Financing a car as a foreigner in Thailand

[Boy Wonder]

I've been in Thailand now for about 2 months (my first time) and enjoying it a lot. My only problem has been transportation. I don't like taking the metro everywhere, so I mostly use Grab. But Grab has started becoming a burden as well for many different reasons.

 

I recently rented a car for a week and it has been a tremendous experience. I'm going to return it soon and rent another for the remainder of my tourist visa, however I will be back to Thailand after leaving and getting a multi-year education visa through a Muay Thai school I found, and I certainly don't want to continue spending $500-1000 a month on car rentals when I could spend the same or less and finance a much better car instead.

 

Does anyone have information on financing a car here in Thailand as a foreigner? What will be required? I don't work in Thailand, so hopefully they don't require that...I can, however, show them proof of earnings of $100k+ annually from USA.

 

Any links, references or other options would be greatly appreciated.

 

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[scubascuba3]

If you earn $100k+ a year just buy one, no need for financing

[vinegarbase]

As someone else posted if you have the money you will be better off just buying a new car with the full payment. I have both a 2017 Ford Everest and a 2017 Nissan Almera and both of those I needed a work permit and work visa for financing. I am not 100% if you could get financing on an ED visa, the best thing to do is go to the dealer and ask. If that is not an option you might just want to buy a motorcycle or moped if you are only needing to mostly travel short distances. 

[blackcab]

Work out the cost of renting for one year -v- the depreciation on a new car after one year.

[Deli]

Buy a cheaper 2nd hand and sell it after a year without a big loss.

[lordblackader]

You're not going to get financing on an ED visa, period. It's even somewhat difficult (not impossible) to get one when you're working here legally on a B visa with work permit, for example some banks require you to have been working here for upto 3 years before they'll even consider a loan.

 

Given you're making good money, just buy one. Even if you can't afford a new vehicle upfront pick up a second hand one. As a lot of the cars here are actually made here they depreciate extremely quickly - I bought a 2016 Nissan Navara at the beginning of the year, top of the range (leather seats etc), 40,000 kms on the clock for half of what it would have cost me new. If that's not in your budget, you'll easily pick up a 10 year old Toyota Soluna or Honda City for 100-150,000 baht or thereabouts.

Edited October 8, 2018 by lordblackader

[namatjira]

Buy a second hand Toyota ..... 

[gamini]

There is no law or regulations regarding foreigners buying cars with financing.  It Depends on the finance company. I have been able to do it several times with no problem at all and no work permit. I am on a retirement visa, but I had to get a guarantor. I've always had plenty of Thai friends who are willing to do this.

[Benmart]

2 hours ago, gamini said:

There is no law or regulations regarding foreigners buying cars with financing.  It Depends on the finance company. I have been able to do it several times with no problem at all and no work permit. I am on a retirement visa, but I had to get a guarantor. I've always had plenty of Thai friends who are willing to do this.

Thank for posting your experience. It is helpful to some and educational to the know-it-alls.

[DJ54]

I think new cars and some used are overly expensive here. I bought a new MUX but I’m married to thai. They wanted to come to see House etc. And took pictures. We traded in a used truck and they gave 260k towards new car. 

 

If you’re not planning on long rides all the time buy a moto. Not expensive for the lower cc bikes. Then rent car if on long trip.

 

Don’t know if on ED Visa if you can get a DL you can check on the forum. You have a separate license for moto and another for car. 

 

With a valid US drivers license you can get a Thai DL without taking 

the test or driving test. You still do color checks and braking but easy stuff. Make sure to get International Drivers License before you leave the US. Can get at AAA easily. I had a moto and car US license so got both for Thai DL. Make sure you tell them you want both. I didn’t and when they gave me the car I told and moto. Had to wait another 30 minutes. 

 

Good Luck!

[Lacessit]

Plenty of good second-hand Toyota Vios on the market, just go to ToyotaSure. 350K to 400K will put the OP in a reliable brand that nearly every mechanic in Thailand knows.

[nsimmons]

Hi All,

I am from Aus, and there I have never bought a new car, coz if you do buy new, two weeks later

if u tried to sell it back,  you would get 30% less. I have never been willing to take such depreciation, just for "new car smell" ????

I tend to buy 2 year old cars and let the first owner take the BIG hit, and after I buy it, (often with very low mileage)

it depreciates at the usual rate.

So I thought the same would be true here. The gfriend then said there was little savings if buying used, but I dragged her to

the car sales district in BKK anyway. After half a day of comparing New and Used vehicles,  she was right.

I returned to Phuket ending up at my RC model pal's Honda Dealership, then to his brother's Mazda dealership,

then to their brother's Ford Dealership. There I saw a new 2014 Ford Escape 2.4L XLT. And as was mentioned, it is made here

so just over 1M Baht. I was going to pay cash, but they had a "0% Interest Loans Promotion" at the time. So I paid 70% and borrowed

300,000bht at 0% over 4 years. I recently paid it off and all went "easy peasy". I am on a Retirement Visa and all seemed very routine.

 

Cheers,

 

NS

PS Below is the car and gfriend now.

Edited October 8, 2018 by nsimmons

[stevenl]

20 hours ago, lordblackader said:

You're not going to get financing on an ED visa, period. It's even somewhat difficult (not impossible) to get one when you're working here legally on a B visa with work permit, for example some banks require you to have been working here for upto 3 years before they'll even consider a loan.

 

Given you're making good money, just buy one. Even if you can't afford a new vehicle upfront pick up a second hand one. As a lot of the cars here are actually made here they depreciate extremely quickly - I bought a 2016 Nissan Navara at the beginning of the year, top of the range (leather seats etc), 40,000 kms on the clock for half of what it would have cost me new. If that's not in your budget, you'll easily pick up a 10 year old Toyota Soluna or Honda City for 100-150,000 baht or thereabouts.

"As a lot of the cars here are actually made here they depreciate extremely quickly"

 

Compared to nearly all countries depreciation of the most popular models is really, really slow here.