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Advice on new vehicle financing.


jmansilla

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Hello I am looking for advice on the best way to finance a new vehicle, most likely a 2021 Isuzu D"Max. Is it best to go through the dealer or go to SCB or Kasikorn where we have our bank accounts? Also what is needed for proof of income? How do they determine or verify any or no credit history? Does my income help or is everything based on the Thai Citizens income and how do they determine what finance amount they qualify for? Every dealership we visit we get a different answer and none seem to really know what they are talking about.

 

Thanks in advance!

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3 hours ago, jmansilla said:

Hello I am looking for advice on the best way to finance a new vehicle, most likely a 2021 Isuzu D"Max. Is it best to go through the dealer or go to SCB or Kasikorn where we have our bank accounts? Also what is needed for proof of income? How do they determine or verify any or no credit history? Does my income help or is everything based on the Thai Citizens income and how do they determine what finance amount they qualify for? Every dealership we visit we get a different answer and none seem to really know what they are talking about.

 

Thanks in advance!

 

Not sure if you have a Thai Spouse or not but the way I always did it was have the wife get the finance with me as guarantor. With that, I never had an issue. 

 

Of course, this does mean the asset is in the wife's name. Whether that is appropriate in your case or not isn't my call. 

 

What I can say is that I am settled in Thailand. I am very, very happy. I've been married here for 20 years.But that isn't 20 years married to the same woman. My divorce cost me 2 houses and a Mitsibishi Pajero.... 

 

My mistake.

 

There will be no more losses of this nature. I upgraded to a much better model. I traded a slow, 'heavy',  chunky tank for a fiery, more reliable sleek beauty with a ton of horses under the hood. The small size doesn't mean you have to be delicate. On the contrary. No matter how hard you go, it just begs for more - far more than you could ever give....

 

Anyway,  I didn't learn anything from the divorce. I still do the same thing if financing comes up. Stay below the radar and all that! 

 

The good news to all you 'Roger the Tax Dodgers' is that offshore Income is recognised. They get it at the banks. Half of Thailand isn't paying tax and they will approve you as a guarantor based on offshore income that isn't well documented. As long as it is hitting a bank somewhere on earth.  Not only will they let you be guarantor based on fairly flimsy evidence, they understand that it would be 'inconvenient' should the revenue dept ever got wind of the real numbers.

 

Mum's the word. 

 

Bizarrely, I can also still be a guarantor after being a bum guarantor for the loand that wife 1.0 took out and couldn't pay off.

 

I said I lost the houses, I didn't say she got to keep them :-)

 

Anyway, all good. Apply for both financing Method. Better to have a spare. 

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17 hours ago, pedro01 said:

 

Not sure if you have a Thai Spouse or not but the way I always did it was have the wife get the finance with me as guarantor. With that, I never had an issue. 

 

Of course, this does mean the asset is in the wife's name. Whether that is appropriate in your case or not isn't my call. 

 

What I can say is that I am settled in Thailand. I am very, very happy. I've been married here for 20 years.But that isn't 20 years married to the same woman. My divorce cost me 2 houses and a Mitsibishi Pajero.... 

 

My mistake.

 

There will be no more losses of this nature. I upgraded to a much better model. I traded a slow, 'heavy',  chunky tank for a fiery, more reliable sleek beauty with a ton of horses under the hood. The small size doesn't mean you have to be delicate. On the contrary. No matter how hard you go, it just begs for more - far more than you could ever give....

 

Anyway,  I didn't learn anything from the divorce. I still do the same thing if financing comes up. Stay below the radar and all that! 

 

The good news to all you 'Roger the Tax Dodgers' is that offshore Income is recognised. They get it at the banks. Half of Thailand isn't paying tax and they will approve you as a guarantor based on offshore income that isn't well documented. As long as it is hitting a bank somewhere on earth.  Not only will they let you be guarantor based on fairly flimsy evidence, they understand that it would be 'inconvenient' should the revenue dept ever got wind of the real numbers.

 

Mum's the word. 

