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Find A LenderSantander: Overview
Santander Bank is a global financial institution with a history dating back to 1857 in Spain. Over the decades, Santander has branched out and expanded into different territories across the world, and now provides consumer financial products in Canada. More specifically, Santander is a digital banking platform that provides auto financing options to Canadian consumers looking to buy a new or used vehicle.
Our Verdict
| Who is Santander best for? | Best for consumers who: – Need financing for a new or used vehicle – Have bad credit – Are looking for flexible auto loan options |
| What we like about Santander | – New & used vehicle financing available – Bad credit may be accepted – Dealership partners nationwide – No early prepayment penalties |
| What we don’t like about Santander | – Lending only through partner dealerships – Not available in the territories |
What Does Santander Offer?
Santander offers financing solutions aimed at helping consumers purchase a new or used vehicle.
Auto Financing
Santander’s auto financing solutions include the following features:
| Loan Amounts | Depends on income, credit score, and vehicle type |
| Loan Terms | Up to 96 months |
| Interest Rates | Depends on income, debt, credit score, and vehicle type |
| Repayments | – Pre-authorized payments – Visa Debit Mastercard Visa – MoneyGram – Western Union – Online banking – In person |
| Early Repayment | Allowed with no penalty fees |
| Vehicle Requirements | – Maximum 10 years old – Maximum 180,000 km – Personal vehicle use only |
| Availability | All provinces, no territories |
| Basic Requirements | – Not currently in bankruptcy – Not have any current significant outstanding debt – Earn a minimum income of $1,800/month – Have an acceptable debt service ratio – Be employed for at least 3 months |
Qualifying With Santander
To qualify for auto financing with Santander, you must meet the following requirements:
- No Current Bankruptcy: You must be discharged from any previous bankruptcy.
- Debt: You must not have any current significant outstanding debt.
- Income: Earn a minimum income of $1,800 per month.
- Debt Service Ratio: Have an acceptable debt service ratio, which is a measure of your total monthly payments – including vehicle payments – relative to your income.
- Employment: You must be employed for at least 3 months.
How To Apply With Santander
To apply for auto financing with Santander, follow these simple steps:
Step 1: Find A Partner Dealership
Find a dealership that works with Santander for auto financing. Then, choose your vehicle and finalize a purchase.
Step 2: Complete An Application
Fill out the dealership’s loan application and request Santander financing.
Documents You May Need
- Standard credit information
- Employment and income documents, such as a letter of employment and pay stubs
- Proof of residency, such as a telephone or utility bill
- Proof of insurance
Step 3: Submit Your Application For Review
Once you’ve completed the loan application and gathered all necessary documents, submit it to Santander for review. You should receive notification of approval shortly after, with funding dispersed to the dealership to follow.
What We Like About Santander
Santander offers plenty of perks, including the following:
- New And Used Vehicle Financing Available: You can use Santander to finance both new and used vehicles, as long as they’re not more than 10 years old.
- Bad Credit May Be Accepted: Santander works with borrowers of various credit profiles, including those with less-than-perfect credit.
- Dealer Partnerships: Santander partners with car dealerships nationwide, making auto financing more accessible when shopping with a dealer.
- No Early Prepayment Penalties: Borrowers can pay off their car loans early without incurring penalties.
What We Think You Should Watch Out For
Along with the benefits of Santander are a couple of downsides to consider:
- Limited Direct Lending: Santander mainly offers auto financing through car dealerships, and not direct financing. This may not be suitable for those looking to take out a personal loan to shop for used cars with private sellers.
- Not Available Everywhere: While Santander offers auto financing to consumers in all provinces, it does not lend in the 3 territories.
Is Santander Safe?
Yes, Santander is considered a safe financial service provider. With roots in the banking industry since 1857, Santander is a wholly owned subsidiary of Banco Santander, and has since expanded to Canada. Personal information is kept securely thanks to safety measures including physical, technical, and administrative safeguards.
Santander’s website uses Secure Socket Layer (SSL) and 128-bit encryption technologies to ensure robust security. Further, both your user ID and password are encrypted when you log in to the Santander website.
How To Contact Santander
| Physical Office | #200, 4245 97 Street NW Edmonton, AB T6E 5Y7 |
| Phone Number | 1-888-486-4356 |
| customerservice@santanderconsumer.ca info@santanderconsumer.ca |
How Does Santander Compare To LendCare?
Several other financing platforms offer auto financing in Canada, including LendCare. So, how do Santander and LendCare compare to each other?
| Santander | LendCare | |
| Loan Amounts | Depends on income, credit score, and vehicle type | Up to $50,000 |
| Loan Terms | Up to 96 months | Not specified |
| Interest Rates | Depends on income, debt, credit score, and vehicle type | 9.9% to 29.9% |
| Early Prepayments | Allowed | Allowed |
| Availability | All provinces, no territories | Across Canada |
Final Thoughts
Santander may be a good option for Canadians who are looking for flexible auto financing, particularly those with bad credit who may struggle to secure financing with a bank. With loan terms up to 96 months and options to finance used cars, Santander may be a viable financing option for many. Just be sure to compare rates and terms with other lenders before committing to a Santander loan.
