Santander Consumer Finance Review |

Santander Consumer Finance

Address: 86 Station Road, Redhill, RH1 1SR.
Branding: Santander Consumer Finance. Also known as: SantanderCF.
FCA Licence: 444327.
From: Santander Consumer (UK) Plc (Part of Banco Santander S.A.).
Launched: 2005.
Memberships: FLA.
Related: Cahoot, Hyundai Capital UK, Santander (Loans).

Loan Details…
Available: Monday to Friday (8am/6.30pm), Saturday (9am/1.30pm).
Bad credit considered: Fair-to-good score required.
Manage: Santander Consumer Finance login provided via
Niche: Car, caravan, commercial vehicle, motorbike.
Products: Conditional sale, lease purchase, personal contract purchase, personal loans.
Sums: £7500 to £20,000 (new and returning).
Terms: 12 to 60 months.

The Pricing…
6% APR (estimated)

Notes: To apply you will need to find an approved broker or dealer. This is easy since they have already built up a large network at 3500. We’d recommended using Zuto if you are looking for a fast online quote. There is a login facility attached to the site that enables secure payments, updating dates etc. No information is presented surrounding the likely costs. We spotted a 3.9% loan rate on that they provide for their 123 World and Select customers. Otherwise it’s 4.4%. Financing is estimated at 6%. The chance of Santander Consumer Finance for bad credit is unlikely. A fair score should be ok since through their loan they only make a note on not being a past bankrupt or having had a CCJ or an IVA. Minimum age for their personal loan is 21.

– Amounts: The noted maximum sum of £20k is for their loans that is notable. They may go higher for conditional sale, lease purchase etc.
– Experience: The Spanish banking giant is rooted to 1857 and so there is plenty of experience supporting this company. The experience in this particular market is less extensive than their rival lenders with this financing division only coming together in 2005.
– Operations: There is coverage on Saturdays although this is limited between 9am and 1.30pm.
– Ownership: Globally they generate close to 6 billion Euros and they are one of the biggest rising stars in UK banking (aided by early acquisitions of Abbey, Alliance & Leicester etc). They have certainly been applying pressure locally on the Big Four. This is seen in this market where they are challenging LBG’s Black Horse and Barclays Partner Finance.
– Pricing: The 3.9% APR loan for 123 and Select customers is a highly competitive rate (this covers high value loans). Even 4.4% for new customers is good when you consider that Barclayloan is 4.9%. With financing there is no detail on the likely cost with 6% being our closest estimate. Their loan rate sits behind Hitachi Capital at 3.8%. Update: Sainsbury’s drops to 3.4%.
– Profile: Santander Consumer’s rise to 3500 dealerships shows tremendous growth since they launched in 2005. It perhaps helps that they focus on general motoring whilst Barclays is also aligned with leisure and retail. What is also commendable is their joint ventures with leading manufacturers that has helped their growth to spur on. Hyundai Capital UK is for instance a joint partnership with Hyundai that issues their financing plus Kia. They have also struck up deals with Mazda and Volvo. Their web popularity has been picking up fast as their network has continued to expand.

– Loan rates were 4.2% (123/Select) and 4.7% (anyone). The new rates are 3.9% and 4.4%.