Loan lenders in the US are scrambling to get out of the car loan business, with the latest batch of Santander loans to be rolled out this week.
The latest batch will allow the company to offer more affordable financing options and will be the first time the company has released an auto loan product that can be refinanced on a full-time basis, according to a statement from Santanders Auto Loan.
“Today, we are announcing an auto financing program for first time homebuyers, offering the most affordable financing on a 24/7 basis for up to six months,” the statement read.
Santander Auto Loan has been selling auto loans for years, but is only offering this loan in the UK.
It has been offering the loan in a limited number of markets including the US, Australia, Canada and the Netherlands, with some countries only allowing the loan to be refinance on a monthly basis.
Now, Santander Auto Loans is offering the same loan at a more affordable rate to a wider range of borrowers, but has said that the loan will only be offered to borrowers with a loan balance of less than £5,000.
This means it will be very much an “all-in” loan, and not just a car loans, but an all-in car loan, according the company.
All of the loans will be available to anyone who can afford to borrow for a new vehicle, the statement said.
With the new offer, Santanders hopes to attract new customers, and hopefully increase its customer base, according a statement.
If you are considering a loan, you can apply at www.santandersautoloans.com.