Buying a Motorbike on HP

[lynchey]

Not to sure if this is the correct Forum. I'm thinking of buying a Bike and one question is what do I need in order to buy with 50% down. Can I get approval???

[Kwasaki]

Yes but go motorbike forum for what you need.

[ice4351]

You cannot finance a motorbike unless you have a work permit!

[papa al]

6 minutes ago, ice4351 said:

You cannot finance a motorbike unless you have a work permit!

Why ?

[JRUSA]

2 hours ago, papa al said:

Why ?

My gfs son co signed mine 0 down ....

[papa al]

8 minutes ago, JRUSA said:

My gfs son co signed mine 0 down ....

... how is that relevant ?

[Media1]

44 minutes ago, papa al said:

... how is that relevant ?

Yes it is

[baansgr]

1 hour ago, JRUSA said:

My gfs son co signed mine 0 down ....

Be sure to get it your name when you finished  the payments. 

[fxe1200]

...pay cash. The financing is always a rip off, as thai financial institutions let you pay also the "insurance" for a non performing loan, and deny the existence of an annuity. The credit calculation listings from i.e. Triumph, Benelli, Yamaha are ALL calculated wrong, and not to your advantage.

[baansgr]

6 minutes ago, fxe1200 said:

...pay cash. The financing is always a rip off, as thai financial institutions let you pay also the "insurance" for a non performing loan, and deny the existence of an annuity. The credit calculation listings from i.e. Triumph, Benelli, Yamaha are ALL calculated wrong, and not to your advantage.

Definitely, I once enquired and the girl said interest is 1.5% I thought that was good until she said per month.... 

[bbz404]

Interest rates in Thailand on hire purchase contracts are always given as "flat rates" rather than effective rates. It's not wrong, you just gotta know the difference and convert it if you're used to effective rates. What is true is that interest will be due fully even if you intend to pay off early. Financial institutions may grant you a discount but it's up to them. 

Yes, interest rates are high in thailand on two wheelers as the risk is high for the companies. 

If you want to finance 50% of anything that would cost less than 100k new I would ask myself if I can really afford that asset and if it wouldn't be better to consider buying something second hand for 50k which would be yours immediately and no interest required. 

There are tons of good deals to be had at the repossession auctions in Thailand. 

If you're e really set on financing the rate you get will depend on your credit history (NCB), your down payment and the type of bike. Also you need to be completely legal, meaning visa and work permit with salary certificate from an employer. If so you could finance up to 100%, sometimes even more. Thailand loves consumer credit; one time I tried purchasing a Honda Dream in cash and got rejected by 2 of the 3 local Honda dealers as they weren't interested in selling cash. Finance companies give them way better incentives then any cash sale. 

[eisfeld]

3 hours ago, baansgr said:

Definitely, I once enquired and the girl said interest is 1.5% I thought that was good until she said per month.... 

 

That would be over the maximum amount of 15% per year allowed by Thai law.

[georgy]

Buy only what you can afford in cash

[bbz404]

7 hours ago, eisfeld said:

 

That would be over the maximum amount of 15% per year allowed by Thai law.

15% is the limit for banks. However, it does not apply to Hire Purchase contracts by leasing companies who don't fall under the regulation of the BOT. Also, the maximum rate to use your credit card allowance is 18% which is higher than 15%. 

 

[papa al]

15 hours ago, Media1 said:

Yes it is

how?

[djayz]

2 hours ago, papa al said:

how?

It's relevant because it gives the OP an additional option which he/she may not have thought about.

 

 

[DJ54]

5 hours ago, papa al said:

how?

Sure it’s relevant OP asked about what is needed to buy and will he get approval?

 

Buying a moto depending what you’re looking can be relatively inexpensive to buy outright without financing. Financing they

usually stick it to you.

 

Depending if interest is front loaded and you want to pay off early

With interest paid first before principal it’s a loss. 

 

We have 5 small cc motos all which bought out right except

last one. After 6 months didn’t want to be bothered with monthly 

payments went and paid it off and realized some shops put the 

screws to you. 

 

i wouldn’t buy another one financed. My Thai wife was on the contract. 

 

Was given this website for used motos take a look. http://www.hd-playground.com/v6/classified/detail/2430