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  Santander Consumer USA Car Financing

Santander Consumer USA Car Financing

in Auto Loans from Santander Bank

Unaffiliated

Santander Consumer USA Car Financing

Unaffiliated

in Auto Loans from Santander Bank

SuperMoney Net Recommendation Score -65

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -65, equating to 1.7 on a 5 point rating scale.

-65

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly not recommended

15 users recommend
6 users are unsure
83 users don't recommend
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Highlights
Community Rating Strongly not recommended
Credit Score Range 650 - 850
Loan Amount $5,000 - $75,000
APR  (Fixed APR) Starting at 1.99%
Loan Term (Months) Up to 72 months
Number of Reviews 104

Santander Consumer USA Car Financing Review

Santander Consumer USA Car Financing is offered by Santander Bank, a bank founded in 1857 and based in Wilmington, DE. Santander Consumer USA Car Financing is available in 48 states (and Washington, DC).

Santander Auto financing FAQ

How much can you borrow via Santander Auto financing?

Santander Auto financing loan amounts start at $5,000 and go up to $75,000.

What APR does Santander Auto financing offer on its car loans?

Santander Auto financing offers a fixed apr car loan product that ranges from 1.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum auto loan term you can get with Santander Auto financing?

Santander Auto financing has car loans with a maximum term of 72 months. Having the option of longer terms allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your car loan, the more interest you will pay.

Does Santander Auto financing charge an origination fee?

Yes, Santander Auto financing may charge a loan origination fee.

Does Santander Auto financing charge a late fee?

Yes, Santander Auto financing charges borrowers with a late payment penatly fee

Does Santander Auto financing charge prepayment fees?

Yes, Santander Auto financing does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my Santander Auto financing loan?

Yes, you can. However, Santander Auto financing charges a prepayment fee if you pay your car loan early. This fee could reduce or eliminate the savings from paying the car loan early.

What do you need to qualify for Santander Consumer USA Car Financing?

Applicants with a credit score of at least 650 and up to 850 may be eligible for Santander Consumer USA Car Financing. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Santander Consumer USA Car Financing does not have or does not disclose a minimum annual income eligibility requirement. Santander Consumer USA Car Financing only considers borrowers who are employed. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members are eligible to apply for a loan via Santander Consumer USA Car Financing. Their rates fall within the limits of The Military Lending Act.

Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Driver's license
  • Proof of citizenship or residence permit

What is the estimated funding time for a car loan via Santander Auto financing?

Santander Auto financing will typically approve (or deny) a car loan application within 24 hours and fund the car loan within 7 business days of approval.

Santander Consumer USA Car Financing Disclosure: "Rates depend on the individual's excellent and substantial credit and key loan characteristics, including amount, term, vehicle age. A representative example of payment terms are as follows: a loan amount of $20,000 with an APR of 7.50% and a term of 70 months would have a monthly payment of $353.63 with no down-payment required."
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Santander Consumer USA Car Financing

Santander Consumer USA Holdings Inc. (NYSE:SC) is a public, full-service, consumer finance company focused on vehicle finance and third-party servicing. The company manages accounts for more than three million customers across all credit profiles. Headquartered in Dallas, TX, Santander Consumer USA Holdings Inc. is the parent company of Santander Consumer USA Inc.

Santander Consumer USA (SC) is committed to providing excellent service to our customers, our people and our community by placing our Simple, Personal and Fair values at the center of everything we do. We strive to treat customers as they like to be treated and earn shareholders an adequate and sustainable return, while recognizing our responsibility to help communities.

When you finance your vehicle through Santander Consumer USA, you’re in the driver’s seat with our MyAccount tool, Auto Pay payment option, Learning Center or other tools and resources. We look forward to providing you a positive customer experience on your road to car ownership.

Message From Our Editor

What we love about Santander Auto Loans

Santander auto loans offer low rates, making them one of the cheaper ways to finance a new car. You can also check what rates you might qualify for without having to let Santander pull your credit, making it easier to compare with other lenders. If you have a Santander checking account, you can save even more by signing up for automatic payments, which will net you a 0.25% interest rate discount.

What could Santander Auto Loans do better?

The primary drawback of Santander’s auto loans is that they’re not widely available. Santander mainly operates in the Northeastern United States. If you live elsewhere, you won’t be able to apply for a loan from the bank. Another drawback is that Santander sometimes adds additional fees to its loans, though it does not display the fees that it charges on its website. Customers may be surprised by having to pay more than they expected to get a loan. Before you sign any loan agreement, make sure you read the fine print and the fee schedule for the loan.

Santander Auto Loans‘s backstory

Santander Bank is the American subsidiary of the Spanish Santander Group. The company is based in Boston, Massachusetts and has roughly 650 branches across the Northeast. The bank was founded in 1902 in Wyomissing, Pennsylvania. It offers a full suite of financial services, including checking and savings accounts, lending, and investing.

The Verdict

If you live in New England or one of the other states that Santander serves, its auto loans can be a good choice. You can check your rates without a hard pull on your credit, so there’s no reason not to include Santander when you’re doing rate shopping. If you live outside of the bank’s service area, you won’t be eligible for a loan.

Availability

  Available in 48 states and Washington, D.C.
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Application Fee $0
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Cosigner
Maximum Vehicle Age 7
Military Status
  • Active Duty Military
  • Non-Military
Minimum Age 18
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Credit Score Range 650 - 850
Loan Amount $5,000 - $75,000
APR (Fixed APR) Starting at 1.99%
Loan Term Up to 72 months

Santander Consumer USA Car Financing Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -65, equating to 1.7 on a 5 point rating scale.

-65

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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