DR1 Daily News - Dominican Republic

There is practically no place to park a car, and traffic jams turn a five-minute trip into a 45-minute one. Yet, the banks keep on diverting their surplus cash into financing more cars. The borrowers for vehicles are given access to the lowest interest rates available for any kind of loan, much much less than financing available for productive sectors. The vehicle serves as the collateral. The low-interest financing of vehicles sends thousands of vehicles to city streets, worsening the traffic jams.

Banco Popular has announced that the 29th edition of the Popular Auto Fair will offer fixed interest rates as low as 7.75% for six months; 11.95% for 12 months; 12.75% for two years; 13.95% for three years; and 14.95% for five years. Special financing options will also be available for used vehicles.

This year’s auto fair will continue to incentivize the purchase of hybrid and...