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 electric vehicles, with a special fixed rate of 7.25% for six months; 11.45% for 12 months; 13.45% for three years; and 14.45% for five years.
Customers can finance up to 90% of the vehicle’s value with a term of up to seven years, starting in January 2025. They also have the option to make additional payments throughout the loan term.
As in previous editions, the Popular Auto Fair includes the Leasing Popular financing product, with fixed rates starting at 7.75%. This financing option offers tax benefits to independent professionals, SMEs, and corporations, allowing them to purchase new vehicles or fleets while offsetting ITBIS, deducting the full payment as an expense, and financing up to 100% of the purchase. Leasing Verde Popular offers even better conditions for eco-friendly vehicles.
The Banco Popular’s vehicle leasing portfolio totaled RD$13.6 billion at the end of October, representing a 21% increase compared to the same month in 2023.
The 29th edition of the Popular Auto Fair will run until Sunday, December 8, at 23 dealerships affiliated with ACOFAVE and GUIA, as well as over 250 distributors or dealers and all Banco Popular branches nationwide.
To facilitate the lending, Popular bank branches near dealerships will have special hours, operating until 6pm on Saturday, 7 December and 5pm on Sunday, 8 December, when the Auto Fair concludes.
Customers can choose from a catalog of 62 vehicle brands and 76 hybrid and electric models. The vehicle catalog is available for viewing on the Autoferiapopular.com.do website. Customers can also submit loan applications and learn more about the offers and new features of this year’s auto fair.
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El Dia
3 December 2024