Car Loan without Thai Guarantor

[pervaud]

Hi All,

 

I'm newbie here, lived in Bangkok and looking to buy used card with financing arrangement. Been to 5-7 car dealer but all of them said financing companies will require Thai guarantor. Tell them i'm willing to pay 50% of deposit if neccesary, but still no luck

 

I have work permit & married to foreigner as well. We are looking a way to get car financing without Thai guarantor.

 

Is there any recommendation of dealer/finance company who are easy on this? 

[colinneil]

OP reason for them wanting a Thai guarantor is,  if foreigner dont pay, can just leave the country.

With a Thai guarantor, foreigner dont pay, they just go after the Thai guarantor.

[Mattd]

I have financed 5 cars without a Thai guarantor, 40% deposit / down payment, never an issue, last one was with SCB bank.

[pervaud]

1 hour ago, Mattd said:

I have financed 5 cars without a Thai guarantor, 40% deposit / down payment, never an issue, last one was with SCB bank.

Hi, i been told for the 1st car purchase it always require Thai guarantor. Do you mind PM me the dealer name or bank contact on your case? 

[Anders W Ferslev]

i got loan for 2 cars direct from toyota, min 30% down payment, then the dont need thai-guarantor 

[nickmondo]

i was told by the dealer here (wont say which one - but major car dealer) that a guarantor would be arranged for me for 30,000 baht.   the price went down to 20,000 baht after i declined

i did not do this though, because god knows what the contract would say and maybe i would not end up owning the car

[9a9a]

I bought a new ford wildtrack, vehicle in my name and no guarantor, 25% down and finance through Tisco bank no problem.

[Mattd]

21 hours ago, pervaud said:

Hi, i been told for the 1st car purchase it always require Thai guarantor. Do you mind PM me the dealer name or bank contact on your case? 

A lot depends on where you are located.

 

First one was at Toyota Pattaya, loan was arranged by them with Tisco

I then got 3 different BMW, all three were financed via BMW Financial Services, dealer was German Auto (Bangna)

Last one is a MB from the dealer in Pattaya, financed through SCB arranged via the dealer.

 

Suggest you shop around.

[natway09]

The average second hand dealer is a different story to buying new direct from the manufacturer

[scorecard]

On 10/12/2020 at 4:15 PM, colinneil said:

OP reason for them wanting a Thai guarantor is,  if foreigner dont pay, can just leave the country.

With a Thai guarantor, foreigner dont pay, they just go after the Thai guarantor.

Agree, the banks/finance institutions are practicing basic risk management. Nothing to stop the foreign guarantor from leaving Thailand and then no chance of getting the guarantor to pay. On the other hand they can sue a Thai guarantor in the Thai courts.

 

Just common sense.

 

Are you aware that Thai banks/finance institutions have high rates of non performing loans (at any time) therefore they try (as they should) to limit the risk. 

[pervaud]

Hi All,

 

Thanks for all the input. Finally we decide to go to new car showroom and one of them allow me to do financing without Thai guarantee as long as down payment is 30%. 

[OneMoreFarang]

It seems there is a difference between a guarantor and a guarantor. 

I twice financed motorcycles. Both times they asked for a Thai contact. Both times I gave them the name and phone number of my girlfriend. They called her but she never had to sign anything. I don't know how usual or unusual that is.