Bank loans in Costa Rica

42358POSTS

8 years ago

Hello,

Finances and banking can sometimes be a headache for many expats, especially when it comes to taking out bank loans.

Is it difficult for an expat to get approved for a bank loan in Costa Rica?

What are the types of bank loans available for expats (mortgage/bonds; business loans; car loans; personal loans; student loans)?

What are the general conditions for expats to take out bank loans (interest rates; timeframe to repay loans, etc.)?

Which bank in Costa Rica is the most popular or accessible for expats regarding loans?

Would you normally require the services of an accounts manager at the bank in order to facilitate the process of taking out a loan? Is this service free of charge?

What would happen in the case of an unpaid loan if you have to repatriate back to your home country or move somewhere else?

Are there any other options for loans aside from the bank in Costa Rica, such as taking out a loan from your bank in your home country, or other types of companies not affiliated with banks, that give out loans?

Thank you for sharing your experience.

Priscilla

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samramon ViP

1338POSTS

8 years ago

I've heard that Interest in Costa Rica is MUCH higher than in the USA . As to getting the loan, not sure how hard it is. I do know there are "loan sharks" who /!\ I AM A STUPID SPAMMER /!\ at very high interest rates though. Easy to get but ...

I would not recommend getting a loan here like for a car or etc..

However there are real estate sellers like myself who will give you a mortgage on a property and/or house if you have good credit and I have heard there are bank loans available for condos and sometimes gated community houses, but not usually for an individual house on its own property or for a finca etc. unless the seller offers the terms himself.

By the way the above is hearsay for the most part, I'm not an expert on this, so take it with a grain of salt. ;-D

pebs Serial expat

349POSTS

8 years ago

Wise words ! I wish many naive gringos would heed. them .
The locals not only con us because they think we are all rich BUT because they think we are all STUPID, which we are,,(we wold not do things like that in our own countries ..why would it be different HERE?

gjpn Contributor

123POSTS

8 years ago

You're absolutely right. They think we are all rich and stupid. Of course, when you're on vacation in a strange country, you don't know any better.

I don't know how many times I've gotten gas here and the attendant tried to add another 10,000 colones for himself. Now, I watch the pump very carefully. Tourists and expats alike need to watch their wallet very carefully. There are NO ethics here. Absolutely none.

samramon ViP

1338POSTS

8 years ago

thewizz wrote:
You're absolutely right. They think we are all rich and stupid. Of course, when you're on vacation in a strange country, you don't know any better.

I don't know how many times I've gotten gas here and the attendant tried to add another 10,000 colones for himself. Now, I watch the pump very carefully. Tourists and expats alike need to watch their wallet very carefully. There are NO ethics here. Absolutely none.

I'm sure it happens as you describe above but it's never happened to me in the 3 years I've lived here and many trips I've taken here previously. I have never been ripped off by anyone running a cash register.

I have had people at cash registers return money to me, even giving me back a 10 mil ($18 more or less) bill that I thought was a 1mil bill. I've had Ticos call out to me from across the street and i look back like "What do you want?" to have them tell me I dropped an important paper as I crossed the street. I could give you a dozen more examples of how Ticos have been kind to me.

That doesn't mean Ticos are always great people always in every way. I wouldn't say that. But as to dealing with money the only problems I have had is with Claro who still owes me $100 or so from ripping me off with their service. (They're a Mexican based company though.)

As to loaning money one should never loan money to a friend unless one is willing to accept not getting it paid back. That said, I loan money all the time to my Tico friend who also works for me and I KNOW he would always make good on it. But I wouldn't loan him or anyone else money if not getting it back would put me in a bad situation.

gjpn Contributor

123POSTS

8 years ago

Samramon, I have no doubt that your stories are true. However, you don't live in a touristy area. The Tamarindo area draws despicable people like a magnet. Tourists get ripped off here left and right by Ticos and Gringos alike. It's just a matter of the magnitude. Most tourists are totally unaware because they're in "paradise" and left their brain at home. Expats like me get to know their tricks. I've never seen so many despicable people in my life. Gringo gulch as pebs would say. Yes, I'm leaving...

samramon ViP

1338POSTS

8 years ago

thewizz wrote:
Samramon, I have no doubt that your stories are true. However, you don't live in a touristy area. The Tamarindo area draws despicable people like a magnet. Tourists get ripped off here left and right by Ticos and Gringos alike. It's just a matter of the magnitude. Most tourists are totally unaware because they're in "paradise" and left their brain at home. Expats like me get to know their tricks. I've never seen so many despicable people in my life. Gringo gulch as pebs would say. Yes, I'm leaving...

Okay, I get what you're saying...
I just wanted to point out that it's not like that all over Costa Rica, at least not where I live. As I said, not everything is perfect by any means, and Ticos have their faults just as gringos do.

In essence I was simply saying your experience re gringos being ripped off is not the same as mine and others who live around my area. Glad I decided to move to the mountains outside of San Ramon!

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