Santander Consumer USA is a car loan company that deals with people of all credit standings. They are known as one of the largest banks in Europe, but they also do loans in the United States. Around the internet, you will see both good and bad reports about this company, just as you would with most lenders. They seem to be very eager to repossess their vehicles and add on extra fees. Part of this comes from the fact that they often deal with people who have less than desirable credit. The need to repossess cars is inevitable in the car industry.
The Good Things About Santander
Out of five stars, the company gets about two on most stars. The positive points that are often mentioned are their great customer service teams, the fact that they have convenient hours, and they are easy to get financed through. They do offer to refinance loans as well as programs that pay you cash back when you pay on time. If you do fall into a financial pickle, they will allow you to skip a payment. They do try to help people who fall on hard times, but it is the people that avoid them that often feel the fury of a lender trying to collect a debt.
The Bad Things To Consider
Though there are many good points, the bad seem to out shadow the good remarks. Remember, they are going to be more difficult on their clientele who have poor credit scores. They are taking a risk by giving these loans to people who would normally be turned down. So, with that in mind, they are not going to be pleasant when a person doesn’t make payments in a timely manner.
Another thing that is often mentioned on the internet is that if an account is one day past due, they will begin calling. Though they offer 10 days before a payment is past-due, they still consider it late after the first day its due. So, they will start calling their customers to find out where the payment is right away. They do, however, stick within the area of the law necessary to ensure all their customers are contacted about their loans.
Many customers want to pay off their loans early. This is a good habit for those who have a little extra. Anything you send in above the normal bill will not go to the principle payment. They apply any overage to the next monthly bill. If you want to pay off your loan early, you are not going to get a huge break on the interest.
The Current Interest Rate
Their current interest rate varies depending on the credit rating. They provide Chrysler Group, customer and dealer financing, so they do have some better options that go outside the line about “predatory” lending. Qualified buyers can get zero percent financing on a new car loan. Used cars won’t fetch such a good deal, but these loans start out at about 7.5 percent. If your credit is on the poor side, expect to pay up to 22.75 percent for a loan.
Santander USA is a good company that will take a chance on people who have all credit levels. They have a finance calculator on their website that helps people see where their car loan payments will fall.