Puerto Rico Auto Refinancing

Learn about refinancing your car in Puerto Rico including how to qualify, the steps you need to take to complete the refinance process, aligning financial goals, and Puerto Rico refi FAQs.*

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Auto Refinancing in Puerto Rico

Are you attempting to refinance your SUV, truck, or car in your state? We work with vehicle loan providers all around the region including in your state and can help you discover an automobile refinance deal near you.

We’re happy to partner with motor vehicle owners who call Puerto Rico home and focus on providing vehicle refinance info for brand-new and previously owned car or truck owners all over the state. Whether you stay in San Juan, in proximity to Bayamón, near Carolina, or somewhere else in Puerto Rico, contact our lending partners to see if refinancing your motor vehicle will serve to help your financial situation.

Find Auto Refinancing in San Juan, Puerto Rico

The Puerto Rico Auto Refi Process

The vehicle refinancing procedure in your state can be fairly uncomplicated. You also have to meet certain requirements for both your car and yourself prior to when you can finish your freshly refinanced auto loan.

Motor Vehicle Refi Qualification

Your car or truck in Puerto Rico has to be approved for the refinancing loan company’s terms. These terms can vary by lender and usually involve cars which are physically stored in Puerto Rico, are newer than 10 years old with clean titles, have lower than 100k mileage, and have a good loan-to-value (LTV) ratio. Get in touch with specific loan officers at institutions servicing Puerto Rico to learn more.

Personal Refi Qualification

Along with your car qualification, you also have to qualify for refinancing by providing personal information and details when refinancing in your state. Lenders have to record your address in Puerto Rico, where you work, how much money you make, your credit rating, info about other financial debt you might have, and other associated details. They record this info for things like completing a liability evaluation concerning how prone you are to return the refinanced car or truck loan.

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Puerto Rico Auto Loan Refinance Calculator

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Credit Rating Qualification

Your credit score plays a part in your capability to refinance your automobile. This rating is measured within a range between 300 and 850. Most loan providers require a minimum score to qualify for a loan. You can even have industry-specific credit ratings which are different from your general credit score.

The particular credit rating you need to have for an automobile loan varies by loan provider. They take into account many things when identifying your loan suitability consisting of both the industry-specific rating, basic rating, resources, liabilities, earnings, and other details. To get the most beneficial vehicle loan interest rate, you might wish to keep your credit report as high as possible and possibly apply with a co-borrower.

Loan providers may require a credit rating of 700 or greater if you are looking for a loan on a new car or truck. If you are financing or refinancing a pre-owned or used motor vehicle, a credit rating of over 600 might be enough.

About Credit Score Brackets in Puerto Rico

Credit RatingPoints
Excellent780 to 850
Very Good720 to 779
Good680 to 719
Average580 to 679
Poor300 to 579
Credit rating brackets and point ranges come from various credit reporting sources including Experian, TransUnion and Equifax, but are not endorsed or certified by them.

Credit ranting numbers like the ones shown above can be lender specific. However, Experian also provides information on overall financing and origination trends as part of their quarterly State of the Automotive Finance Market presentation. The following categories were presented for the 2021 Q3 automotive credit vertical and lending channels. 

Credit Score CategoryPoint Range
Super Prime781 to 850
Prime661 to 780
Nonprime601 to 660
Subprime501 to 600
Deep Subprime300 to 500
These credit rating categories and point ranges come from the Experian State of the Automotive Finance Market, but are not endorsed or certified by them.

About Credit History

Credit history is a very large topic. There is too much info to get into here, but we can cover some of the essential concepts. Your credit history is a record of your liabilities and financial obligations along with determining your capability to repay them. Lenders run reports with credit bureaus to measure the uncertainty of lending you money. The lower your credit score, the higher the default hazard to financial institutions.

The three significant credit reporting bureaus are TransUnion, Experian, and Equifax. These bureaus record and track your credit details. While the credit-related details are rather similar, your credit report may be different by bureau. When you apply for loans including car or truck financing or refinancing, Lenders run inquiries called pulls to check your history.

Hard pulls and soft pulls are the two kinds of credit pulls. Soft pulls do not affect your credit rating. They are done during initial application steps like pre-qualification. Hard pulls do affect your credit rating. These pulls are performed later in the application process during the loan approval and finalization. This implies you are actively looking for a brand-new line of credit and, therefore, the hard credit check will impact your credit rating. Check out some of our other credit related resources to find out more.

