Chrysler Subprime Auto Loan Through Santander Bank
Chrysler will be offering auto loans to sub-prime borrowers via a relationship with
Santander Consumer USA Inc, which it says offers cheaper auto loan terms to customer who are not eligible for prime loan rates. Chrysler spokesperson, Ralph Kisiel, said that the interest offered by Santander to subprime borrowers are about 30% cheaper than rates offers by other auto lenders.Sub-prime car buyers will also be able to obtain financing from Ally Financial, the former GMAC lending, which is not Chrysler's primary lender. With roughly about 20% of Chrysler sales from sub-prime auto buyers, buyers with credit scores below 650, this relationship will provide a good alternative for the auto maker's customers who do not qualify for prime borrowing.
Chrysler is estimating that its relationship with the banking outfit could yield in an additional 2,000 sales a per month. The Bank's auto loan lending has competitive rates for bad credit car loans with a FICO score of 575-680 and who have had no recent damaging credit incident. Due to the financial crisis many good, hard working Americans have seen their credit score decrease and few auto lenders are willing to offer them a loan at reasonable terms.
The Bank's USA arm is one of the few lenders that are working with people with below prime credit score.
Get a Cheap Subprime Loan From Santander
To get approved for a loan you must have no record of recent repossession, make a minimum of $500 down payment either in the form of cash or trade in. Buyers are required to show prove of a minimum monthly income of $2,200. Terms of the loan ranges from 9 to 21% depending on your credit score and the amount of down payment. All cars sold are either new or certified pre-owned (reliable used car) with up to 90,000 miles.
Auto buyers interested in the auto lending program should call: 866.552.2528
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