BYD, Santander Bank forge partnership in Brazilian automobile financing field

Shanghai (Gasgoo)- On Oct. 18 (local time), BYD's Brazil subsidiary formed a strategic partnership with Santander Bank ("Santander"), a leading Brazilian bank in automotive financing, marking another major step following BYD's foray into Brazil's passenger vehicle (PV) market last year, according to a press release from BYD.

The newly built cooperation will provide local customers with one-stop auto financing services, from credit analysis and credit approval, to payment options through a fully digital platform.

Photo credit: BYD

By virtue of the "Floor Plan" launched by Santander, the BYD dealership network in Brazil will be granted a revolving credit line of exclusive use and can acquire vehicles with favorable conditions. Additionally, customers will gain financial solutions for all stages of car financing through a 100% digital procedure.

“Santander will make available to BYD a 100% digital platform that allows the customer's credit analysis to be completed in a few seconds. BYD's consumers will enjoy Santander's other differentiated financial services for the acquisition of electric vehicle models, such as the possibility of contracting insurance by Santander Auto and diluting the value in the contract installments,” said André de Carvalho Novaes, Director of Santander Financiamentos, said,

Aside from the automobile business, BYD Brazil is also dedicated to offering local customers its integrated new energy vehicle (NEV) solutions, including supplying them with its photovoltaic modules through local dealers.

Notably, Santander also furnishes financing services for BYD's dealerships in the photovoltaic field.

Up until now, BYD Brazil has already had nine stores in the Brazilian market. Its local presence is expected to reach 45 cities by the end of this year and cover 100 locations in the country by the end of 2023.