options to buy new car on low interest credit

[notrub]

I would like to replace my GF's old (old) Toyota which runs ok and is paid for (whew!) but could use a new paint job and other bits and pieces.  I just bought a Toyota CR-H Hybird and paid cash (well over 1M baht) and didn't get any enormous discount at all.  In fact they seemed a bit disappointed that I didn't want a loan. 

 

Here is my question.  Can I buy a new car with a very low down payment and about 0% interest repayments?  Does the make make a difference?  A friend was turned down when wanting to buy a Mitsubishi on credit (after 3 home visits and in depth offensive nosing into their affairs by the sales team).  They walked down the street to the MG dealer and got a good reception and a new car was delivered the next day (100 km away) having signed 1 form.   

 

I see that there are plenty of new small cars for sale at around 50K and they all seem ok to me.  I would prefer Toyota or Honda but don't really care.  The car will be used as a local run around only so long term trouble free use is the main issue, along with all the normal attractions (ABS, safe etc...)

 

Also, we don't work although we/she owns the 3 rai of land my 2M baht house is built on.  We have no debt.  

 

So, can you help with advice about buying a car on credit, what car makes and credit companies to avoid and how do we qualify for a loan with no income?  Please.

 

Otherwise I could buy a nearly new used car for cash.  Where could I find one of those, please?

 

Thank in advance for any comments.

 

 

[TTSIssues]

The dealers make more money from

selling you a finance agreement than from selling the car, hence they don’t like cash deals. 

[Henryford]

Are you buying in her name or yours. As a farang i found it very difficult to get finance for a car so ended up paying cash. Should be easier for a Thai but you have to show she can afford the repayments. She doesn't work ! how can she prove that?

[Pumpuynarak]

8 minutes ago, Henryford said:

Are you buying in her name or yours. As a farang i found it very difficult to get finance for a car so ended up paying cash. Should be easier for a Thai but you have to show she can afford the repayments. She doesn't work ! how can she prove that?

I had no problem at all when buying a new Fortuner, put the car in wifey's name and Toyota arranged the finance with my pension income satisfying their requirements, they could'nt have been more obliging. 

[Tuvoc]

We are in the process of buying a new Fortuner. Were originally going to pay cash but decided to finance it. The dealer first of all sent Siam Commercial Bank to see us, and what a nightmare. Massive documentation requirements and in the end wanted 40% deposit and even then it wasn't a "yes" yet. Gave them the boot and the dealer then had Thanachart bank pay us a visit, and they were a breath of fresh air. Looks like that will go through with a minimum of fuss. 

[Tuvoc]

Just to finish off our story anyway when buying a new Fortuner....  Firstly we had enough money in Thai banks to pay cash for it 2 or 3 times over, and enough other Thai assets (land) to pay for it several times over. But we chose to finance it because interest rates are very low, and it protects the bank balance.

 

Firstly the Toyota dealer had Siam Commercial Bank come to see us. My wife being a customer for a very long time, didn't matter. All the assets above didn't matter. Their documentation requirements were horrendous and they mucked us around for over a week, and they wanted evidence of regular funds from overseas. Which we couldn't provide because the Transferwise  amounts appeared as local amounts. We told them we weren't interested eventually.

 

The Toyota dealer then had Thanachart bank come to see us. Interest rate was a bit lower, great, and it seemed good at first, but again failed on the foreign income proof. I do understand the income requirement, it is what would be required in the western world, but annoyingly it was there but not proven to be foreign.

 

Then the Toyota dealer had someone else come to see us. To my surprise, their shirt had "Toyota Finance" on it, and all the documentation was "Toyota Finance" and "Toyota Leasing".  The interest rate was the lowest of the three !  They were totally happy with our financial situation, and we took delivery of the car fairly quickly after that.

 

So - why didn't the salesman recommend Toyota Finance at the outset ?  It was the best deal and easiest by far. Probably because he or the dealership would have received a fat commission from either of the first two banks ??  The fact that the customer was inconvenienced due to the late delivery of the car by a good couple of weeks - not relevant. I mentioned this to my wife, and she said no problem if he was just trying to make some extra money !

 

 

[transam]

Problem with credit is the early repayment clause and minimum % payable.

 

Our lad bought a car on credit and didn't read it. After a few months he had money to pay the loan off, his agreement stated 50% agreed interest for the total term must be paid.....????

Please read the agreement..

[Tuvoc]

Thanks for the info - I suspect 99% of people don't read the agreement !