Newbie in Thailand. Do I need a Yellow Book (house Book) to finance a car here?

[David T Pike]

I was told I would need a Yellow Book for proof of residency to finance a car here. I have a savings account with Bangkok Bank. Could I do it through them?   Thanks Folks! 

[sanuk711]

12 minutes ago, David T Pike said:

Bangkok Bank. Could I do it through them? 

No--- I take it your single, & renting-- its not easy as landlords don't seem to like helping you---(fear of paying tax I suppose)

Even with a Yellow book I am surprised they would give you credit on something moveable like a car.

 

Give some details of your situation and someone may come up with an alternative for you.

 

 

Edited September 7, 2021 by sanuk711

[CharlieH]

You need to give alot more info than you have for better advice and guidance.

Generally you will not get anykind of finance here unless you have a work permit or a Thai wife, and own property.

 

Tell us more about your situation, married , working ,property , what ?

[Liverpool Lou]

43 minutes ago, David T Pike said:

I was told I would need a Yellow Book for proof of residency to finance a car here. I have a savings account with Bangkok Bank. Could I do it through them?   Thanks Folks! 

No, you don't generally need a yellow book but you'll probably need a work permit, proof of income and maybe a guarantor.   You could ask BBL for a loan but their criteria will still have to be met.   

 

A certificate of residency issued by Immigration, or your embassy, may be accepted as proof of address.

 

Why don't you ask the dealer that you're buying the car from for his finance company's requirements, they're not all the same, some are less strict than others.

Edited September 7, 2021 by Liverpool Lou

[canthai55]

Yellow book obtained from Amphur, not bank or anything else.

[Henryford]

I asked around recently to get a car on finance, Honda, Mazda, Nissan. The only way was if i had a work permit or a thai guarantor (with a good job).

[MrJ]

18 minutes ago, Henryford said:

I asked around recently to get a car on finance, Honda, Mazda, Nissan. The only way was if i had a work permit or a thai guarantor (with a good job).

e.g. Honda dealer Srirachs doesnt require a guarantor 

[Henryford]

17 minutes ago, MrJ said:

e.g. Honda dealer Srirachs doesnt require a guarantor 

Thanks might try them.

[David T Pike]

I am married to a lovely Thai woman. I just got my yearly "marraige visa". I am a disabled veteran and I have a Savings Account with Bangkok bank but no direct deposit. I have enough to pay cash for a new vehicle in the bank but would prefer to finance the car. I do not have a house book but heard you need one to finance anything here.

[David T Pike]

14 hours ago, sanuk711 said:

No--- I take it your single, & renting-- its not easy as landlords don't seem to like helping you---(fear of paying tax I suppose)

Even with a Yellow book I am surprised they would give you credit on something moveable like a car.

 

Give some details of your situation and someone may come up with an alternative for you.

 

 

I am married to a lovely Thai woman. I just got my yearly "marraige visa". I am a disabled veteran and I have a Savings Account with Bangkok bank but no direct deposit. I have enough to pay cash for a new vehicle in the bank but would prefer to finance the car. I do not have a house book but heard you need one to finance anything here.

 

[sungod]

The chances of you getting finance are pretty slim it seems, I'd send her down to the dealer and ask what options she has. You may be able to 'finance it indirectly.' ????

[malt25]

Why do you want to buy with finance ? Why not pay cash ? If you can't afford to pay cash, you can't afford the car & possibly can't afford to be living here. Yeah, I know I'll get flamed for that.

[mikecha]

Dont take Fiinance in Thailand  what you can not  pay for dont buy  

start with a second hand  go from there

 

remember be prepaired to walk away from everything  

[Tropposurfer]

I bought my Benz on finance in BKK (had the bucks to pay cash) but with my ex go guarantor it was a smarter move.

[David T Pike]

1 hour ago, malt25 said:

Why do you want to buy with finance ? Why not pay cash ? If you can't afford to pay cash, you can't afford the car & possibly can't afford to be living here. Yeah, I know I'll get flamed for that.

