dgblkbelt Posted May 16, 2007 Share Posted May 16, 2007 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? Link to comment Share on other sites More sharing options...
Pomthai Posted May 17, 2007 Share Posted May 17, 2007 (edited) 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 Link to comment Share on other sites More sharing options...
chanchao Posted May 17, 2007 Share Posted May 17, 2007 I did too. But I borrowed from my mum in law so that probably doesn't count. Link to comment Share on other sites More sharing options...
bkkmick Posted May 17, 2007 Share Posted May 17, 2007 Me twice. Used my wife for the actual paperwork. No problems. Link to comment Share on other sites More sharing options...
LivinLOS Posted May 17, 2007 Share Posted May 17, 2007 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.. Link to comment Share on other sites More sharing options...
Neeranam Posted May 17, 2007 Share Posted May 17, 2007 I borrowed 285,000 for a second hand car - no problem. Actually it's in my wife's name but I pay the cash. Link to comment Share on other sites More sharing options...
samran Posted May 17, 2007 Share Posted May 17, 2007 what tends to be the interest rate you get charged? Link to comment Share on other sites More sharing options...
Neeranam Posted May 17, 2007 Share Posted May 17, 2007 I got 7%. But now realise I could have got less with AIG. Link to comment Share on other sites More sharing options...
LivinLOS Posted May 17, 2007 Share Posted May 17, 2007 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.. Link to comment Share on other sites More sharing options...
Neeranam Posted May 17, 2007 Share Posted May 17, 2007 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. Link to comment Share on other sites More sharing options...
LivinLOS Posted May 17, 2007 Share Posted May 17, 2007 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. Link to comment Share on other sites More sharing options...
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