How to Apply for an Auto Loan With Household Bank
HSBC Finance in November of 2009 announced the sale of HSBC US Auto Loan Servicing Operations to Santander Consumer USA---a leading loan originator in the automotive finance sector since 1997.
Santander works with directly with consumers and automotive dealers through its Drive, Santander Auto Finance and RoadLoans brands, to offer near-prime consumers---that is, individuals with a credit score between 575 and 680---auto loans for new and used late-model vehicles. Santander Consumer USA also reports to all three major credit bureaus, which assists these types of borrowers in building or rebuilding their credit history.
You can apply for a new auto loan or refinance your existing auto loan online at RoadLoans.com.
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Things You'll Need
- Employment information
- Vehicle information
- Personal information of applicant including social security number
Instructions
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Gather the information needed to completed the credit application such as personal information, name, address, date of birth and social security number of the applicant(s), employment information and vehicle information.
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Go to the Road Loans website (see links in References and Resources section), and click on "Apply."
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Choose the application type. Individuals will choose "individual," and couples or those using a co-signer will choose "joint."
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Choose the type of loan you would like to request---either new purchase, used purchase or refinance.
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Complete the employment section for the primary borrower.
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Fill out the personal information section for the primary borrower, including all contact information.
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If filling out a joint application, complete the joint applicant section including the second applicant's personal info, date of birth, social security number and employment information. Then click on "continue."
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Verify that you have entered accurate information. To make a correction, click on the "Edit Information" key in the lower left corner of the screen.
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Read the disclaimers, and check the boxes to indicate that you agree. Then click on "Apply Now."
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Santander Consumer USA makes loan decisions in as little as 10 minutes but can take as long as 24 hours. Once the company has approved you, it will send you a voucher and list of approved dealerships via email.
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Go shopping for a new car or truck with confidence knowing your loan has already been approved.
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Tips & Warnings
Applicants must have a minimum monthly income of $2,200 and provide $500 (cash or trade) as a down payment.
Applicants must have a credit score between 575 and 680, with no recent derogatory credit or repossessions and a minimum of five trade lines.
For an automobile to qualify, it must be less than seven years old and have less than 90,000 miles.
Rebuilding credit doesn't come cheap. Interest rates for these types of loans can range from 9 to 21 percent.
Santander Consumer USA vouchers are only honored at approved dealerships.
References
Resources
- Photo Credit sports car image by Jake Hellbach from Fotolia.com
