Any retiree here get financing on a new Toyota Car ?

[Rican0722]

I am currently looking to finance a new Toyota Pickup through Toyota but proving income is difficult since the US Consulate no longer provides prove of income letters/affidavits. We have a family member qualified guarantor. I am the sole income in our household. Income is not a problem just that financial institutions do not accept income proof from abroad. We are putting down 20% down payment and financing the rest. Anyone has any experience with this in Thailand ? Appreciate your input. 

[olivierf20]

In my experience, they may be able to finance up to 50% of the value of the car, ie. you would have to put 50% of the price as down payment ????

 

[Pumpuynarak]

I had no problem getting finance from Toyota Korat a few years back so my info might be out of date. The Fortuner was 1.5M and i put down 50% deposit and financed the rest over 2 years, the vehicle was in wifey's name but they accepted me as guarantor for her as she did'nt have an income, my pension income was deemed acceptable. I can't remember any discussion regarding the deposit as i just said i'll pay half to keep the amount on finance down to a minimum. Hope this helps.

[alacrity]

Funds from abroad don't mean much. Too many companies lost monies about 10 years ago and at your age a 50% deposit could be a good deal unless you can get a good Thai guarantor.

 

Some lenders won't give you a dime unless you have a proven payment record here. Vendors can be very pro-active when a sale is achievable and work closely with their preferred finance company.

 

A lot depends on how much your dealership needs/wants the sale.

[Rican0722]

10 hours ago, olivierf20 said:

In my experience, they may be able to finance up to 50% of the value of the car, ie. you would have to put 50% of the price as down payment ????

 

Thanks Olivierf20, At the moment 50% is not possible since in the process of building our home. Will see what happens by this week, might have to get my wife's brother to buy for me even though I will be forking the bill.

[Rican0722]

9 hours ago, Pumpuynarak said:

I had no problem getting finance from Toyota Korat a few years back so my info might be out of date. The Fortuner was 1.5M and i put down 50% deposit and financed the rest over 2 years, the vehicle was in wifey's name but they accepted me as guarantor for her as she did'nt have an income, my pension income was deemed acceptable. I can't remember any discussion regarding the deposit as i just said i'll pay half to keep the amount on finance down to a minimum. Hope this helps.

Like I said to Olivierf20 50% is not possible at the moment but will see what transpires this week. I have a solid guarantor. I was a guarantor for my wife when we purchased our car 6 years ago but now need a truck for our property so will see what the banks come up with but has been a bit challenging as me being a primary buyer because of Thai policy on retiree income. If I had a work permit it would be no problem based on what I've read and heard. Thanks for your input.

[Rican0722]

2 hours ago, alacrity said:

Funds from abroad don't mean much. Too many companies lost monies about 10 years ago and at your age a 50% deposit could be a good deal unless you can get a good Thai guarantor.

 

Some lenders won't give you a dime unless you have a proven payment record here. Vendors can be very pro-active when a sale is achievable and work closely with their preferred finance company.

 

A lot depends on how much your dealership needs/wants the sale.

I have gathered this much thus far and understand the liability being a foreigner here. What I've read Toyota has little motivation since they are the number one seller in Thailand. Appreciate your input.

[kensisaket]

One thing a lot of people don't know about Thailand is the banks "age discriminate" for financing. They don't lend money to seniors.  

[BEVUP]

22 hours ago, Pumpuynarak said:

I had no problem getting finance from Toyota Korat a few years back so my info might be out of date. The Fortuner was 1.5M and i put down 50% deposit and financed the rest over 2 years, the vehicle was in wifey's name but they accepted me as guarantor for her as she did'nt have an income, my pension income was deemed acceptable. I can't remember any discussion regarding the deposit as i just said i'll pay half to keep the amount on finance down to a minimum. Hope this helps.

Pretty much the same here but the car in my name (i am not retired - still work abroad )

Just said to Toyota Korat " No deal if not in my name " & wife was Guarantor with no income

50% down & 400,000 over 4 yrs 

[spetersen]

1 hour ago, kensisaket said:

One thing a lot of people don't know about Thailand is the banks "age discriminate" for financing. They don't lend money to seniors.  

I'm retired and I had no problem at all to get my Fortuner financed to 70% with my Thai wife as guarantor without any income. Try Kiatnakin Bank...

[flyingtlger]

Go to Toyota or any major Japanese car manufacturer....they'll make it happen as long as your papers and proof is in order.

 

[friend of siam]

cars in thailand way to expensive

the best and fastest way to burn money...

take the loan and pay the interest once its paid its worth rubbish...buy land instead...be fast cause if you let pass more than a month from viewing to signing seller might want more cause market is raising up...w.car exactly opposite for a tinpot u pay double from everywhere else in the world...if so buy second or third hand car... third of the price and it gets u from a to b same like your new car loan...

