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 considering refinancing your SUV, car, or truck in your state? We work with auto lenders all around the region including in your state and can help you find an automobile refinance offer near you.

We’re honored to team up with car and truck owners who call Puerto Rico home and concentrate on offering refi info for pre-owned and new vehicle owners all over the state. Whether you stay in San Juan, in proximity to Bayamón, nearby Carolina, or in another city in Puerto Rico, consult our lending partners to see if refinancing your motor vehicle will pay back into your monetary situation.

Find Auto Refinancing in San Juan, Puerto Rico

The Puerto Rico Auto Refi Process

The car refinancing experience in your state might be quite straightforward. To get started, you only need several documents. Check out the refinance step-by-step outline shown below. You also will need to comply with several qualifying criteria for both your car or truck and yourself before you can complete your freshly refinanced auto loan.

Motor Vehicle Refi Qualification

Your car in Puerto Rico has to qualify for the refinancing lending financial institution’s terms. These terms can differ by lending institution and commonly involve vehicles which are physically stored in Puerto Rico, are newer than 10 years old with clean titles, have less than 100k mileage, and have a positive loan-to-value (LTV) ratio. Get in touch with specific lending institutions servicing Puerto Rico for more details.

Personal Refi Qualification

Along with your vehicle qualification, you also have to qualify for refinancing by providing personal info and details when refinancing in your state. Lenders have to record your address in Puerto Rico, where you work, the amount of money you make, your credit score, information about other personal debt you may have, and other associated details. They use this info for things like completing a risk analysis regarding how prone you are to pay back the refinanced vehicle loan.

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Puerto Rico Auto Loan Refinance Calculator

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Credit Rating Qualification

Your credit report plays a part in your ability to refinance your car or truck. Your score is a measure of your capacity to pay back your debt. It is a number which can vary as low as 300 to as high as 850. A pretty good credit rating is commonly thought to be over about 650ish. You can similarly have industry-specific credit scores which are unique from your overall credit score.

The particular credit rating you need to have for a vehicle loan varies by loan provider. They take into account lots of things when determining your loan suitability consisting of both the industry-specific score, general rating, resources, debt, income, and other information. To get the most beneficial automobile loan rate of interest, you may want to keep your credit rating as high as possible and potentially use a co-borrower.

Lenders might need a credit score of 700 or higher if you are looking for a loan on a brand-new car or truck. If you are financing or refinancing a previously owned or secondhand motor vehicle, a credit score 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

Your credit history is a record of your liabilities and financial obligations along with measuring your ability to repay them. The lower your credit score, the greater the borrowing threat to creditors.

TransUnion, Experian, and Equifax are the three main credit reporting bureaus. These bureaus record and track your credit information. While the credit-related info is somewhat similar, your credit rating might vary by bureau. Lenders run checks called pulls through these bureaus to check your history during the loan application process.

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

Vehicle Refi Steps in Puerto Rico

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

  1. Own a motor vehicle in Puerto Rico.
  2. Have an automobile loan on your vehicle
  3. Meet suitable vehicle-related requirements like a recent model year and good vehicle value
  4. Meet individual qualifying criteria which include your credit rating and salary
  5. Make an application for car refinancing with a different loan provider in Puerto Rico
  6. When your application is accepted, they can help you find a replacement loan which includes an updated interest rate and payment term
  7. Complete the automobile refi process for the different loan provider to take control of your old loan
  8. Make payment amounts to your updated automobile loan financial institution
  9. Well done, you completed the auto loan refinancing process!

Best-Selling Vehicles in Puerto Rico


Toyota RAV4 Limited best selling SUV in Puerto Rico

Did you know the best selling automobiles 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 APR? Learn more about Toyota auto refinancing opportunities in Puerto Rico.

First Time Car Buyer Financing In Puerto Rico

Is it your first time purchasing a vehicle in your state? That is amazing news! You may have funded your new motor vehicle from the dealer, financial services division, bank, or nearby lending institution. Be sure you are maximizing any finance offerings at the time of your purchase. These vary by the car dealership and can feature zero percent financing for cars, 0-down car loans, cashback benefits, staff pricing, and more.

In the future when you have owned the car for a while, you might be able to save money by refinancing your car or truck and save money or pay your automobile loan off faster by changing the payment term and interest rate. This depends on your monetary objectives and refinance options presented by lenders.

If your plan is to start saving money every month, decreasing the rate of interest or APR can sometimes save you money on your regular monthly payments. On the other hand if your goal is to work towards being out of debt, reducing your loan payment term can increase your payments but enable you to pay off your debt and the loan quicker.

Puerto Rico Auto Refinancing Rates and Trends

It has never been a better time to refinance your car, truck, SUV, or other automobile while residing in Puerto Rico. Historic vehicle value trends can permit you to make use of increased equity in your motor vehicle and can cause more suitable car loan terms and APR or interest rates. Use our automobile refinance calculator to see predicted cost savings and differences between your current monthly auto payment and approximated replacement refinanced payment costs.

About Auto Refinancing Pre-Approval in Puerto Rico

Auto refinancing pre-approval lets you discover and see potential refi rates much faster. The pre-approval approach signifies financial institutions may have carried out checks like checking your credit report and personal info, identifying loan suitableness, and identifying who you are. This process usually incorporates a soft credit pull which will not influence your credit history. These soft pulls are compared to the hard pulls which are completed at the time of the last steps in the refinancing procedure.

