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I took out a vehicle loan with a bank named Santander. and I believe they are charging too much interest.

Weslaco, TX |

This is the information to what the amount financed was, payment, percentage charged and terms in months.

$19328.00----72 months @ 12.14% Start Aug 20, 2013 = $379.27


this is what we paid for this month.
September 20, 2013 Principle: $91.34-----------Interest: $287.93

i Have checked with an accountant, and they said that this bank is charging too much interest. that the Principle should be: $183.74 and the Interest: $195.53

Attorney Answers 3


  1. So, what is your legal question?

    NOT LEGAL ADVICE. FOR EDUCATION AND INFORMATION ONLY. DO NOT RELY ON ANY ADVICE YOU RECEIVE FROM ME OR ANY OTHER ATTORNEY IN THIS FORUM. Legal advice comes after a complete review of the facts and relevant documents and an expressed (written) agreement of representation that forms attorney-client confidentiality. Neither of these two events can occur in this forum. Mr. Rafter is licensed to practice in the Commonwealth of Virginia and the US Federal Courts in Virginia. His answers to any Avvo question are rooted in general legal principles--NOT your specific state laws. There is no implied or actual attorney-client relationship arising from this education exchange. You should speak with an attorney licensed in your state, to whom you have provided all the facts before you take steps that may impact your legal rights. Mr. Rafter is under no obligation to answer subsequent emails or phone calls related to this or any other matter.


  2. You cannot rely on a standard monthly amortization table, as you can with a mortgage, because these loans typically are not loans that accrue interest month to month. Instead, they accrue interest day to day. So, if you are a few days late with the payment, you pay more interest. Or if there is a long period between payments, you pay more interest. To figure out what they are charging and whether it is correct, you have to review the complete payment history payment by payment calculating the interest accruing by the day on the outstanding balance.

    I am licensed only in Texas. Offering information of a general nature in response to a question is not intended to be legal advice in your state.


  3. In Texas it is legal to use an accounting method which makes you pay the majority of the interest first rather than having it spread out evenly over the life of the loan.

    This comment is given for educational purposes only. No attorney-client relationship exists between us.