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Calculate your APR

Here’s a handy tool to help you calculate your approximate loan interest rate:

Loan Amount

Credit Rating

Average Annual Interest Rate	Average Monthly Payment
8.45	$362

Santander auto loans overview

Santander is a global banking institution that also offers auto loans, although their interest rates are substantially higher than most other banks. Santander was the subject of a class-action lawsuit due to “excessive interest rates.”

Here’s everything you need to know about Santander auto loans:

Starting APR: 1.99% (new) up to 20% and higher
Loan amounts: $5,000 to $75,000
Loan terms: Maximum 72 months
Minimum required credit score: N/A
Application fee: Not clear
Prepayment penalty: Yes
Prequalification or preapproval: Yes
How to apply: Online application form or apply in person

Santander auto loan pros	Santander auto loan cons
Interest rate discount for existing customers: Santander will give you a 0.25% discount if you already have a Santander checking account.	Not widely available: Santander primarily operates in the Northeastern United States.
No credit pulls for pre-qualification: Santander does not pull a credit report to pre-qualify you for an auto loan.	Costly: High interest rates mean that Santander’s auto loans often cost more over the long run than loans from other institutions—especially for people with lower credit.
Can be offered to people with low credit or bankruptcy: If you’ve been struggling to get approved with other banks due to bad credit, Santander may be able to help.	Some fees may be added: You must pay an origination fee and you may be hit with other hidden fees. Plus, there are prepayment fees and late payment penalty fees.
Easy application process: Other lenders have lengthy forms and require many documents, but Santander’s application form is much more simple. Plus, you can look for used cars on the same platform (Vroom).	Poor reviews: Santander does not get strong customer reviews and has a history of deceptive loan practices.

What kind of auto loans does Santander offer?

Loan types

Santander offers auto loans for new and used vehicles. There are some limitations—like no commercial vehicles—but they offer refinancing in some cases.

Competitive interest rates

Santander does not disclose interest rates but customers report APRs up to 20% and higher. Your interest rate will depend on many factors, including the model of the vehicle, your credit score, and the type of loan.

People with excellent credit will be offered the lowest interest rates.

How much do they cost?

Rates will vary depending on your personal profile, credit score, and other factors. Santander does not publish their interest rates, but customers and outside assessors reveal that Santander’s rates are much higher than most other lenders.

Who is eligible?

Borrowers must be at least 18 years old or the state minimum, whichever is higher. Permanent residents and green card holders are eligible.

You must have a minimum credit score of 650 to get an auto loan through Santander. If you have a low score, you should expect to prove your income. There is no minimum income disclosed as a requirement for approval, although a regular income of $21,600 or more is the figure reported by RoadLoans (Santander’s direct lending platform).

Apparently, Vroom’s lending partners are willing to work with most borrowers.

Getting a quote

Application requirements

Santander’s application requirements differ for new and used vehicle purchases.

For new car financing, your loan will be handled by Santander Consumer USA, Inc. or Chrysler Capital. Used car financing will be handled by Vroom. People with poor credit can apply with RoadLoans.com, Santander’s direct lending platform.

New car financing with Chrysler starts with preapproval and a hard credit inquiry. You will need to contact the dealer to complete the transactions.

People with poor credit using RoadLoans will need to submit a full credit application for preapproval. If approved, you can negotiate with dealers as a cash buyer on the vehicle of your choice.

Used car financing with Vroom starts with a short pre-qualification application, which does not impact your credit score. Then, you’ll see how much you can qualify for before shopping. Pick out a vehicle online and fill out a five-minute online application. Your loan will be handled by a lending partner like Santander, Capital One, or TD Bank.

Restrictions

Santander does not offer financing for commercial vehicles, conversions, motorcycles, or recreational vehicles like ATVs.

Financing amount

Santander offers auto loans starting from $5,000, which is similar to other lenders’ minimum loan amount. However, other factors may raise your total loan amount above the vehicle’s sale price:

Taxes and licensing fees
Loan fees
Dealer fees
Add-ons, such as an extended warranty or gap insurance

Refinancing your Santander auto loan

Santander Consumer USA does offer auto loan refinancing in some cases. To be eligible, your vehicle must be seven years old or newer with less than 105,000 miles on the odometer.

About 80% of all car financing is arranged through dealerships, which gives dealers a huge advantage. It also means you might be overpaying on your interest rate.

Here are some reasons why you should consider refinancing:

Your monthly payments are expensive
Your interest rate is high
You have good credit to qualify for better loan terms

Learn more about upside-down car loans here.

What if Santander isn’t the right choice for you?

Not sure how to find the best deal? If you want to be sure you’re getting the absolute best rate on your auto loan, you need to shop around.

Jerry is the super app that helps you save on all your car-related expenses, including auto loan refinancing. It can even help you unlock discounts on car insurance.

Jerry can quickly compare loans from dozens of different lenders to find you the best loan terms based on your unique profile. There’s no cost to you and it’s super speedy. Plus, Jerry will handle all the hard parts of refinancing (say goodbye to prickly bank employees and confusing paperwork).

Hare are average rates from some of the most popular lenders:

Lender	Starting APR	Terms (months)	Loan amount
Santander	2.59%	48–72	$7,500+
Lightstream	2.49%	24–84	$5,000–$100,000
myAutoLoan	2.49%	24–72	$8,000+
Carvana	3.9%	36–72	$1,000–$85,000
Capital One	3.99%	36–72	$4,000–$50,000

FAQs

What credit score do you need to get a Santander auto loan?

Santander’s minimum required credit score is 650. Borrowers with higher credit scores will be offered the best interest rates.

How do you apply for a Santander auto loan?

To apply, submit an application online or visit a bank in person. The form is fairly simple and does not require much preparation compared to other banks.