Santander Financing – Bank allows pause of up to 60 days

The new global crisis caused by the coronavirus has forced Santander Financiamentos, the bank's financing division, to take new measures to ensure its customers can pay their debts incurred prior to the crisis.

Not only Santander, but other companies are working to avoid complete chaos in society in all sectors, yesterday we we report here about Carrefour's new actions to help low-income people.

When was this new measure decided? Santander's announcement came last Wednesday (15). In the announcement, the bank stated that vehicle financing installments could be extended for up to 60 days, without changing the interest rate.

Check out more information below.

Santander Financiamentos – about debt extensions

In addition to traditional vehicle financing, as we know it, the new measure will also apply to the financing of goods and services by individual and corporate customers.

These new special bank conditions do not include contracts that have already been renegotiated previously, such as leasing, legal entity assignment, Volvo Cars financial services and contracts that are in the first and last installments.

In a statement, André Novaes, director of the Santander Financing sector, said: We've expanded the measures to other types of people and businesses because we understand that these are challenging times for everyone. Even customers with all their bills up to date may need a little extra breathing room.

Finally, we also need to highlight here that for customers with overdue installments, there is the possibility of extending the payment of the installments.

However, the bank said that the criteria will be carefully evaluated by Santander Financiamentos. The customer cannot have previously renegotiated this debt.

Practical step-by-step guide to simulate Santander Financing

Source: Santander Bank