Santander 2021 auto loan review: rates and terms



A Santander car loan can be tempting for drivers who have already filed for bankruptcy or have a low credit rating. However, before signing a contract with Santander, it is worth considering what the Santander car loan reviews have to say about the lender.

In this article, we will take a close look at the details of the Santander car loan and customer ratings to give you a better picture of the lender.

To find the best loan deal for your budget, you will need to compare the options of several lenders. Discover our opinion on the best auto loans for our best recommendations, or start comparing free offers from multiple lenders on

In this article:

About Santander

Based: 1902

Headquarter: Boston, Massachusetts

Santander Bank is a 100% subsidiary of the Spanish group Santander. Among its many banking services, Santander customers can apply for new and used car loans. Santander does not offer auto refinancing, lease buyouts, or personal sales loans.

New car loans are guaranteed directly by Santander or by Chrysler financing, with which Santander is a partner. Used car loans are managed by Vroom, a New York-based online used car retailer.

Benefits of the Santander auto loan Disadvantages of the Santander auto loan

Offers loans to bankrupt clients

and poor credit scores

Bad customer reputation
Easy application process History of deceptive lending practices

Can apply for financing and shop

for a used car via the same platform (Vroom)

High interest rates

Santander car loan details

Santander uses what he calls “simple interest loan contracts”. Interest on these contracts accrues daily and follows a monthly payment schedule. There is no penalty for making your prepayments. Indeed, if you make advance payments on your Santander car loan, you will accumulate less interest and be able to repay your contract sooner. However, if you miss payments, your interest can snowball and become an unmanageable sum.

Santander car loan details
Loan amount range $ 5,000 to $ 75,000
APR As low as 1.9%
term of the loan Up to 72 months

While Santander advertises rates as low as 1.9%, many customers have reported annual percentage rates (APRs) of up to 20% and more with their Santander loans.

Santander auto loan application process

The Santander auto loan application process is different for new and used car purchases. New car financing is handled by Santander Consumer USA, Inc. or Chrysler Capital, while used purchases go through Vroom. Borrowers with bad credit can also apply on, Santander’s direct lending platform.

Santander Consumer USA partners with over 14,000 dealers across the country to provide auto loans. To find a loan under this program, you must first visit a participating dealer and then apply for financing there.

With Chrysler Capital, you can browse the online inventory of any FCA dealership, apply for financing, and purchase a vehicle online. When you access the site, you can see local offers for your zip code and national offers. The FCA brand includes all Alfa Romeo, Chrysler, Dodge, Fiat, Jeep and Ram models.

Prospective borrowers can complete an online pre-approval request and receive a response in as little as 60 seconds. After receiving the pre-approval, you will need to contact a reseller to complete the transaction. Be aware that getting pre-approved will require a thorough investigation of your credit report. This is because pre-approval can be used to start a loan, where a simple prequalification cannot.

You can also apply for financing in person at participating Chrysler dealerships.

Chrysler Minimum Capital Requirements

Santander recommends that potential applicants have a minimum credit score of 650. Preference is also given to those who have at least one year in their current residence and one year with their current employer.

Many lenders do not serve borrowers who have already filed for bankruptcy or have bad credit, but if you are in this situation, you may still be eligible for a Santander car loan through RoadLoans. This is Santander’s online direct lending platform.

The RoadLoans process involves submitting a complete credit application for pre-approval. If approved, you have the bargaining power of a cash buyer to negotiate a good price with a dealer of your choice.

Minimum RoadLoans Requirements

RoadLoans specializes in bad credit borrowers. RoadLoans does not state a minimum credit score, but you will need to earn an annual income of $ 21,600 or more. Many people who have poor credit or past bankruptcies have found financing through RoadLoans. Be aware that interest rates can be high for those with low scores.

Santander offers used car shopping through Vroom, an online used car retailer. Vroom allows customers to browse available vehicles and even have their new cars delivered right to their homes.

Vroom has 12 different lending partners, including Santander, Capital One and TD Bank. This means that you have more funding options when you apply on the site.

With Vroom, you can submit a short application to be prequalified. This process does not affect your credit score. This is useful to see how much financing you qualify for before you shop. You will then choose a vehicle and complete a five-minute online application for financing.

Minimum Vroom Requirements

Vroom does not list a minimum credit score, but if you have a low score you should expect to prove some type of regular income. According to Vroom, his lending partners can work with most borrowers.

Santander Auto Loan Reviews and Reputation

Santander has a bad reputation when it comes to auto loans. It is currently the subject of a class action lawsuit, and 34 state attorneys general have filed claims that Santander granted unfair auto loans with excessive interest rates.

Santander has a Better Business Bureau (BBB) ​​B rating and a 1.1 out of 5 star rating based on less than 250 reviews. On Trustpilot, the company has a 1.4-star rating based on over 3,500 reviews.

Not everyone is unhappy with Santander and some customers report a satisfactory experience. Here is a positive review of Santander Auto Loans that we found:

“This bank is great. I have a car loan with them. Recently I started a business and it delayed me a bit. They were very understanding and super excited for me… on top of that, they even deferred a payment for me to help cover the costs of the business. ”

– Ryan B. via BBB

Unfortunately, most customers are unhappy with Santander because of the high fees and deceptive practices. Common complaints are about poor customer service, poor pricing structure, and excessive interest rates.

“I would not recommend doing business with [Santander]. I’ve been paying my lease for almost seven years, and every time it looks like the payment is dropping, they find a way to add a fee.

– Reynaldo B. via BBB

“[I] messaged for someone to review my account due to the extremely high interest rate. [I] bought the car in 2016. It’s a 2013 Avenger, and [I] have already paid over $ 20,000. [I] owes another $ 11,000 with the sticker price of $ 9,999.

– Debra B. via BBB

Our opinion on Santander car loans: 2.5 stars

The fact that Santander has recently been the subject of a class action lawsuit over auto loans with very low loan-to-value ratios indicates that this lender is not on the right track. Overall, we don’t recommend getting a Santander auto loan. Even if you have bad credit or open bankruptcy, you can probably find bad credit auto loan offers from more reputable lenders.

Our assessment 2.5
Loan details 2.0
Loan availability 3.5
Application process 3.5
Customer service 1.0

To find free auto loan offers from more reputable lenders click below or visit

Faq: Santander car loan


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