Advertiser Disclosure

A Santander Bank car loan may be tempting to drivers with past bankruptcies or low credit scores. However, before signing a contract with Santander, it’s worth looking at what Santander auto loan reviews have to say about the lender. In this article, we’ll take a close look at Santander’s loan details and customer ratings to give you a better picture of the provider.

To find the best loan offer for your budget, you’ll want to compare options from multiple lenders. Check out our review of the best auto loans for our top recommendations.

Lending Partner
Loan Term
Min. APR
Min. Credit Score
Highlights
Refinance Loan
Loan Term Up to 72 Months
Min. APR 2.25%
Min. Credit Score 580
Highlights
  • Excellent customer ratings
  • Low rates for good credit customers
  • Strong industry reputation
Used Car Loan
Loan Term 24-84 Months
Min. APR 2.24%
Min. Credit Score 800
Highlights
  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience
Refinance Loan
Loan Term 48-84 Months
Min. APR 1.99%
Min. Credit Score 550
Highlights
  • Average monthly savings of $150
  • Work with a personal loan concierge to compare options
  • A+ BBB Rating
Refinance Loan
Loan Term 36-72 Months
Min. APR 2.91%
Min. Credit Score 640
Highlights
  • Apply online in minutes
  • A leading provider in refinance loans
  • A+ BBB rating
Used Car Loan
Loan Term Up to 72 Months
Min. APR 3.99%
Min. Credit Score 300
Highlights
  • Great for customers with limited/no credit
  • Offers special military rates
  • A+ BBB rating
Refinance Loan
Loan Term 24-84 Months
Min. APR 1.99%
Min. Credit Score 800
Highlights
  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience
New Car Loan
Loan Term 24-84 Months
Min. APR 2.24%
Min. Credit Score 800
Highlights
  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience
Refinance Loan
Loan Term 36-84 Months
Min. APR 1.99%
Min. Credit Score 560
Highlights
  • Average monthly savings of $145
  • Online Application
  • Browse loan options found specifically for you
Refinance Loan
Loan Term Up to 72 Months
Min. APR 3.99%
Min. Credit Score 300
Highlights
  • Great for customers with limited/no credit
  • Offers special military rates
  • A+ BBB rating
Refinance Loan
Loan Term Up to 84 Months
Min. APR 2.49%
Min. Credit Score 500
Highlights
  • Specializes in auto refinancing
  • A+ BBB Rating
  • No application fee

All APR figures last updated on 6/13/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

In This Review:

    Santander Car Loan Review: 2.5 Stars

    The fact that Santander was recently the subject of a class-action lawsuit regarding auto loans with very poor loan-to-value ratios indicates this lender is not on the up and up. Overall, we do not recommend getting a Santander auto loan. Even if you have a poor credit score or open bankruptcy, you’ll likely be able to find bad credit auto loan offers from more reputable auto lenders.

    Our Rating2.5
    Loan Details2
    Loan Availability3.5
    Application Process3.5
    Customer Service1.5

    Santander Car Loan Pros and Cons

    Santander Auto Loan ProsSantander Auto Loan Cons
    Offers loans to customers with bankruptcies and low credit scoresPoor customer reputation
    Easy application processHistory of deceptive loan practices
    Can apply for financing and shop for a used car through the same platform (Vroom)High interest rates

    About Santander Bank

    Founded: 1902

    Headquarters: Boston, Massachusetts

    Santander Bank is a wholly owned subsidiary of the Spanish Santander Group (Banco Santander). Among its many banking services, Santander customers can apply for new and used auto loans. Santander does not offer auto refinancing, lease buyouts, or loans for private party sales.

    New auto loans are secured directly through Santander or through Chrysler financing, with which Santander partners. Used auto loans are handled through Vroom, an online used car retailer based in New York City.

    Santander Car Loan Loan Rates And Terms

    Santander uses what it calls “simple interest loan contracts.” Interest on these contracts accrues daily and follows a monthly payment schedule. There is no penalty for making your payments early. In fact, if you make early payments on your Santander auto loan, you will accrue less interest and be able to pay off your contract sooner. However, if you miss any car payments, your interest rates can go up.

    Santander Auto Loan Details
    Loan Amount Range$5,000 to $75,000
    Annual Percentage Rate (APR)As low as 1.9%
    Loan Term LengthUp to 72 months

    While Santander advertises rates as low as 1.9 percent, these are reserved for those with the highest credit scores. Many customers have reported APRs up to 20 percent and higher with their Santander loans.

    Santander Car 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. Bad credit borrowers can also apply at RoadLoans.com, Santander’s direct lending platform.

    Santander Consumer USA partners with over 14,000 dealerships nationwide to offer auto loans. To find a loan under this program, you’d first visit a participating dealer and then apply for financing there.

    Chrysler Capital

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

    Prospective borrowers can complete an online application for preapproval and receive a response in as little as 60 seconds. After receiving preapproval, you’ll need to contact a dealer to complete the transaction.

    Be aware that getting a preapproval will require a hard inquiry on your credit report. This is because the preapproval can be used to begin a loan, whereas a simple prequalification can’t.

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

    Chrysler Capital Minimum Requirements

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

    RoadLoans

    Many lenders do not service borrowers with past bankruptcies or poor credit, but if you’re in this situation, you may still be eligible for a Santander auto loan through RoadLoans. This is Santander’s online direct lending platform.