I get 200k thb a month from my VA disability together with my SS. Is that enough for ya? I just dont want to slap 40k USD on a car when I could finance it! Comprende? 

[sirineou]

31 minutes ago, David T Pike said:

I get 200k thb a month from my VA disability together with my SS. Is that enough for ya? I just dont want to slap 40k USD on a car when I could finance it! Comprende? 

 

Have you found the car you want to buy? The sales person should set up a meeting with their financing partner, and they should work with you . 

I am also married  have similar income to you, keep enough in the bank to do my yearly extension, and though I have a yellow book , and the loan officer took a look at it, it was nor required. 

We put down 35%, the day after we found the car we wanted, the salesperson and the loan manager of Toyota Leasing came to our house, we had a letter from the bank with monthly statements, showed him our assets, logged on to our Bank of America  and showed him where every month my pession , social security, and rent income was deposited, showed him our monthly transfers to our Thai bank account, and they took pictures of the house which is paid off.  A few hours later we were approved . and a couple of days after that we picked up the car, 

If you are putting down a reasonable amount, and have the income you say you have you should have no problem, Both the Car salespersons  and  the finance manager are very slow right now and are hungry to sell you a car and a loan. If the people you are working with are not helpful , go to another dealership or a different lending institution. 

Edited September 8, 2021 by sirineou

[sirineou]

^^^

But when you have a chance, get yourself registered in the Yellow book, it helps expedite things. 

[NanLaew]

7 hours ago, MrJ said:

7 hours ago, Henryford said:

I asked around recently to get a car on finance, Honda, Mazda, Nissan. The only way was if i had a work permit or a thai guarantor (with a good job).

e.g. Honda dealer Srirachs doesnt require a guarantor

Or more precisely, "Honda dealer Srirachs doesnt require a guarantor" on the day that you applied and that particular sales person and the accountant on duty at that time agreed that it could be done.

 

YMMV (even at Honda dealer Srirachs)

[NanLaew]

6 hours ago, David T Pike said:

I am married to a lovely Thai woman. I just got my yearly "marraige visa". I am a disabled veteran and I have a Savings Account with Bangkok bank but no direct deposit. I have enough to pay cash for a new vehicle in the bank but would prefer to finance the car. I do not have a house book but heard you need one to finance anything here.

 

Best to let your wife get the financing as there's no chance of a foreign disabled veteran getting finance. However, they may accept you as your wife's guarantor.

 

The yellow house book or tibian ban will not yield any benefits with the financial aspects of buying outright or financing but it tends to check several proof of address boxes and speeds up the paperwork.

[brianthainess]

If you have the cash why would you want to pay interest on a loan? Sorry I just don't understand your reasoning.

[Nanaplaza666]

4 hours ago, malt25 said:

Why do you want to buy with finance ? Why not pay cash ? If you can't afford to pay cash, you can't afford the car & possibly can't afford to be living here. Yeah, I know I'll get flamed for that.

Yes you will get flamed because if you read more you see that he has the cash to buy it but just prefers to finance. Ok i think that it would be better to buy it cash because most times you can get good discounts when you pay cash . Plus if you pay cash you safe money already compared to finance . Your comment is a bit harsh as he does have the cash to stay here that's not what his qeustion was about . If it's smart to finance while you have the cash to pay for it in full is another point . 

[David T Pike]

3 hours ago, sirineou said:

 

Have you found the car you want to buy? The sales person should set up a meeting with their financing partner, and they should work with you . 

I am also married  have similar income to you, keep enough in the bank to do my yearly extension, and though I have a yellow book , and the loan officer took a look at it, it was nor required. 

We put down 35%, the day after we found the car we wanted, the salesperson and the loan manager of Toyota Leasing came to our house, we had a letter from the bank with monthly statements, showed him our assets, logged on to our Bank of America  and showed him where every month my pession , social security, and rent income was deposited, showed him our monthly transfers to our Thai bank account, and they took pictures of the house which is paid off.  A few hours later we were approved . and a couple of days after that we picked up the car, 

If you are putting down a reasonable amount, and have the income you say you have you should have no problem, Both the Car salespersons  and  the finance manager are very slow right now and are hungry to sell you a car and a loan. If the people you are working with are not helpful , go to another dealership or a different lending institution. 

