If there is something the Dominican Republic doesn’t seem to need, it is more cars on roads characterized by 16-hour traffic jams. Regardless of this grim reality, the government’s commercial bank announced it closed deals to finance RD$7 billion in new vehicles. The Banco de Reservas says there were requests for the funding for RD$20 billion.
For years, the Banco de Reservas has championed lending for purchasing vehicles at rates much lower than what is available to start a business or an industry.
The Banco de Reservas during its most recent Expomovil Banreservas offered rates of 6.82% for electric cars for six months and 7.82% for one-year financing, 9.82% for three-year financing and 12.82% for five-year financing.
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El Nuevo Diario
24 October 2023