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 few opportunities offered for auto loan payment help in Puerto Rico. If you are having difficulty settling your auto loan or making monthly payments consider the following choices:

  • Refinance the loan on your motor vehicle with the goal of saving money in mind
  • Sell off your existing car and look for a more budget friendly car with an economical month-to-month payment

Puerto Rico Car Refinancing and Financial Goals

Everyone typically has specific personal financial objectives for refinancing their SUV, car, or truck. These objectives are related to your life, family, increasing your savings, and preparing for the longer term. They can focus on saving for significant things, pre-qualifying to purchase a home, and paying down debt. Ask yourself the following questions:

  • Is your regular monthly automobile payment or interest rate excessive?
  • Does it feel like you have high-interest financial obligations holding you back?
  • Do you intend to be debt free and pay off your vehicle sooner?
  • Would saving more money allow you to meet your expenses?
  • Are automobile estimates climbing in Puerto Rico leading to more automobile equity?

If you answered yes to any of the above questions or believe that you want to better align your personal financial objectives, consider learning more about refinancing your automobile and reaching out to any of our refinance partners for more information. You might manage to save money. Use resources like our car refinance calculator, learn more about the advantages of auto refinancing, and possibly start saving $100s by reducing your regular monthly 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

Most people love where they live. If you are a fan of your state, you understand this fact to be true. However, ask yourself the following things. Do you like the car you drive? If you have an automobile loan in your state, are you dissatisfied with your car payments and rate of interest? Is your automobile insurance policy coverage not sufficiently looking after your motor vehicle? There might be things you can do and state serving refinance companies you can partner with if you answered yes to any of these questions.

Learn About Refinancing

State Census Driver and Automobile Info

Have you ever wondered how many individuals live in Puerto Rico or how many licensed car drivers there are on the roadways in the state? The U.S. Census Bureau provides insight for these metrics and other corresponding motor vehicle statistics. We can use the reported census numbers to find the answers. This data comes from Census Bureau Data for 2019-2020, but it is not backed or certified by the Census Bureau. For instance, there were n/a licensed drivers in the state of Puerto Rico. There were also n/a vehicles registered. Using the 3,193,694 population, we can calculate per capita ratios like n/a drivers and n/a registered motor vehicles per capita (1,000 people). Looking at both driver and vehicle numbers, 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 Auto Refinancing FAQs


Have questions about vehicle refinancing in Puerto Rico? Get answers to frequently asked questions! It is important to do your homework and understand how deciding to refinance your motor vehicle impacts your life. These questions can help you begin to understand what you can do to refinance your SUV, truck, or car in Puerto Rico.

Can I refinance my automobile in Puerto Rico?

Yes, you can refinance your SUV, car, or truck in Puerto Rico if you deal with a lending institution who services your area.

Will refinancing my automobile in Puerto Rico save me money?

Possibly. The amount of money you might save while refinancing your automobile in Puerto Rico depends on several aspects like having the ability to be approved for interest rates and terms, your credit rating, outstanding debts, vehicle details, where you live in Puerto Rico and other variables.

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

No, nothing is guaranteed when refinancing in Puerto Rico even if you have good credit. You have to provide your personal info including your address in Puerto Rico for refinancing pre-approval and check loan options with specific lending institutions.

What are the best objectives to have when refinancing my vehicle?

Your car refinancing end goals mostly depend upon your scenario. They can be financially related like saving money on payments or paying down financial obligations. Your end goals can also be personally specified like desiring to do what is best based on family automobile needs. Refinancing can be situationally inspired and include wanting to change your vehicle loan details.

How do I know if refinancing my automobile in Puerto Rico will help me?

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

Why are car and truck payments in Puerto Rico so costly?

Car loan lenders and banks determine vehicle payments based upon a number of variables including your credit score, available investments, owed liabilities, car physical location, and expected lending risk. Your physical location or residence address can also play a part. For example, you may be offered a range of finance deals depending if you are living in the city of Bayamón versus San Juan or Carolina.

What do I need to secure a vehicle loan in Puerto Rico?

To get an auto loan in Puerto Rico, you are not required to be a member of any specific bank, cooperative credit union, or other loan provider. You can easily start the application. Remember you will need to qualify to complete the auto loan application process.

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

If you have a credit rating of 680 or better, you can oftentimes refinance your automobile loan. Your ability to refinance depends upon the financial institution and your automobile. You might be able to obtain vehicle loan refinance opportunities with a credit rating in the low 600s and even 500s depending upon your loan-to-value ratio. Having higher equity built up in your car can make this possible.

How do I refinance my auto loan in Puerto Rico?

You can refinance your auto loan by owning a truck, SUV, car, or other qualifying automobile in Puerto Rico, having a loan on that car, meeting loan provider requirements, and producing your loan and individual information. Refinancing your truck, car, or suv can be a great method to decrease your auto loan rate of interest and the amount you pay towards regular monthly payments.

To finish the refinance process in Puerto Rico, you will have to have state-provided 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 existing car loan details. You’ll be required to furnish these things to the financial institution during the course of the loan application process.

The bank or lending institution you pick will evaluate your personal and car or truck info, assess your credit report, and let you know of the available new loan offers. You may receive a lower rate of interest. If you have any questions, you can normally speak to your loan officer or company representative to see if you can decrease your monthly automobile payment.

Ready To Start The Refinance Process?

Start by connecting with lenders in Puerto Rico.**