New option for business auto loan maybe!

[BRBiz]

Chrsyler now uses Santander for their financing.. This is a plus for people with not so good credit but they are also offering financing for businesses. I'm not sure if what critia is needed for approval but it may be more relaxed then traditional business auto loans given that Santander is one of the largest sub prime lenders out there. The nice part is you can apply online with out even going into a dealership. The app asks for basic business info and at least on the initial app doesn't ask for personal info.

 

Link to app......https://apply.chryslercapital.com/Apply

 

I have seen a lot of bad things written about Santander but I do think a lot of the complaints are from people who don't pay there loans on time more then anything. I personally know a two people with loans though them and neither has had any issues. Just my two cents!

[stroked89coupe]

I don't know about santander,

 

 

They denied me just the other day (Would have never thought) right before wells fargo approved me.

 

 

 

That said a lot to me. Good info and thanks for sharing. Hopefully, in general they will be easier to deal with on the business side.

[BRBiz]

Just good to have another option out there if they are a little easier to get approved with..

 

Maybe they aren't so BK friendly.. My brother in law got a loan though them a few months back and his scores were high 400's I believe plus a few repos.. High interest rate but one of the very few that would approve him. Some times is just about the dealer, if the dealer has strong connections with a lender they can get things done.

[stroked89coupe]

Just good to have another option out there if they are a little easier to get approved with..

 

 

100% agreee with you. As you and me both know, There are not many options out there.

[GR8WhiTE]

They're a foreign lender right? Do you guys know much about Statefarm Bank? They have some simple applications and looks like you have a chance if you have a Statefarm product. Let me know what you guys think.

[OilOperator]

They're a foreign lender right? Do you guys know much about Statefarm Bank? They have some simple applications and looks like you have a chance if you have a Statefarm product. Let me know what you guys think.

 

Back in 2004-2007 I had multiple business loans through State Farm Bank along with insurance etc. They were very easy to deal with and all the loan application, check, paperwork etc was handled by the insurance agent. They originally never reported the loans on the personal side of things but then they changed policy and started reporting business loans on the personal side of your credit as a "joint" holder. They also wouldn't pull your credit report multiple times if they had done it within the past 60 days which was nice. Not sure if that has changed or not.

[GR8WhiTE]

 

They're a foreign lender right? Do you guys know much about Statefarm Bank? They have some simple applications and looks like you have a chance if you have a Statefarm product. Let me know what you guys think.

 

Back in 2004-2007 I had multiple business loans through State Farm Bank along with insurance etc. They were very easy to deal with and all the loan application, check, paperwork etc was handled by the insurance agent. They originally never reported the loans on the personal side of things but then they changed policy and started reporting business loans on the personal side of your credit as a "joint" holder. They also wouldn't pull your credit report multiple times if they had done it within the past 60 days which was nice. Not sure if that has changed or not.

Thanks for the info, interesting. It didn't even cross my mind for a loan. I'm leaning towards a CC for business or personal.

[OilOperator]

 

 

They're a foreign lender right? Do you guys know much about Statefarm Bank? They have some simple applications and looks like you have a chance if you have a Statefarm product. Let me know what you guys think.

 

Back in 2004-2007 I had multiple business loans through State Farm Bank along with insurance etc. They were very easy to deal with and all the loan application, check, paperwork etc was handled by the insurance agent. They originally never reported the loans on the personal side of things but then they changed policy and started reporting business loans on the personal side of your credit as a "joint" holder. They also wouldn't pull your credit report multiple times if they had done it within the past 60 days which was nice. Not sure if that has changed or not.

Thanks for the info, interesting. It didn't even cross my mind for a loan. I'm leaning towards a CC for business or personal.

I had a personal CC with them as well. Once again unsure if the policy is the same but you use to be able to ask for a CLI every 6 months as long as your acct was paid on time etc and it would be approved. Usually they would increase between $750-$2000 per 6 month request. Overall they were a good company to deal with.

[GR8WhiTE]

 

 

 

They're a foreign lender right? Do you guys know much about Statefarm Bank? They have some simple applications and looks like you have a chance if you have a Statefarm product. Let me know what you guys think.

 

Back in 2004-2007 I had multiple business loans through State Farm Bank along with insurance etc. They were very easy to deal with and all the loan application, check, paperwork etc was handled by the insurance agent. They originally never reported the loans on the personal side of things but then they changed policy and started reporting business loans on the personal side of your credit as a "joint" holder. They also wouldn't pull your credit report multiple times if they had done it within the past 60 days which was nice. Not sure if that has changed or not.

Thanks for the info, interesting. It didn't even cross my mind for a loan. I'm leaning towards a CC for business or personal.

I had a personal CC with them as well. Once again unsure if the policy is the same but you use to be able to ask for a CLI every 6 months as long as your acct was paid on time etc and it would be approved. Usually they would increase between $750-$2000 per 6 month request. Overall they were a good company to deal with.

Sounds like they might be an option. Those are nice increases. But it'll probably be a good idea to be an actual customer of theirs before applying for any of their products.