Will a local company finance me a car if I am a foreginer

I bought a car recently with financing from Banco de Reservas. I had to bring Cedula, guarantor, proof of income etc. Not sure, but I doubt they finance to a non resident.

I don't think and bank will do this for a non resident unless it is a private lender. Why would you want to pay their outrageous financing charges if you could pay cash.

First I would recommend paying cash if you have it.. the interest s insane here... but I remember years ago with my wife, I sent her to get the best price... then when it came for the loan I came in and they gave us more money because I was a foreigner and I had no residents here...

caribmike said:

I bought a car recently with financing from Banco de Reservas. I had to bring Cedula, guarantor, proof of income etc. Not sure, but I doubt they finance to a non resident.

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Could i ask how long you have been a member with BdR, are they your primary bank (do you get paid or pay your salary into this account). Were there any standard requirements that made it easy or more difficult for you. What kind of a deal did you get, (how much borrowed over how long at what rate) if that's not personal. Did you try other banks firstly, findings and what swung BdR for you. I understand this bank is particularly good for car loans.

When you say, 'c?dula, guarantor, proof of income ETC', what is 'etc' and what was the status of your guarantor.

My bank is BPD and I did not hear back from them regarding me soliciting the car loan despite being my primary bank, receiving my salary and having my savings accounts there.

At the time when I was shopping for a car there was the car Expo from BR. My dealer contacted me and made the connection to BR. I never had any business with them before but they needed only 4 days and I had my car.

Guarantor was my wife. Sales price of the car was 1,600,000 DOP from what I had to pay 30 % down payment. Financing is for 72 month at 11 % and change fixed rate.

"ETC." means last 3 month bank statement, letter from employer.

Hope that helps.