DALLAS — Santander Consumer USA, owner of the RoadLoans.com brand, announced this week it has released an iPhone application for consumers shopping for vehicles.

The new app is available for free for download from iTunes or RoadLoans.com. The iPhone Car Loan Calculator combines a monthly car payment estimate with an online auto loan application.

Basically, consumers shopping for an auto loan can easily calculate what their monthly payment will likely be by using four sliders that offer customization for the loan amount, APR, loan length and down payment. If a consumer like the terms offered, the individual can apply for financing from a mobile device.

Via the new app consumers can either get new financing or refinance a vehicle purchase. RoadLoans.com sends a loan decision within minutes to the applicant's e-mail address.

If a consumer is looking to purchase a vehicle, the person is matched with a RoadLoans.com preferred dealer located near the consumer's address.

"Roadloans.com represents true convenience for customers who may prefer alternatives to ‘traditional' methods of car shopping," explained Lana Johnson, vice president of loan originations for Santander Consumer USA.

"Our mobile application for the iPhone helps consumers, even those with less than perfect credit, understand what their loan might look like before they ever visit a dealership. This information helps consumers make an informed purchase," she continued.