financing a car - advice pls

[fullofmax]

Hi guys,

 

I would like to finance a car here. Looking at the Honda Civic 1.8 EL for 950k.

I would like to make a down payment of 25% so 250k.

Im on a tourist visa,  and usually convert a fraction of my digital assets (bitcoin) to thai baht when Im here.

 

Now I understand that I wont be able to finance a car in this financial situation as Im probably not credit worthy for a bank.

We (my gf and me) tried it at one honda dealer so far and the sales person said it would be no problem to purchase the car in my GFs name (would be no problem for me) as long as she can make the down payment and 

her last 6 months bank statement would allow to pay the car monthly for 4 years (which would be around 16kish baht). Now Im sending her 100k+ a month for years already so everything sounded easy. 

However when we and the sales person met up with the bank person the dealer works with he said that my gf isnt credit worthy as we arent married. I find that a bit strange since we met the requirements the sales person told us we would need by far but yea in the end its the banks decision ?

 

Now To my question. Was anybody in a similar situation already and was able to finance a car ?

I guess if finance doesnt work I will need to buy a car cash but I prefer finance it.

 

Thanks for your help and advice ?

Edited August 5, 2018 by fullofmax

[watcharacters]

 

I please ask if your credit worthy  situation is a result of your  using bitcoin in your life or is there another cause for  your status?

 

I wish I could offer conventional   loan help but I had to be a cash customer when I bought a car.   No other option was available  for me.

 

In general, banks don't  like to take chances on failure  of  the borrower  to repay  the loan.    

 

They  especially like to look for stability.

 

Good luck.

 

P.S.  Did you mistype this?     "Now Im sending her 100k+ a month for years already so everything sounded easy."

 

For years?

 

 

Edited August 5, 2018 by watcharacters
spelling.

[observer90210]

Nothing to be put in anybody else's name but your own....no matter how good she is in the kitchen or elsewhere !!!!...no matter how much she flatters your ego...nothing in her name.

[jackdd]

Why not pay cash? Do you have too much money and want to give some to the bank?

[Lacessit]

Buy a second-hand car with cash. If your GF objects, dump her.

[BEVUP]

I'm sure this is not for real

If you can afford to send GF 100K p/mth, I would be saving up & pay cash 

Slashing your GF funds which are way above that she would need to survive on

 

& by the way it is possible with a 50% down payment, as my wife is Guarantor with no financial statues at all 

[fullofmax]

6 minutes ago, BEVUP said:

 

& by the way it is possible with a 50% down payment, as my wife is Guarantor with no financial statues at all 

So you financed a car in your name with your wife as the guarantor without a job ?
I dont understand how this works for thailand because she basically doesnt guarantee for anything.

 

@ the other posters, thanks for the advice but that wasnt what Im asking about ?

[NanLaew]

1 hour ago, fullofmax said:

So you financed a car in your name with your wife as the guarantor without a job ?
I dont understand how this works for thailand because she basically doesnt guarantee for anything.

 

@ the other posters, thanks for the advice but that wasnt what Im asking about ?

It's box-checking. You are the unspoken farang guarantor of the Thai partner who is the stated Thai guarantor. I bought houses that way a long, long time ago with my first wife.

 

As for car salesman saying easy-peasy but your GF not qualifying for a car note, that's pretty much how it works anywhere in the world. The salesman really, really wants to "get you in a car today" but the finance company really want to protect their assets. That's how I managed to get a Ranger that was in high demand and short supply in 2011. Someone ordered one, made a down payment and waited 4 months for delivery but didn't pass the credit test. That customer got his deposit back but the dealership still has a truck sitting in their showroom. They called me up, took my deposit and I managed to meet both the saleslady's and the finance company's requirements and beat the waiting list by 3 months.

 

The main criteria for a foreigner getting finance at the same rates as a local is having a WP. Tourist visa doesn't quite hack it so unless your GF's credit suddenly looks more acceptable with 50% down payment a suggested earlier, pretty much your only recourse is buy it cash outright, no finance. You will need a certificate of residence from immigration as part of getting the car in your name. If any dealership says 'cannot' and say it can only ever go in your GF's name, walk away and try another dealership.

 

Good luck.

[BEVUP]

11 hours ago, fullofmax said:

So you financed a car in your name with your wife as the guarantor without a job ?
I dont understand how this works for thailand because she basically doesnt guarantee for anything.

 

@ the other posters, thanks for the advice but that wasnt what Im asking about ?

Yes that's right ( 1 yr ago )

Told them if not in my name no deal

With the car being in the GF name it is just another asset that her family can hock 

[canopus1969]

I was refused finance on a vehicle as  am over 65  ☹️

[worgeordie]

"Now Im sending her 100k+ a month for years already"

and she was never able to save anything,stop paying

her for 9 months and you will be able to buy the car,cash

regards worgeordie

[colinneil]

OP why are you thinking with your small head?

You say you are sending her 100.000 baht each month...Holy s++t.

She could have bought a car on the money you say you send her, what does she do with 100.000 baht each month?

Edited August 6, 2018 by colinneil

[DipStick]

6 minutes ago, colinneil said:

OP why are you thinking with your small head?

You say you are sending her 100.000 baht each month...Holy s++t.

She could have bought a car on the money you say you send her, what does she do with 1000.000 baht each month?

You’ve made the story even more horrifying, you have bumped up the original 100k per month to 1 million !

[cornishcarlos]

17 hours ago, jackdd said:

Why not pay cash? Do you have too much money and want to give some to the bank?

 

Have you seen the price of Bitcoin lately !! That's why he needs bank finance ?

[colinneil]

1 minute ago, DipStick said:

You’ve made the story even more horrifying, you have bumped up the original 100k per month to 1 million !

Oops silly me got carried away pressing the 0 button.

[Henryford]

What i did instead was get a bank loan in my home country, the UK, transferred the cash here and paid for the car in cash. No issues with Thai loans then and you can sell later if you want.