Our Loans

We offer consumers a convenient payment plan for purchasing new and previously owned vehicles.

A vehicle loan is an excellent way to either build or re-build your credit. As you repay your loan on time, you will demonstrate a positive track record of making repayments.

We recognize the fact that many vehicle purchasers do not fit a traditional lender's criteria. While we want to remain as flexible as possible there are certain minimum requirements that a customer must meet. We will review applications from customers who may have had problems in the past and are looking to improve their credit profile. You must be fully discharged from any bankruptcy proceedings or have met your trustee's conditions and are awaiting your discharge. You must not have any current substantial outstanding past due debt.

• Income - You must have a minimum income of $1,800 per month. You must also be able to meet your debt servicing requirements. We will calculate a debt service ratio that takes into account your total monthly payments including vehicle payment, vehicle insurance, rent/mortgage payments and any other liabilities you may have.
• Employment - Minimum three months on the job. Exceptions to this requirement can be made when you are taking a new job in the same or similar field of employment, and you were at the previous job for at least one year.

• Vehicle Age - We will finance vehicles that are up to ten (10) model years old. The maximum number of kilometers on a funded vehicle is 180,000 kilometers.

• Vehicle Usage - All vehicles funded by us must be for personal use only. Vehicles intended for commercial use are not eligible.

Depending upon the age of the vehicle you are purchasing a down payment may be required. A combination of cash or a trade-in may be used for your down payment if required.

Select a vehicle from one of the vehicle dealers who use Santander Consumer’s services. They can provide you with the necessary credit application to complete and they will then submit it to us so we can review.

In addition to standard credit information, we may do an employment and income verification check. When the final documents are signed, you will also need to provide residency verification. This can be done by sending us a telephone or utility statement.

Should we be able to approve your loan we will also require you to provide proof of insurance coverage including collision and comprehensive coverage.

You can contact us toll-free or by email to learn more.

We aim to process your application as quickly as possible.

The age of the vehicle and the number of kilometers will determine the term of your loan. The maximum term we offer is up to 96 months (on certain vehicles and programs).

That will depend upon the amount you finance. Please work with your dealer to get detailed repayment amounts.

Our loans are declining balance loans and you can pay it out at any time without any interest penalty. We simply recalculate the interest to the date of the payout.

We use a convenient pre-authorized payment system to take your payments. Select the most convenient date for your payment to be made and we will automatically withdraw the payment from your account. Just ensure your payment amount is in your bank account prior to your payment date. We also accept payments via Visa Debit and Mastercard along with MoneyGram and Western Union.

Hopefully this is not the case. Check with your dealer at the time of purchase about an extended warranty. These warranties can cover major power-train repairs. Remember, your signature on the Conditional Sales Contract and the Bill of Sale is your consent and release to Santander Consumer to pay the dealer for your new vehicle on your behalf.