In the east of the country a vehicle is not a luxury: it is how you get to work, keep your business moving or take the kids to school between Bayahibe, La Romana and Punta Cana. That is why car loans are one of the questions we get most often.
Before signing with the first dealer that offers you financing, it is worth understanding three things: the rate, how much they will finance and what documents they will ask for. Here we explain it with COOPACSOL's actual terms.
COOPACSOL car loan rates
- ✓New vehicle: from 16% a year in dollars (USD) and from 18% a year in pesos (DOP).
- ✓Used vehicle: between 17% and 35% a year, depending on the appraisal and the age of the vehicle.
- ✓Financing of up to 80% of the vehicle's value.
- ✓Approval in 3 to 5 days once your documentation is complete.
- ✓No penalty for paying early.
The penalty point matters more than it seems: if one day you receive extra income and want to pay off the loan, we don't charge you for it.
Pesos or dollars?
The dollar rate is lower, but it is best to borrow in the same currency you earn in. If your income is in pesos and your loan is in dollars, any rise in the dollar makes your payment more expensive. That is exactly why the application asks for the currency of your income separately, to help you see that risk.
Requirements and documents
You apply online and can upload documents as a photo or scan (JPG, PNG or PDF). This is what we ask for:
- ✓Dominican ID (cédula), front and back. We need it to check your history with Data Crédito. If you are a foreigner, your passport.
- ✓Your monthly income and the currency you receive it in.
- ✓Proof of income. If you are employed, an employment letter: we verify it by calling the company. If you are self-employed, a certification from an accountant, a sworn statement or your business's financial statements will work.
- ✓Statements for the last 6 months from the account where you receive your income.
- ✓Vehicle details: make, model and year, and where you are buying it (dealership or private seller).
- ✓Photos of the vehicle and the license plate.
A sample monthly payment
Say the vehicle costs RD$1,000,000. With 80% financed, you borrow RD$800,000 at 18% a year in pesos. Over 48 months, the payment comes to about RD$23,500 a month; over 60 months, about RD$20,300.
This is an estimate: the final rate depends on the vehicle, the term we agree on and your profile. What is fixed is the principle: the payment has to be comfortable relative to what you earn. That is why we ask for your income first.
How to apply, step by step
- ✓1. Complete the car loan application on our website and upload your documents.
- ✓2. Our team contacts you within 24 to 48 business hours to review anything missing.
- ✓3. We check your credit history, verify your income and appraise the vehicle.
- ✓4. With complete documentation, you get an answer in 3 to 5 days.
Three mistakes that delay approval
- ✓Uploading blurry or cropped photos of your cédula or license plate: it is the most common reason we have to call you back.
- ✓An employment letter with a phone number nobody answers. We confirm it by phone, so give your employer a heads-up.
- ✓Asking for an amount whose payment doesn't fit your income. Better to adjust the term or the down payment from the start.
A good loan is not the one that gets approved fastest: it is the one you can pay with peace of mind until the last payment.