A loan from Santanda auto loan company could be just what you’re looking for.
Santanda, which is owned by Chinese-American billionaire and former Apple executive Peter Thiel, has been one of the biggest beneficiaries of the global housing boom.
It’s been selling loans at up to 60 per cent interest for years, with most of the money going to those who can’t afford to buy a home on their own.
Its business model is based on its lending platform, which offers people a loan of $1,500 for $1 million, with interest rates ranging from 2 per cent to 10 per cent.
The company has a fleet of self-driving vehicles that are also used to pick up the cash from borrowers.
Santander says its loans are cheap, with the interest rates typically ranging from 5 to 15 per cent, depending on the lender.
“We think people will be willing to pay what it takes for us to do our best work,” the company’s chief financial officer, Andrew Warshaw, told a news conference in January.
Mr Warshab said the company had recently been offering a range of loan terms and terms that had been negotiated with banks, including one with an annual interest rate of 20 per cent for a 30-year loan.
He said Santander’s interest rate had been set by lenders to match the market, but would increase if demand for loans increased.
The lender also offers a “fixed-rate” loan, which it says is more suitable for borrowers with higher credit scores.
Santear said in a statement that it has “significant relationships with a wide range of lenders, including the major lenders in China and the United States”.
The loan offer has attracted the attention of investors, who have been eyeing it for months, said Andrew McAllister, a fund manager at Wealth Management and Co, who has been working on a portfolio of online lending products.
“There’s an appetite for online lenders,” Mr McAllisters said.
“If you look at the companies that are already out there, they’re probably a fraction of what we’re looking at.”
We see this as an opportunity to build a brand and provide some financial services that will help people save money, invest, and have a better life.”‘
This is the start of a trend’Santandra says it is working with some of the most innovative lenders in the US and the UK.
One of those, Capital One, which has been offering online loans for about six months, has attracted interest from some of America’s largest banks, said Robert Auerbach, chief executive of Capital One’s US business, which operates in the state of Delaware.”
It’s not just Santander, it’s also some of these banks that are interested in investing in our business,” Mr Auerbeck said.
Santiago, Santander and Capital One are the only US-based online lenders that offer auto loan products.
Capital One is a subsidiary of US giant Wells Fargo.
The Santander loan offers are different to those offered by other US-listed lenders, like Bank of America, Wells Fargo, and Wells Fargo Financial Services, which all offer online loans.
Santonese loan offers vary by lender.
For example, Santanda’s loan offers borrowers a range from $3,500 to $9,000.
Capital One offers a range between $5,000 and $9.5 million.
The interest rate offered by Santander is higher than those offered in the UK, where a one-off loan of £2,500 is usually offered.