Anyone Ever Borrowed To Buy A Used Car?

[dgblkbelt]

Before I get flamed, I actually have the cash to buy the car I'm looking at, but I would prefer to invest it in other things... thinking about the downpayment on a house back home, for instance. So I wonder if you can, as a foreigner with a high (in the US, very average, but thats a lot here) income, work permit, etc. if you can borrow to privately buy a used car from an individual seller.

Anyone tried?

[Pomthai]

I did it with my D-Max, didn't borrow as such but bought on finance. 5 year term with monthly payments, 75K deposit. Produced WP and letter from company confirming/certifying salary.

Edit:// Forgot to add, I had to produce local bank statements from the previous 3 months. Tisco bank is who I used for the finance.

Edited May 17, 2007 by Pomthai

[chanchao]

I did too.

But I borrowed from my mum in law so that probably doesn't count.

[bkkmick]

Me twice. Used my wife for the actual paperwork. No problems.

[LivinLOS]

Note the OP says used car.. Buying on main dealer arranged finance not same..

I had some complications buying a second hand motor that was on finance.. At one point instead of the outright purchase I offered to just take over finance but despite non imm O I couldnt.. Perhaps with a WP and income history..

[Neeranam]

I borrowed 285,000 for a second hand car - no problem. Actually it's in my wife's name but I pay the cash.

[samran]

what tends to be the interest rate you get charged?

[Neeranam]

I got 7%. But now realise I could have got less with AIG.

[LivinLOS]

I borrowed 285,000 for a second hand car - no problem. Actually it's in my wife's name but I pay the cash.

So your wife borrowed the money..

[Neeranam]

I borrowed 285,000 for a second hand car - no problem. Actually it's in my wife's name but I pay the cash.

So your wife borrowed the money..

mmm not sure.

I had to show my work permit and get a letter from my work, which would suggest I borrowed it. But, the car is in her name.

[LivinLOS]

Surely its fairly obvious based on the documentation who borrowed it ??

I am guessing that if they insisted it had to be in her name then they lent her the money.. Perhaps with you as a guarantor or secondary lien.