- Thread starter johne
- Start date
Prestmos. What is the average rate for
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.
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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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.
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?
hmmmmm one could take that money and lend it out at 10% a month if they knew the right people.
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 ).
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.
Could be beause they don't know how or do not qualify for the alternative that is being suggested by Malko?
What's the maximum you can have? In the U.S. 850 is a perfect FICO score.
Edit: Just checked. 900 in Canada.
Finding those "right" people though. If everybody paid me back ...hmmmmm one could take that money and lend it out at 10% a month if they knew the right people.
I agree with the spouse, better the cash in the bank than the driveway. Had a hell of a time explaining that to mine.