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Banco Popular Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 17 October 2023
Fact checked

Banco Popular auto loans overview

Banco Popular logo

Banco Popular has multiple vehicle financing options with great rates and flexible repayment periods. You can select from a wide range of loans tailored for purchasing and leasing. In addition, Popular offers the Starting Connection program that helps borrowers with limited credit history fund vehicles.

Want to see what a Popular auto loan will cost? Try the Banco Popular auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key Banco Popular auto loan features

  • Minimum loan amount: Undisclosed.
  • Maximum loan amount: Undisclosed.
  • Interest rates: From 6.34% APR.
  • Loan terms: Up to 84 months.
  • Loan fees: Undisclosed.
  • Discounts: Rate discounts when enrolled in the Direct Payment Program and through Popular Auto’s cars and trucks daily rental.

BANCO POPULAR AUTO LOAN OPTIONS

New and used auto loans

Popular offers conventional and residual auto loans. Rates start at 6.34% APR for new vehicles and 7.85% APR for used vehicles for a 72-month term. But if you’re looking for an 84-month term, rates begin at 7.04% APR.

Auto lease

Banco Popular offers auto leases, too. With this option, you can apply for the type of lease that you prefer. Moreover, you can choose from terms ranging from 12 to 72 months.

Starting Connection loans

If you have a limited credit history, you can consider the Starting Connection program. Through this, you can finance a vehicle with a qualified co-signer and build your credit profile. The rates you qualify for depend on your co-signer’s credit score and history.

Starting Connection loans

If you have a limited credit history, you can consider the Starting Connection program. Through this, you can finance a vehicle with a qualified co-signer and build your credit profile. The rates you qualify for depend on your co-signer’s credit score and history.

Marine loans

Boat loans are also available at Popular. You can finance pre-owned and new boats, replacement boat engines, and electric generators. Diesel engines start at 7.74% APR, while gas engines can be as low as 7.99% APR.

Banco Popular auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$25,000

Term

60 months

Change
Popular, Inc.

Popular, Inc. auto loan

Popular, Inc. auto loan
Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Popular, Inc. auto loan
Featured
Achieva Credit Union

Achieva - New Auto Loan

Estimated Month Repayments
$437 Inclusive of fees
Interest Rate
1.89%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.
Featured
Bank of America

Bank of America auto loan

Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a Popular auto loan

Eligibility criteria

Although Popular doesn’t disclose the eligibility criteria, financing requirements commonly include the following:

  • At least 18 years old
  • A legal resident
  • Be employed or have a steady source of income

To qualify for the lowest rates and longest terms, you need to have a credit score of 795 or more. So, consider boosting your credit before applying for a loan. This way, you can get a loan that will cost you the least.

What you’ll need to have ready

Personal details

When you apply for auto financing with Banco Popular, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status
  • A list of monthly expenses

Documents

You may need to provide Popular with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

Consider asking about the loan fees, too. This will help you crunch the numbers and weigh your other options. In the end, you can choose which offer you can comfortably manage and pay in the long run.

Ways to apply for a Banco Popular auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 787-294-2568

Additional Popular auto loan details

  • Automatic payment: Available.
  • Rate discounts: 0.25% rate discount when enrolled in the Direct Payment Program. 20% discount on Popular Auto’s cars and trucks daily rental.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: Undisclosed.
  • Hardship program: Undisclosed.
  • Ways to repay: Online banking, mobile app, over the phone, by mail, and in person.

Vehicle restrictions and limitations

  • Maximum vehicle age: Undisclosed.
  • Maximum vehicle mileage: Undisclosed.
  • Other vehicle restrictions: Undisclosed.

PROS AND CONS

Pros

  • Flexible repayment periods.
  • Competitive rates.
  • 0.25% rate discounts with autopay.
  • 20% discount on car and truck daily rentals.
  • Co-applicants and co-signers allowed.
  • Multiple partner dealerships.
  • Convenient car-buying services through PopularAutoPR.
  • Purchasing, refinancing, leasing, and renting available.
  • Optional auto insurance offered.
  • Auto loan programs to help you build your credit history.

Cons

  • Undisclosed loan fees.
  • A credit score of at least 795 to get the best rates and terms.
  • Unspecified minimum and maximum loan amounts.

FREQUENTLY ASKED QUESTIONS

What are the current car loan rates at Banco Popular?

Banco Popular’s auto loans start at 6.34% APR for new vehicles and 7.85% APR for used vehicles.

What credit score is needed for a Popular auto loan?

Popular doesn’t disclose the minimum credit score needed for a car loan. But you need to score at least 795 to get the lowest APRs and longest loan terms.

Are there discounts available on Banco Popular vehicle loans?

You may get a 0.25% rate discount if you enroll in the Direct Payment Program. Popular also offers a 20% discount on car and truck rentals.

How to pay my Popular car loan?

There are multiple payment options – online banking, mobile app, autopay, over the phone, by mail, and in person.

Where can I apply for a Banco Popular auto loan?

You can apply online, over the phone, or through a dealer.

What information do I need to provide when applying for a Banco Popular car loan?

Other than your personal and contact details, you also need to prepare your Social Security number. Moreover, Popular will ask for information on your income and employer.

Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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