Conventional Loans

"Sal monta'o" today, with financing
for new and used cars.

  • Your bank is with you during
    the whole process at the dealer
  • We finance all brands
  • Up to 84 months financing


Contact us

Contact us or call today at 787-282-2769.




What documents do you need to apply for a loan?

  • Valid driver's license.
  • Proof of income: last two (2) pay stubs, or financial statements if you are self-employed.
  • Proof of Social Security / pension, or bank statements reflecting such deposits, if applicable.
  • Water or electricity utility bills.


Calculate your monthly payment

Calculate monthly payment
Loan1 APR% Term
Conventional starting at 4.95% Up to 72 months
Conventional starting at 5.75% Up to 84 months
Conventional Used starting at 6.75% Up to 84 months
Lease starting at 4.95% Up to 60 months2
Lease starting at 5.45% Up to 66 months2
Lease Used starting at 6.45% Up to 66 months2


2With a maximum residual value of 35%. Does not apply to all makes and/or models.


Sal Monta'o
Monthly payment1

Frequently Asked Questions

 

Transfer of Title

Conventional

At least ten (10) business days must have elapsed since the settlement. If the settlement was made in cash, certified check, or money order, you may apply immediately. You may request the Certificate of Title at the Auto Customer Service Center or the First Line Customer Center, by calling 787-725-2511 or 1-866-690-2511, available 24/7. You must specify whether you wish to receive the title by mail or pick it up at the Auto Customer Service Center or the Auto Center in Mayagüez (located at Mayagüez Town Center). The title will be processed as requested by the customer, within no more than ten (10) business days after the request is submitted. For in-person pickups, customers must come in and show a photo ID. Alternatively, the designated person must bring a written authorization signed by the customer, including a copy of the customer's ID and the designated person's ID. Service provided at no extra cost.

Leasing

At least ten (10) business days must have elapsed since the settlement.

Endorsement of Partial Damage Insurance Claim Check

Automobiles

  • Service available at all FirstBank branches. Customers must come in person. Alternatively, the designated person must bring a written authorization signed by the customer, including a copy of the customer's ID and the designated person's ID. The customer must endorse the insurance company's check on the back.

Repaired Automobile

  • The check will be endorsed after the customer brings in their car for inspection.
  • The loan must be in good standing.

Non-Repaired Automobile

  • Endorsement of checks up to $800.00, with account in good standing.
  • Endorsement of checks from $801 to $1,500, after 12 payments have been made, with account in good standing and an excellent credit score.
  • Checks from $1,501 to $4,000 will be replaced with a commercially endorsed check made out to the customer and the workshop that will repair the unit, provided that the loan is in good standing and at least 12 payments have been made.
  • For checks in excess of $4,000, 50% will be withheld, and a check for half the amount will be made out to the customer and the workshop. Once the car has been repaired, the customer must bring it in for inspection and to receive the amount withheld, provided that the loan is in good standing.

Boats

  • The customer must submit a letter from the workshop certifying that the craft's repair was duly completed.
  • The customers must come in person and bring a photo ID. Alternatively, the designated person must bring a written authorization signed by the customer, including a copy of the customer's ID and the designated person's ID.
  • If the account is in arrears, the customer should call 787-282-2888 for guidance.

Auto Transfers – Active Loan

  • You must be of legal age.
  • The car must be registered at the Department of Transportation and Public Works.
  • You must fill out a credit application, including the loan number.
  • Copy of your photo ID, Social Security card, and vehicle license.
  • Self-employed customers must include a certified copy of the most recent tax return, or a copy including a stamp from the Department of Hacienda, or a copy of the most recent financial statements prepared by a duly licensed CPA.
  • Corporations must include the corporate resolution authorizing the applicant to sign the transaction.
  • Applicable service charges.
  • If you already own the car, include copies of the money orders or checks used to make your payments.

To formalize the transfer:

  • Set up an appointment to make the transfer.
  • Both parties must bring their original photo IDs (including signature) and Social Security cards.
  • The loan must be in good standing and have no unpaid amounts.
  • The applicant must submit evidence of the endorsement of their current insurance policy or proof that they own a new, equivalent policy (with the same terms and coverage) to the one that has been in force until then. Said policy must be paid in full, without financing. If the required evidence is not submitted, FirstBank will acquire a single interest insurance, as provided in the sales or lease agreement, and will add this amount to the loan balance. This could entail an increase in the monthly payments. If the customer subsequently decides to replace the single interest insurance, only a double interest policy will be accepted for the remaining term of the loan.
  • For lease loans, a public liability insurance policy will be required, with limits of $100,000/$300,000/$50,000.
  • If the vehicle has an extended guarantee contract, the original owner must comply with the provisions in said contract in order to notify that the car has been transferred.
  • The original customer must ask the bank to cancel the Easy Payment service, if applicable.
  • Bring all internal revenue stamps, as applicable.
  • Have the original vehicle license (conventional loan) with a current vehicle tag. If the vehicle tag expired within the next thirty days, it must be renewed before the transfer.
  • Bring a certification from the Department of Transportation and Public Works attesting that there are no pending fines.
  • Bring a copy of the most recent water, electricity, or telephone bill.

Important Notes:

  • If either of the parties (seller or buyer) cannot be present for the transfer on the day of the appointment, they must designate a representative through a Power of Attorney drafted by a lawyer notary. This document must then be certified by the Notarial Inspection Office of the Supreme Court. If the power is drafted in the United States, it must first be notarized by a lawyer notary in Puerto Rico and then submitted to the Notarial Inspection Office. Then, the designated person may go to the transfer appointment. They must bring all the original copies of the legal documents required. In this case, the endorsement of the Title and the license must be performed before a lawyer notary.
  • If the original customer is deceased, their representative must submit a Declaration of Heirship and, if they are not the universal heir, an affidavit from the heirs relinquishing the sale or purchase of the vehicle. The customer must also bring a copy of the Death Certificate and a Certificate of Debt or Estate issued by the Department of Hacienda.

Vehicle Tag Renewal – Leasing

  • Service available at all FirstBank branches.
  • The loan must be in good standing.
  • The customer must bring the original vehicle license corresponding to the vehicle tag to be acquired and show a photo ID. Alternatively, the designated person must bring a written authorization signed by the original customer, including a copy of the customer's ID and the designated person's ID.
  • No inspection certificate is required if the vehicle is a current year model or a model from the previous year.
  • You must bring evidence issued by the general agency or insurance company, including proof of the annual policy renewal and the payment certificate stating it has been paid in full without financing, as well as public liability coverage with limits of $100,000/$300,000/$50,000.
  • If you renew your vehicle tag at one of our branches, you may pay in cash, money order, or check drawn from any FirstBank account, for the amount indicated in the notice we sent, plus applicable service fees. If you do this process at the Auto Customer Service Center, you may pay with a money order, check drawn from a FirstBank account, ATH, Visa, MasterCard, or American Express. Cash payments are not accepted.