Prestmos. What is the average rate for

Tom0910

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Yes. I didn't want to be the nay sayer BUT that is a giant number.
it IS a giant number. for comparison,I bought a new car in the states a month ago and financed every penny at 2.2% for 60 months,zero out of pocket,not a cent including all fees and taxes.
 
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Jan 9, 2004
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I currently have a car loan at the BHD LEON, 8% annual for 36 months. High, but I remember paying 11 percent for a mortgage in Canada in 1986.
For The Dominican Republic that is currently a very normal rate of interest for a car loan from a bank, which vary according to the age of the vehicle, down payment and loan length and of course credit worthiness of the borrower.

As the Banco Central just announced on November 25th a monetary policy interest rate hike from 3.00 to 3.50 %................all other borrowing and deposit rates in the DR will be moving higher.


Respectfully,
Playacaribe2
 

JD Jones

Moderator - Covid 19 in DR & North Coast
Jan 7, 2016
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For The Dominican Republic that is currently a very normal rate of interest for a car loan from a bank, which vary according to the age of the vehicle, down payment and loan length and of course credit worthiness of the borrower.

As the Banco Central just announced on November 25th a monetary policy interest rate hike from 3.00 to 3.50 %................all other borrowing and deposit rates in the DR will be moving higher.


Respectfully,
Playacaribe2
And it's only 5% on electric and hybrids. Not sure but I think after 3 years it's revised.
 
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malko

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Jan 12, 2013
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And I have the money to pay cash but my wife wants me to keep the cash in the bank.

Would you not have been better off getting a loan from your bank in your home country ?

I am not a loan type of guy, but recently I have taken out a couple--- for the 1st time ever --- because it's basically free money.

Uncollateralized loan from my " high street bank ", 0.82% w/o insurance.
Then another from one of the online-only banks I use, 0.7something% w/o insurance.

Both were w/o any conditions....., ie, do-whatever-you-want-with-the-money.
Except pay back other loans was the condition --- not to sure what that means though.
 
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Sailor51

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That seems huuuge to me.
Interest equals credit rating. And like always, those who can afford it don't have to pay it. Just think of all the free stuff you'd get if you were rich & famous! Oh, and if that happens, let me know so I can hang with ya okay?
 

johne

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Would you not have been better off getting a loan from your bank in your home country ?

I am not a loan type of guy, but recently I have taken out a couple--- for the 1st time ever --- because it's basically free money.

Uncollateralized loan from my " high street bank ", 0.82% w/o insurance.
Then another from one of the online-only banks I use, 0.7something% w/o insurance.

Both were w/o any conditions....., ie, do-whatever-you-want-with-the-money.
Except pay back other loans was the condition --- not to sure what that means though.
hmmmmm one could take that money and lend it out at 10% a month if they knew the right people. :)
 
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malko

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Interest equals credit rating. And like always, those who can afford it don't have to pay it. Just think of all the free stuff you'd get if you were rich & famous! Oh, and if that happens, let me know so I can hang with ya okay?

Interest does not equal credit rating, where the banks I used are from ( France ).
For the best or the worst ? Up for debate i guess.

The rule of thumb ( unless you are dirty rich or poor af ), is your monthly payments for all your loans cannot be higher than a third of your income ( taxable income, cos they check you out by your tax form ).
 
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malko

Campesino !! :)
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You're not in Europe.

And just what home country is a Dominican going to go to?

A wild guess is that most dr1ers are not Dominican ( at least originally ), and another wild guess would be that they continue to operate bank accounts in their original country, using a magical invention called the internet...... But I could be wrong.
 
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cavok

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A wild guess is that most dr1ers are not Dominican ( at least originally ), and another wild guess would be that they continue to operate bank accounts in their original country, using a magical invention called the internet...... But I could be wrong.
I think most DR1'er and all the friends I know buy cash.
 

bob saunders

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Interest equals credit rating. And like always, those who can afford it don't have to pay it. Just think of all the free stuff you'd get if you were rich & famous! Oh, and if that happens, let me know so I can hang with ya okay?
My credit rating is pretty decent, 884 last time I checked.