Applying for a loan in times of financial difficulty is one of the most common actions among Brazilians. With this in mind, Santander created Santander vehicle refinancing to help you apply for credit by using your vehicle as collateral.

In this way, you will have access to an accessible line of credit, with attractive and reduced interest rates compared to other types of loans, in addition to differentiated terms.

In this text, you will find useful information on the subject to better understand and decide if it is the best option for you at the moment. Check it out!

Santander vehicle refinancing, also known as a vehicle collateral loan or UseCarro, is a line of credit where the customer puts up their own car as collateral.

In this sense, the customer obtains more favorable payment conditions, for example, with reduced rates and longer terms to settle financial debts.

In order to be eligible for credit, you must have a vehicle in your name, preferably fully paid off and with up-to-date documents.

This is because, if you do not have your documents fully paid, for example, the vehicle's IPVA, part of the amount you requested will be used to pay the debts and the remainder will be deposited into your account.

This credit is only available if you are a Santander bank account holder, with installments that will be debited from your current account.

Among the main characteristics of this credit are the amount that can be released up to 70% of the market value of the vehicle, but it is necessary that the vehicle is no more than 5 years old from its date of manufacture.

Regarding interest rates, they vary according to the customer's profile and credit analysis, with payment being made in up to 5 years.

As we mentioned earlier, only Santander bank account holders can refinance.

And in addition, you also need to have a fully paid-off car and you need the following documents:

If your refinancing request is approved, in the next step, you will enter the inspection process for your vehicle.

In order for the institution to be able to get to know the vehicle and assess the amount that will be released for loan, an inspection is necessary.

Among the advantages are the interest rates that are usually lower and the payment terms.

On the other hand, one of the disadvantages is that you need to be a current account holder to request refinancing, in addition to having to provide the vehicle as collateral.

It is important to note that loan rates vary according to the term, year and model of the car, in addition to the profile and segment of Santander that the customer is part of, without incurring interest or charging fees, but only the common financing rates.

To refinance a vehicle at Santander, you must start by running a simulation.

This simulation will be necessary to compare refinancing with other banks and fintechs available to choose the best alternative for you.

In this case, if Santander's is really what you want, proceed to the request.

Then, send all required documents, including documents proving that the vehicle is in your name. If it is not, you will need to make the transfer.

At this stage, the institution will analyze all your documents to verify the amount requested, installments and interest rates.

After all the checks and approval, the last step will be for you to sign the contract.

Therefore, the amounts will be in your account between 5 and 15 days after contracting, with credit being released after approval of the documentation and vehicle inspection. 

It is important to note that if you do not meet the institution's criteria, you may not be able to obtain the loan and if you apply but do not pay, your vehicle may be auctioned off.

Now that you know about Santander refinancing, you can decide if this is the best option for you! In the recommended content below, you can also see more information about financing, now for real estate. Also, click and check it out!