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Dominican Republic’s 8.95% car loan rate the lowest ever

Santo Domingo. – The Dominican Republic’s Central Bank decision to trim the banks’ reserve requirement disclosed Tuesday has prompted at least one major auto dealer to announce an interest rate of 8.95% for car loans, lowest ever.

The announcement by the company Hboutique offering the rate on at least two new SUV models for six years could unleash a fierce price war in among dealers, known for charging exorbitant amounts for new cars.

Hboutique, which represents Hyundai, began offering Santa Fe and Tucson at a fixed 8.95%  and up to six years to pay with free, full coverage insurance, says an ad published by

Since vehicle financing forms part of personal consumer loans, as much as RD$1.3 billion are available within the RD$20.0 billion released by the Central Bank.

Just yesterday, Enrique Fernandez, president of the major dealers grouped in Acofave, said the fixed rate sets a record for auto financing and even goes below the Central Bank’s benchmark of 9% for those transactions.

Source: DT

Category: DR News |

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Last updated October 26, 2016 at 10:54 PM
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