That's good to know! I may just do that! I have not even been car shopping yet but will speak to the sale persons and see what I can work out... THANK YOU!!! ????

Edited September 8, 2021 by David T Pike

[David T Pike]

51 minutes ago, Nanaplaza666 said:

Yes you will get flamed because if you read more you see that he has the cash to buy it but just prefers to finance. Ok i think that it would be better to buy it cash because most times you can get good discounts when you pay cash . Plus if you pay cash you safe money already compared to finance . Your comment is a bit harsh as he does have the cash to stay here that's not what his qeustion was about . If it's smart to finance while you have the cash to pay for it in full is another point . 

Thanks for backing me up Nana!  I would prefer to have 40 grand set aside just in case for unforeseen  emergencies and pay the interest. I can easily afford the payments and interest ????

[Ralf001]

9 hours ago, David T Pike said:

I am married to a lovely Thai woman. I just got my yearly "marraige visa". I am a disabled veteran and I have a Savings Account with Bangkok bank but no direct deposit. I have enough to pay cash for a new vehicle in the bank but would prefer to finance the car. I do not have a house book but heard you need one to finance anything here.

 

the lovely part is definately going to help as banks shy away from horrible Thai wives !!

[Ralf001]

55 minutes ago, brianthainess said:

If you have the cash why would you want to pay interest on a loan? Sorry I just don't understand your reasoning.

I just purchased a work commute <deleted>ter from Toyota.... zero percent finance, why drain my personal bank with a lump chunk when I can sort it on the drip !!

[Saraburi121]

Bought a Toyota when I first retired to Thailand and the local dealer said you had to have a yellow book to finance no matter how much you put down. Another option was to find a “guarantee’r” too sign for me.  Wouldn’t accept a certificate of residence from immigration or an affidavit stamped by the US embassy saying I could buy a car. Finally got the yellow book and showed my retired military account statement plus Thai bank account printout for the month and made the deal. 

As with a lot of things in Thailand requirements vary from dealership to dealership and you may talk to a different person at the same dealership the next day and get a different answer.  Good luck!
  
 

[BTB1977]

Pay cash for a slightly used car. Less out of pocket. And put in your name. Done deal. 

[lanng khao]

3 hours ago, Ralf001 said:

I just purchased a work commute <deleted>ter from Toyota.... zero percent finance, why drain my personal bank with a lump chunk when I can sort it on the drip !!

Never spend your own money, always spend somebody else's,,that what my Mrs told me...

[arick]

I drove my new vehicle straight off the lot before signing any car loan documents... Maybe it was because I gave a 700,000 deposit to the dealership. So as you see everybody is different green eyes help. Yellow eyes don't 

Edited September 8, 2021 by arick

[CrunchWrapSupreme]

20 hours ago, sungod said:

I'd send her down to the dealer and ask what options she has. You may be able to 'finance it indirectly.'

Yup, this is what we did. Our new car is in the wife's name. She doesn't have formal employment and little credit. Yet banks are eager to make loans right now, given the lack of other business. So they asked to copy her dad's farm papers, and sent a bank guy out to take pics of her next to the farm. Her theoretical income is calculated based on her working the amount of land, for which she was approved for the loan. If your wife's in a family of farmers, this could be an option for you.

 

Hehe, these "why don't you pay cash" and "be ready to walk away" comments seem a bit contradictory. Why drop 600k baht in cash if I need to walk away? If for some reason I need to escape, all I'm out are the months of payments I made, during which I got to drive the car. Tales abound here on the TVF of "gotta go home, must sell" situations and taking pennies on the dollar for their cars and motorbikes. Bet they're real proud of having paid cash then.

 

Speaking of payments, mine are only about 8k baht for a new car. I've heard of farangs paying 10k a month just to rent an old car from a car rental company. Minimize your risk, get a better car, make lower payments, keep more cash in your pocket. Finance seems the winner to me.