You are here:
Car Finance
Finance provided for buying new or used cars and motorbikes. A maximum duration is defined and the interest rate is usually fixed. Monthly instalments can be fixed or growing; deferred or irregular payments can be foreseen.
In balloon formulas, monthly instalments are lower than in standard finance and a large balloon payment must be paid at the end of the auto loan's term. This final payment must be paid in cash or refinance as a new loan. Some balloon loans are structured much like a lease, in that the customer is allowed to return his vehicle at loan-end in lieu of making the final payment.
- Financial leasing is a method of financing which only pays for a portion of a vehicle's value. The automobile is leased for a specific period of time, at the end of which the hirer can decide whether or not to become the owner of that car for an option price
- Long term renting has a maximum duration of three or four years and monthly instalments include taxes, insurances and a wide range of services related to the maintenance of the car
@Santander Consumer Finance. All rights reserved. Legal Notice