Getting a car is a very good idea because it helps you move around freely. It makes going on trips with family better and easier. But cars can be quite expensive to get, and our budget may not be enough to acquire one. This is where Santander car loan comes in.
Santander car loan is the kind of loan you should get to purchase any car you want and pay back later at a fixed date. You do not need to worry about getting a car with your low budget. Santander car loan is very easy to understand and apply for. Once you get approved, your car money will be sent immediately.
What is Santander Car Loan?
This is a type of loan that allows you to purchase any car of your choice, irrespective of brand. Santander car loan is easy, reliable and fast to get. With this loan, you can get any car you want, and you also get a personal loan that can be used for many purposes.
How Does Santander Car Loan Work?
Whether you wish to purchase your very first car or you want to upgrade to a new model, this car loan gives you the opportunity to get any car you want. Santander car loan is not secured around your car, but instead a personal loan is given to be used for many purposes.
All you need to do is register the car you want to buy with one of Santander’s approved dealers. You also get to claim eGift Card rewards from this lender if you proceed with the car purchase.
Santander Car Loan Eligibility
Are you eligible to get a Santander car loan? You need to first confirm that you are eligible before proceeding with actually getting the loan. There are some things you need to have and provide to acquire a loan from Santander.
- Make sure you are at least 21 years old.
- Be a permanent resident of the UK.
- You need to have a regular yearly income of £7,500 or more.
- Make sure you haven’t gone bankrupt.
- You must have had a CCJ or an IVA within the previous 6 years.
- You should be able to provide all your credit status and credit checks.
- If you wish to acquire a loan of £20,000 or more, you need to earn a yearly income of £20,000 or more.
As long as you have all of these, you are eligible to get approved for a car loan at Santander. However, you need to have a direct debit because repayments are made through it.
How to Apply for Santander Car Loan
To apply for this loan, you need to click on the apply button on the homepage and read through the instructions and requirements. Once you do that, you can easily follow the steps given below to begin and end the application process.
- Click on “Apply Now” on the Santander car loan official website.
- Read through the instructions and click on the two boxes below to confirm that you agree to these terms and conditions.
- Click on “Continue” after that.
There are six sections to apply and complete the steps. Check them out in the steps below.
Section1. About you: Enter your…
- Title.
- First name.
- Middle name.
- Last name.
- Answer yes or no if you have been known by a different name.
- Gender.
- Date of birth.
- Nationality.
- Country of birth and click on continue to move to the next section.
Section2. Contact:
Fill in your contact details correctly to make the application go smoothly.
Section3. Employment:
Enter your employment details so Santander can have an idea of what you do, and it will help you get accepted.
Section4. Finances:
Make sure to enter your financial details correctly to avoid disconnection or complications when the money is sent to you.
Section5. Agree:
Here, you need to set up an agreement between you and Santander about the loan.
Section6. Submit:
After all the sections are filled out, click on the submit button to send your information to Santander and wait for approval.
However, ensure to click on “Continue” after every section to be able to move to the next page. If this process is followed correctly, there will be no complications with the final result.
FAQs
What Can I Use my Car Loan for?
Your car loan can be used to purchase your first car or upgrade your old car to a newer model. This loan gives you the freedom to purchase a car wherever you want. There are no limits to how far you can go. But sometimes, you are not allowed to use your car loan for some reason.
What Happens When I Apply?
It depends on when you apply for a loan. Sometimes, you get an accepted or declined email in less than 5 minutes, and sometimes it takes an hour or more. Other times, you get a refer decision, which means they are working on your application and more information may be required.
Then, after 2 working days, you will get either an accepted or declined email. If your application is approved, you will get many more emails with details on how to “sign your loan agreement” online.
Does Santander Forgive Car Loans?
People who qualify for this receive forgiveness on the loan balance. In 2020, Santander forgave consumers who qualified for this relief. This, in summary, means that the Santander car loan is a forgiving loan. It forgives the balance of those who are qualified for it.
To know if you are qualified for this relief, you will receive a notice from Santander showing this loan forgiveness as well as the ownership of the car.
What Credit Score is Needed to Apply for a Santander Car Loan?
Applicants who have a credit score between 650 and 850 may be eligible to apply for this loan. If your credit score happens to fall within this range, you can push through with applying for a Santander car loan.
Is Santander a Legit Company?
Santander offers very good loan options for people with good credit scores who need a loan with flexible repayment options that will not require a lot of fees. It also does not have prepayment or origination fees. For people with good credit scores, qualification for APR rates is as low as 6.99%.
How Long Does Santander Take to Approve a Car Loan?
Well, if you apply and get approved for a personal loan from this company, you may be approved the same day your application and loan agreement are signed. However, most Santander car loan borrowers get approved within two working days.
How Many Days Can You be Late on Santander Car Loan Payment?
Most times, paying back within the agreed period of time may not be possible or sometimes difficult to meet. But Santander offers a 7–15-day grace period to pay back the loan. If you are able to pay at the agreed date, you still have between 7 and 15 days to repay the loan.