Car Refinance Steps in Puerto Rico

There are certain things you can do to start the vehicle refinance process in Puerto Rico. You can most likely refinance your vehicle loan by owning a truck, car, SUV, or other qualifying motor vehicle in Puerto Rico, having a loan on that vehicle, meeting lender requirements, and supplying your loan and personal info. While these building blocks are the basics, there may be extra steps you encounter before you can complete the refi process. Check out the additional things listed below:

  1. Own a motor vehicle in Puerto Rico.
  2. Have an automobile loan on your car
  3. Meet qualifying vehicle-related criteria like a recent model year and excellent car worth
  4. Meet personal qualifying requirements which include your credit score and income
  5. Apply for vehicle refinancing with a new lending institution in Puerto Rico
  6. As soon as approved, they can help you get a new loan that includes an updated rate of interest and payment term
  7. Finish the auto refi procedure for the replacement lender to take over your old loan
  8. Make payment amounts to your updated vehicle loan lending institution
  9. Your refinanced auto loan is complete!

Top-Selling Vehicles in Puerto Rico


Toyota RAV4 Limited best selling SUV in Puerto Rico

Did you know the best selling vehicles in Puerto Rico are Toyota RAV4 SUVs? These popular Toyota SUVs are the top-selling and most financed. Do you have a Toyota RAV4 yourself? Do you also have a SUV loan on it? Are you okay with your monthly SUV payments and rate of interest? Discover Toyota auto refinancing opportunities in Puerto Rico.

First Time Car Buyer Financing In Puerto Rico

Is it your very first time purchasing an automobile in your state? That is fantastic news! You may have funded your brand-new vehicle from the dealer, financial services division, bank, or nearby lending institution. Be sure you are taking advantage of any financing offerings at the time of your purchase. These can vary by the vehicle dealership and can consist of zero percent apr car loans, bad credit no money down loans, cash back specials, employee deals, and more.

Later after you have had the car or truck for a while, you may possibly save money by refinancing your motor vehicle and save money or pay your car loan off faster by changing the payment term and rate of interest. This depends upon your personal financial objectives and refinance choices offered by lenders.

If your goal is to start saving money every month, decreasing the rate of interest or APR can sometimes save you money on your monthly payments. On the other hand if your goal is to work towards paying down your auto debt, shortening your loan repayment term can increase your payments however permit you to pay off your debt and the loan quicker.

Puerto Rico Auto Refinancing Rates and Trends

It has never been a more suitable time to refinance your car, truck, SUV, or other motor vehicle while residing in Puerto Rico. Historic vehicle valuation patterns can allow you to capitalize on increased equity in your automobile and may lead to more suitable auto loan terms and rate of interest or APR. Use our auto refinance calculator to see forecasted cost savings when comparing your present automobile payment and estimated replacement refinanced payment rates.

About Auto Refinancing Pre-Approval in Puerto Rico

Auto refinancing pre-approval lets you pick and see possible refi rates sooner. The pre-approval system signifies lending institutions may well have carried out steps like going over your credit report and info, identifying loan suitability, and identifying who you are. This process typically includes a soft credit pull which would not strike your credit rating. These soft pulls are compared to the hard pulls which are completed during the last steps in the refinancing process.

Ready To Start The Refinance Process?


Start by thinking about your refinance goals, consider what you want to change about your auto loan, and connect with lenders.

About Loan Repayment Assistance

There are not many avenues provided for auto loan payment support in Puerto Rico. If you are having difficulty repaying your vehicle loan or making payments consider the following choices:

  • Refinance the loan on your automobile with the intention of saving money in mind
  • Sell off your existing car and look for a more cost effective vehicle with an economical monthly refi payment

Puerto Rico Car Refinancing and Financial Goals

Everybody normally has specific financing objectives for refinancing their SUV, car, or truck. These objectives are related to your life, household, cost savings, and preparing for the longer term. They can consist of saving for essential things, qualifying to buy a home, and getting out of personal debt. Ask yourself the following questions:

  • Is your recurring car or truck payment or interest rate excessive?
  • Does it feel like you have high-interest financial obligations holding you back?
  • Do you wish to be debt free and pay off your vehicle sooner?
  • Would saving more money help you pay the bills?
  • Are automobile estimates increasing in Puerto Rico leading to more auto equity?

If you answered yes to any of the above thoughts or think that you need to better align your personal financial objectives, think about learning more about refinancing your car and connecting with any of our refi partners to find out more. You might be able to save money. Use resources like our automobile refinance calculator, find out about the benefits of automobile refinancing, and potentially save $100s in savings on monthly car payments.

Find Puerto Rico Serving Lenders for Refinancing**

Refinance your vehicle with our Puerto Rico serving partner lenders. Learn how you can save money on your car payments.

Find Car Insurance as a Puerto Rico Driver

Learn about insurance coverage options as a Puerto Rico driver and vehicle owner. Bundling insurance may save money.

Jungle Road in Puerto Rico

Love Your Car Like You Love Puerto Rico

Lots of people love where they live. You know this to be true if you are a fan of your state. However, ask yourself the following questions. Do you enjoy the car you drive? If you have a car loan in your state, are you disappointed with your vehicle payments and interest rate? Is your car insurance plan coverage not sufficiently looking after your car? If you answered yes to any of these things, there might be things you can do and state serving refinance providers you can work with.

