Hey Kamm! Yeah, you need to purchase the chute if you want to use it, you won't get it unlocked by ranking up (Dire, probably another change lol). I don't know how much it costs now, but 3 yers ago I believe it was around $1,000.
If you have the money, go for it. There's even a reward of $1,000 for your first safe landing, so you'll recover your cash fast lmao. Also having the chute will enable you to use a ground vehicle when you perform a safe landing after being brought down.
I hope this helped you

.