    The RoadLoans process involves submitting a full credit application for preapproval. If approved, you have the bargaining power of a cash buyer to negotiate a good price from a dealership of your choice.

    RoadLoans Minimum Requirements

    RoadLoans specializes in bad-credit borrowers. RoadLoans doesn’t list a minimum credit score, but you will need to make 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 poor scores.

    Vroom

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

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

    With Vroom, you can submit a short application to get prequalified. This process does not impact your credit score. This is helpful to see how much financing you qualify for before shopping. You’ll then pick a vehicle and fill out a five-minute online application to secure financing.

    Vroom Minimum Requirements

    Vroom doesn’t 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, its lending partners can work with most borrowers.

    Santander Car Loan Customer Reviews And Ratings

    Santander has a poor reputation when it comes to auto loans. It was the subject of a class-action lawsuit, and 34 state attorneys general filed claims that Santander issued unfair auto loans with excessive interest rates. The company also recently settled a lawsuit with the Consumer Financial Protection Bureau for violating consumer finance regulations.

    Santander has a B rating from the Better Business Bureau (BBB) and a customer review score of 1.1 out of 5.0 stars based on nearly 300 reviews. On Trustpilot, the company has a 1.4-star rating based on over 4,000 reviews.

    Positive Santander Auto Loan Reviews

    Not everyone is displeased with Santander, and some customers report a satisfactory experience. Here’s one positive Santander auto loan review we found:

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

    – Ryan B. via BBB

    Negative Santander Auto Loan Reviews

    Unfortunately, most customers are displeased with Santander because of high fees and misleading practices. Common complaints regard poor customer service, a bad pricing structure, and excessive interest rates.

    “I would not recommend doing business with [Santander]. I’ve been paying on my lease for close to seven years, and every time it looks like the payoff is going down, they find a way to add more fees.”

    – Reynaldo B. via BBB

    “[I] have sent messages to have someone review my account due to the extremely high interest rate. [I] bought the car in 2016. It is a 2013 Avenger, and [I] have already paid over $20,000. [I] still owe $11,000 more with the sticker price $9,999.”

    – Debra B. via BBB

    Santander Auto Loan: Conclusion

    In this review, Santander Bank auto loan earned a 2.5 out of 5.0 stars. Though Santander can be an attractive lender for those with bad credit, their loan details, reviews, and ratings are not desirable. We recommend you look for other auto loan providers and compare your options to find the best auto loan for you.

    Lending Partner
    Loan Term
    Min. APR
    Min. Credit Score
    Highlights
    Refinance Loan
    Loan Term Up to 72 Months
    Min. APR 2.25%
    Min. Credit Score 580
    Highlights
    • Excellent customer ratings
    • Low rates for good credit customers
    • Strong industry reputation
    Used Car Loan
    Loan Term 24-84 Months
    Min. APR 2.24%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    Refinance Loan
    Loan Term 48-84 Months
    Min. APR 1.99%
    Min. Credit Score 550
    Highlights
    • Average monthly savings of $150
    • Work with a personal loan concierge to compare options
    • A+ BBB Rating
    Refinance Loan
    Loan Term 36-72 Months
    Min. APR 2.91%
    Min. Credit Score 640
    Highlights
    • Apply online in minutes
    • A leading provider in refinance loans
    • A+ BBB rating
    Used Car Loan
    Loan Term Up to 72 Months
    Min. APR 3.99%
    Min. Credit Score 300
    Highlights
    • Great for customers with limited/no credit
    • Offers special military rates
    • A+ BBB rating
    Refinance Loan
    Loan Term 24-84 Months
    Min. APR 1.99%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    New Car Loan
    Loan Term 24-84 Months
    Min. APR 2.24%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    Refinance Loan
    Loan Term 36-84 Months
    Min. APR 1.99%
    Min. Credit Score 560
    Highlights
    • Average monthly savings of $145
    • Online Application
    • Browse loan options found specifically for you
    Refinance Loan
    Loan Term Up to 72 Months
    Min. APR 3.99%
    Min. Credit Score 300
    Highlights
    • Great for customers with limited/no credit
    • Offers special military rates
    • A+ BBB rating
    Refinance Loan
    Loan Term Up to 84 Months
    Min. APR 2.49%
    Min. Credit Score 500
    Highlights
    • Specializes in auto refinancing
    • A+ BBB Rating
    • No application fee

    All APR figures last updated on 6/13/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

    Santander Auto Loan Competitors: Top Picks

    While we can’t recommend getting an auto loan with Santander, there are several providers worth considering. You can use these lenders as a starting point as you begin to shop around for auto financing.

    myAutoloan: Best Loan Marketplace

    Rather than a direct provider of loans or an auto financing broker, myAutoloan is a loan marketplace. While you can get instant loan offers on the site too, this model allows you to input your information into the company’s website and wait for offers to come to you. As a result, you can easily compare multiple loan offers to see which lender offers the best rates and terms for you.

    Learn more in our full-length myAutoloan review.

    Auto Credit Express: Best For Bad Credit

    While many lenders turn borrowers with bad credit away, Auto Credit Express specializes in helping them. The broker works with dealers and lenders around the country to connect bad credit borrowers with partners who can offer a car loan. Auto Credit Express even works with people going through bankruptcy and other difficult financial situations.

    Discover more in our in-depth Auto Credit Express review.

    Santander Car Loans: FAQ

    Frequently Asked Questions