Learn About Refinancing

State Driver and Vehicle Statistics

Have you ever asked yourself how many individuals reside in Puerto Rico or the number of licensed car drivers there are on the roads in the state? The U.S. Census Bureau provides insight into these metrics and other associated vehicle statistics. We can use the reported census numbers to discover answers. This data is tracked by Census Bureau Data for 2019-2020, but it is not backed or accredited by the Census Bureau. For example, there were n/a licensed drivers in the state of Puerto Rico. There were also n/a automobiles registered. Using the 3,193,694 population, we can work out per capita ratios like n/a vehicle drivers and n/a registered cars per capita (1,000 people). In total, there are n/a registered drivers per motor vehicle.

Puerto Rico by The Numbers

Estimated Population: 3,193,694Registered Automobiles: n/a
Automobiles Per Capita: n/aLicensed Drivers: n/a
Drivers Per Capita: n/aDrivers Per Automobile: n/a
Data comes from Census Bureau Data for 2019-2020, but is not endorsed or certified by the Census Bureau.
Auto Refinancing Near San Juan, Puerto Rico

Puerto Rico Car Refinancing FAQs


Have concerns about auto refinancing in Puerto Rico? Discover answers to frequently asked questions! It is essential to do your homework and understand how deciding to refinance a vehicle changes your life. These FAQs can help you understand how you can refinance your truck, SUV, or car in Puerto Rico.

Can I refinance my car in Puerto Rico?

Yes, you can refinance your car in Puerto Rico if you work with a lending institution who services your region.

Will refinancing my automobile in Puerto Rico help to save me money?

Possibly. The amount of money you might save while refinancing your automobile in Puerto Rico depends on many variables involving being able to qualify for interest rates and terms, your credit score, debts, car details, where you live in Puerto Rico and other factors.

Is auto refinancing pre-approval ensured if I have a good credit score and live in Puerto Rico?

No, nothing is ensured when refinancing in Puerto Rico even if you have great credit. You have to submit your personal information consisting of your address in Puerto Rico for refinancing pre-approval and check loan alternatives with specific loan providers.

What are ideal goals to have when refinancing my automobile?

Your car refinancing objectives mainly depend on your scenario. Refinancing your car can be situationally motivated and consist of wanting to adjust your car loan details.

How do I find out if refinancing my auto in Puerto Rico will help me?

You usually need to begin the auto refinancing process to see associated refinancing rates in Puerto Rico. Until then, you can use tools like our car refinance calculator to calculate discounts or adjusted vehicle loan payment rates. Go to Auto Loan Refinance Calculator

Why are motor vehicle payments in Puerto Rico so pricey?

Automobile loan lending institutions and banks determine car payments based on a number of considerations including your credit rating, available investments, outstanding liabilities, motor vehicle location, and projected financial risk likelihood. Your physical location or address can also play a part. For example, you might be extended a range of refinance deals depending if you are residing in the city of Bayamón versus San Juan or Carolina.

What is required to make an application for a car loan in Puerto Rico?

To apply for a car loan in Puerto Rico, you don’t need to be a member of any particular bank, cooperative credit union, or other loan provider. You can easily start the application. Remember you will need to qualify to finish the car loan application process.

What credit score do I need to have to refinance my vehicle loan in Puerto Rico?

If you have a credit rating of 680 or better, you can oftentimes refinance your auto loan. Your opportunity to refinance depends on the loan provider and your vehicle. You might be able to find vehicle loan refinance opportunities with a credit rating in the low 600s or perhaps 500s depending on your loan-to-value ratio. Having higher equity built up in your motor vehicle can make this possible.

How do I refinance my car loan in Puerto Rico?

You can refinance your car loan by owning a SUV, truck, car, or other qualifying automobile in Puerto Rico, having a loan on that car, meeting lending institution requirements, and furnishing your loan and individual info. Refinancing your suv, truck, or car can be a good solution to bring down your auto loan interest rate and the amount you pay towards monthly payments.

To complete the refinance process in Puerto Rico, you will need to have state-issued identification like your valid driver’s license, an earnings confirmation record, car or truck documents and pictures of the vehicle’s mileage and VIN number, and your current car loan info. You’ll need to supply these things to the financial institution during the loan application process.

The bank or credit union you choose will evaluate your personal and motor vehicle info, inspect your credit rating, and let you know about the offered new loan deals. You may qualify for a lower interest rate. If you have any concerns, you can usually talk to your loan officer or company representative to see if you can decrease your regular monthly car payment.

Ready To Start The Refinance Process?

Start by connecting with lenders in Puerto Rico.**