and link to check the status of your application online. A status of “Pending” means the application is still under review and you may be contacted to provide more information.

When your application is approved, print it and take it to the dealer to finalize your purchase. You’ll also need an ID, your trade-in vehicle and the down payment, if any. Here’s additional information the dealer may request.

The Subaru Motors Finance loan application could impact your credit rating. You can also get up to five auto loan offers from lenders through LendingTree.

How Subaru financing compares

Like other automaker financing companies, Subaru Motors Finance helps dealers sell vehicles. It’s the only source for manufacturer incentives, which often beat any deals you could find from a traditional lender.