[Rican0722]

4 hours ago, kensisaket said:

One thing a lot of people don't know about Thailand is the banks "age discriminate" for financing. They don't lend money to seniors.  

I'd like to think that my age still qualifies since I've not reached 60 yet but I don't know. Thanks.

[Rican0722]

3 hours ago, spetersen said:

I'm retired and I had no problem at all to get my Fortuner financed to 70% with my Thai wife as guarantor without any income. Try Kiatnakin Bank...

Thanks for the tip on the K Bank will check it out. Thanks for your input.

[Rican0722]

2 hours ago, friend of siam said:

cars in thailand way to expensive

the best and fastest way to burn money...

take the loan and pay the interest once its paid its worth rubbish...buy land instead...be fast cause if you let pass more than a month from viewing to signing seller might want more cause market is raising up...w.car exactly opposite for a tinpot u pay double from everywhere else in the world...if so buy second or third hand car... third of the price and it gets u from a to b same like your new car loan...

Yes I've come to realize this about car prices here but when one has needs for a particular type of transportation given our situation having our land already and need for the purpose of taking care of our farm and its needs. We've already secured our land investments but still need a pickup and prefer making a long term investment why I prefer a Toyota because of its longevity and quality. Thought about a second hand and do agree that I will save and potentially get the same service but prefer to get new. Thanks for your input.

[Rican0722]

3 hours ago, flyingtlger said:

Go to Toyota or any major Japanese car manufacturer....they'll make it happen as long as your papers and proof is in order.

 

Working with dealership now and waiting for them to get back to me. Thanks for sharing.

[ThaiBob]

With a guarantor and you are under 65 should be no problem. My first Toyota Altis years ago I put 25% down. I then became a Toyota VIP customer and my Camry purchase was 0% down and loan in my name with no guarantor. 

[ToddinChonburi]

I used Kasikorn but had 50% down .

[DJ54]

Bought an Isuzu MUX traded in older DMAX. Strange part they

came out and took pictures of the house  and a small soup

shop at front of lot didn’t really regenerate much money to think

of.

 

Balamce was financed at the dealer. 

[Rican0722]

14 hours ago, ThaiBob said:

With a guarantor and you are under 65 should be no problem. My first Toyota Altis years ago I put 25% down. I then became a Toyota VIP customer and my Camry purchase was 0% down and loan in my name with no guarantor. 

Good to hear, plan to get another car for my wife in the future as well. Thanks for sharing. 

[Rican0722]

12 hours ago, ToddinChonburi said:

I used Kasikorn but had 50% down .

Thanks, we are working with the dealership and hope to get good news by mid-week.

[Rican0722]

9 hours ago, DJ54 said:

Bought an Isuzu MUX traded in older DMAX. Strange part they

came out and took pictures of the house  and a small soup

shop at front of lot didn’t really regenerate much money to think

of.

 

Balamce was financed at the dealer. 

I would have traded our old car a Toyota Yaris but traditionally dealers don't want to give you much for a trade-in, so I decided to sell on my own and luckily found someone to purchase it already. Interesting how they just took photos of house and soup shop, maybe to see where they have to come in case you wouldn't pay 555. Thanks for sharing.

[MAGA 2020]

Just purchased new Ford Ranger XLT last week, first time purchase in my name here. Received 120,000b trade in allowance for my Ford Focus. No other money paid. 0% interest for 48 months. Used thai wife as co signer. 

[alacrity]

On 8/11/2019 at 2:12 PM, friend of siam said:

cars in thailand way to expensive

the best and fastest way to burn money...

take the loan and pay the interest once its paid its worth rubbish...buy land instead...be fast cause if you let pass more than a month from viewing to signing seller might want more cause market is raising up...w.car exactly opposite for a tinpot u pay double from everywhere else in the world...if so buy second or third hand car... third of the price and it gets u from a to b same like your new car loan...

 

Yes auto's depreciate everywhere. It's a matter of 'by how much'. Vehicles here tend to hold their value more than in you're home country as the initial tax paid is still factored into the resale price.

 

Selling land is far more difficult than purchasing it and is generally a long term investment rather than a quick flip. An investment that doesn't give the convenience of getting around. Particularly if you live outside a major city.

 

[Rican0722]

On 8/12/2019 at 3:45 PM, MAGA 2020 said:

Just purchased new Ford Ranger XLT last week, first time purchase in my name here. Received 120,000b trade in allowance for my Ford Focus. No other money paid. 0% interest for 48 months. Used thai wife as co signer. 

Congrats on your new truck, I know it's a nice truck and they probably have more lenient financing than Toyota. The problem being from good ole USA I can't proof income based on new changes of not issuing income verification letters any longer which is pretty frustrating for expats from USA, Australia and UK. 

 

I believe the next question is, how can expats proof income for anything in Thailand now besides immigration now requiring 12 months consecutive income to a Thai bank for those who are on a pension/retirement income ? If anyone knows any loopholes it would be well appreciated if they could share with this community.