 

Bizarrely, I can also still be a guarantor after being a bum guarantor for the loand that wife 1.0 took out and couldn't pay off.

 

I said I lost the houses, I didn't say she got to keep them :-)

 

Anyway, all good. Apply for both financing Method. Better to have a spare. 

Ha yeah I know we are in Thailand, buyer beware!

 

I have been sending about $100,000 baht to her bank account for the past 6 months thinking that would somehow help. What amount of down payment is usually enough to pretty much get an easy loan, 25% down up to 50%? I just hate dealing with the normal attitude you get if you "don't buy today" we are careful with our purchases that is why we have money in the first place.

 

Also, what did they need to use you as a guarantor, passport, Visa, house book etc?

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My last new car I paid cash, and received a 10% discount compared to the 0% Interest mortage offered.

So it was worth the cash payment. At the end you have to ask your dealer if they even will give you finance, if you not have a work in Thailand!

 

The down-payment you also have to check where you buy the car. The offer for my car was a initial payment of about 15%, and then the rest in the next 2 years. But for myself the cash option was much better deal. But it always depends on the car, the actual offers and and and...

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A car is one of the few items you can have in your name here. So whatever it takes to do that you should. If that means paying cash do it. I paid 50 percent down with my last 2 cars. Wife as a guarantor as she has income. I provided my pay slips and work permit. No problems having the car in your name in those circumstances. Just go to the dealer and have them organise finance. 

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23 hours ago, Kwasaki said:

We bought from a Isuzu dealership they had there Bank arrange finance with us. 

Go to the showroom and all be revealed. 

We too. Sales manager did everything. We just signed. As elsewhere on the thread car is in wife's name. Loan was with Thanachart. No problems what so ever. 

Sad that Thanachart are doomed to disappear. 

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1 hour ago, lagavulin1 said:

We too. Sales manager did everything. We just signed. As elsewhere on the thread car is in wife's name. Loan was with Thanachart. No problems what so ever. 

Sad that Thanachart are doomed to disappear. 

We had Thanachart at one time and now we are with Krunthai bank it was cheaper interest rate but maybe that was just a difference in time thing. 

It work out about same because Mrs being over 50 life insurance was extra. 

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I bought a new Ford Ranger in end of 2016, 0% interest 48 months.   They required 25% downpayment for expat.   I didn't even have a 'house book', just passport/Visa and Work Permit.  Financed through TISCO bank which was the bank the dealership was using.  Girlfriend, who has a good job at a great company, co-signed for me.   I was surprised they gave me the loan as I get paid only the minimum in Thailand for a BOI visa (most of my salary is overseas) and the girlfriend had a hefty mortgage on a house AND a car loan as well on her salary which is even less than my BOI salary.  That may be different nowadays with COVID risks etc.

 

It is paid off now and it's in my name, took about a month for the 'Car Book' to arrive.

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5 hours ago, Yellowtail said:

It rarely make sense to finance a car if you can pay cash.

 

If you put the car in your wife's name she'll get the tickets in the mail...

 

Hahahaha beware of where you get a ticket , don't speed on your way to pattaya or wherever 😁

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I can not give you any advice, but I was and looked at a car today (one of the two best-selling brands in Thailand I would think!) and was offered finance. The car in my name and my wife as a guarantee. Was also offered what they here call extra accessories for free, include one year "first class insurance" and Thb 25000, - as a discount on the down payment amount. I asked if I would get Thb 25000,-on discount if I paid in cash, but then the answer was no. I also offered to pay down 50% of the total if I got lower interest rate but then again no, the interest would be the same if I paid down 20 or 50%🤔 🙃

Felt 

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On 2/17/2021 at 9:42 PM, pedro01 said:

There will be no more losses of this nature. I upgraded to a much better model. I traded a slow, 'heavy',  chunky tank for a fiery, more reliable sleek beauty with a ton of horses under the hood. The small size doesn't mean you have to be delicate. On the contrary. No matter how hard you go, it just begs for more - far more than you could ever give....

Is that any way to describe a woman? 😉

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