Santander Auto Loan Login
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If you do not have the required credit history it is recommended you contact a loan expert and work out other options as to how one can compensate for the deficiency of the credit records. One possible way is to go in for a co-applicant how has the required credit history or maybe go in for a co-signer who can provide a guarantee on your behalf. The down payment factor The money you pay as a down payment makes a substantial difference. In fact; it is the major factor which decides the extent to which you will get your auto loan. The greater the amount the better the chances you have of getting your required credit. Creditors understand if the person makes a bigger down payment he or she is more committed in redeeming.
Note see our recent article entitled "How to Get Approved for an Auto Loan with Bad Credit if you have Low Income" to learn how to get unwanted items removed from your credit report to bring up your credit score. * Will you have any funds available to make a down payment on your auto loan? Whether you are applying for first time buyer auto loans or if you have had auto loans in the past and just need another one now what every auto dealership or lender is going to take into consideration when assessing your application and the items on this list is; how much of a risk are they taking in making an auto loan to you and what if anything can they get you to do to mitigate that risk. Making a down payment is one thing that you can do to mitigate the dealerships risk making them more likely to quickly approve your automobile loan and to give you a more reasonable interest rate.
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The limit and maximum amount of your automotive loan will be determined by the cosigners income and credit standing not yours. So if you choose to have a cosigner make sure to pick one that has a high credit score. With a cosigner there is really no need to look for first time buyer auto loans because you will be treated by the dealership as though the higher credit score and income were yours. * What is the ratio of your monthly housing payment as compared to your income? A little known fact is that auto dealerships and lenders pay attention to this number. For instance if you make $1000 per month income and your monthly housing cost is $300 then your housing cost takes 30% of your income. Anything over 40% will send up a red flag to the dealership/lender and they may need convincing that you can make your monthly payments on time.