Santander Auto Loan Review (2021)

A Santander auto mortgage could also be tempting to drivers with an open chapter or low credit score rating. Nonetheless, earlier than signing a contract with Santander, it’s value taking a look at what Santander auto mortgage critiques must say concerning the lender.

On this article, we’ll take a detailed have a look at Santander auto mortgage particulars and buyer rankings to provide you a greater image of the lender.

To seek out the perfect mortgage supply to your finances, you’ll wish to evaluate choices from a number of lenders. Try our overview of the finest auto loans for our high suggestions, or begin evaluating free presents from a number of lenders at AutoCreditExpress.com.

On this article:

About Santander

Based: 1902

Headquarters: Boston, Massachusetts

Santander Financial institution is the wholly owned subsidiary of the Spanish Santander Group. Amongst its many banking companies, Santander prospects can apply for brand new and used auto loans in addition to auto mortgage refinancing.

New auto loans are secured immediately via Santander or via Chrysler financing, with which Santander companions. Used auto loans are dealt with via Vroom, a web based used automobile retailer based mostly in New York Metropolis.

Santander Auto Mortgage Mortgage Particulars

Santander makes use of what it calls “easy curiosity mortgage contracts.” Curiosity on these contracts accrues every day and follows a month-to-month cost schedule. There isn’t a penalty for making your funds early. In reality, if you happen to make early funds in your Santander auto mortgage, you’ll accrue much less curiosity and be capable of repay your contract sooner. If you happen to miss funds, nonetheless, your curiosity can snowball into an unmanageable sum.

Whereas Santander advertises charges as little as 1.99 %, many shoppers have reported annual proportion charges (APRs) as much as 20 % and better with their Santander loans.

Santander Auto Mortgage Software Course of

The Santander auto mortgage utility course of is totally different for brand new and used automobile purchases.

New automobile purchases are dealt with via Santander financial institution or Chrysler Capital. With Chrysler Capital, potential debtors full a web based utility for pre-approval and may obtain a response in as little as 60 seconds. Pre-approval doesn’t require a tough credit score verify and won’t affect your credit score rating. You too can apply for financing in individual at collaborating Chrysler dealerships.

Used automobile purchases are dealt with via Vroom, a web based used automobile retailer. Vroom permits prospects to browse obtainable automobiles and even have their new automobiles delivered on to their properties.

Santander recommends that potential candidates have a minimal credit score rating of 650. Desire can also be given to these with not less than one yr at their present residence and one yr with their present employer.

Many lenders don’t service debtors with open bankruptcies, however if you happen to’re on this scenario, you should still be eligible for a Santander auto mortgage, relying on the situations.

Santander Auto Mortgage Opinions And Fame

Santander has a poor repute in the case of auto loans. It’s presently the topic of a class-action lawsuit, and 34 state attorneys normal have filed claims that Santander issued unfair auto loans with extreme rates of interest.

Santander has a C+ score from the Higher Enterprise Bureau (BBB) and a buyer overview rating of 1.08 out of 5 stars based mostly on greater than 170 critiques. On Trustpilot, the corporate has a 1.5-star score based mostly on practically 3,000 critiques.

Not everyone seems to be displeased with Santander, and a few prospects report a passable expertise. Right here’s one optimistic Santander auto mortgage overview we discovered:

“This financial institution is superior. I’ve a automobile mortgage with them. Lately I began a enterprise and it set me again a little bit. They have been very understanding and tremendous excited for me … on high of that, they even deferred a cost for me to assist with enterprise prices.”

– Ryan B. by way of BBB

Sadly, most prospects are displeased with Santander due to excessive charges and deceptive practices. Widespread complaints regard poor customer support, a foul pricing construction, and extreme rates of interest.

“I might not suggest doing enterprise with [Santander]. I have been paying on my lease for near seven years, and each time it seems just like the payoff goes down, they discover a method so as to add extra charges.”

– Reynaldo B. by way of BBB

“[I] have despatched messages to have somebody overview my account because of the extraordinarily excessive rate of interest. [I] purchased the automobile in 2016. It’s a 2013 Avenger, and [I] have already paid over $20,000. [I] nonetheless owe $11,000 extra with the sticker value $9,999.”

– Debra B. by way of BBB

Our Take On Santander Auto Loans: 2.5 Stars

The truth that Santander was not too long ago the topic of a class-action lawsuit relating to auto loans with very poor loan-to-value ratios signifies this lender just isn’t on the up-and-up. General, we don’t suggest getting a Santander auto mortgage. Even when you have a poor credit score rating or open chapter, you’ll probably be capable of discover adverse credit auto mortgage presents from extra respected lenders.

To seek out free auto mortgage presents from extra respected lenders, click on under or go to AutoCreditExpress.com.