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

[NoshowJones]

18 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.

"I know I'll get flamed for that." You are damned right you will, what right have you to say whether anyone can or can't afford to be living here? Everyone has different life styles and living expenses, and yes, I can easily afford to buy a new car, but my well equipped motorbike is well suited for long distance traveling in Thailand.

[richard_smith237]

19 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.

Bit of a dumb response…. 
Some of the smartest people in the world finance everting & put their money on higher yielding investments.

 

You will get flamed, judging whether a guy can’t afford to live here because he wants to put a car on finance is somewhat of a ‘d!<k’ comment. 

 

 

[David T Pike]

17 hours ago, Ralf001 said:

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

Well on the lease form it has different categories for spouses. 1. Convenience marriage 2. Gold Digger 3. Yuck Factor 4. Separate Beds 5. Separate rooms 6. Separate houses 7. Intolerable 8. Tolerable 9. Lovely!  ???? 

[David T Pike]

20 hours ago, NanLaew said:

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.

The thing is my wife does not work. She graduated from Chiang Mai University as a English major but has no work history or credit. 

[David T Pike]

14 hours ago, BTB1977 said:

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

I would prefer to have a new one with a solid warranty and free maintenance. I don't want to buy other peoples problems and try to avoid buying a lemon... I may be able to find one a year or two old with a solid warranty still attached. I could save 100,000 baht or two buying used.

[David T Pike]

7 hours ago, CrunchWrapSupreme said:

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.

Thanks Crunch! We are kindred spirits! "Minimize your risk, get a better car, make lower payments, keep more cash in your pocket. Finance seems the winner to me."!  And my wife just so happens to be from a Farm family. She doesn't have a work history or credit history but still has a chunk of Rai still in her name from the family Longan Farm. We just may do that!

        Thanks for the tip! ????

[lanng khao]

35 minutes ago, David T Pike said:

Thanks Crunch! We are kindred spirits! "Minimize your risk, get a better car, make lower payments, keep more cash in your pocket. Finance seems the winner to me."!  And my wife just so happens to be from a Farm family. She doesn't have a work history or credit history but still has a chunk of Rai still in her name from the family Longan Farm. We just may do that!

        Thanks for the tip! ????

We paid 540,000 for this, I put 200,000 down and it 6,000 a month over 5 yes, we pay 3,000 each, obviously it's in her name but it is what it is..

[brianthainess]

On 9/8/2021 at 6:48 PM, Nanaplaza666 said:

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 . 

Yes you will get flamed because if you

 

On 9/8/2021 at 9:48 AM, David T Pike said:

I have enough to pay cash for a new vehicle in the bank but would prefer to finance the car.

This is why I posted my comment, not until reading all the posts did it become clear, He actually don't have much money in savings if something goes wrong in his life. It wasn't me who mentioned getting "flamed"

 

On 9/8/2021 at 4:00 PM, David T Pike said:

I just dont want to slap 40k USD on a car when I could finance it! Comprende? 

Sorry no I don't, $40k paid now is better than $60k down the line after %

Edited September 10, 2021 by brianthainess

[David T Pike]

1 hour ago, brianthainess said:

Sorry no I don't, $40k paid now is better than $60k down the line after %

As Capt Crunch profoundly put it... "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."  ????

[David T Pike]

1 hour ago, brianthainess said:

Sorry no I don't, $40k paid now is better than $60k down the line after %

What??? Do you get your loans from a SHARK???  I would only pay 5k not 20k interest!!! 

[richard_smith237]

5 minutes ago, David T Pike said:

As Capt Crunch profoundly put it... "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."  ????

Not really...  because there has to be a downpayment which can be from anything from 10% (in rare circumstances) for someone (a Thai) with an excellent credit rating, to a more common 40% for most people, in some cases 50% for ‘higher-risk’ foreigners. 

 

Additionally, there are also 0% finance deals around i.e. Ford and Volvo - I’m not sure which other dealers are offering 0% finance, but I sure others will be as they need to offload stock. 

 

 

[David T Pike]

2 minutes ago, richard_smith237 said:

Not really...  because there has to be a downpayment which can be from anything from 10% (in rare circumstances) for someone (a Thai) with an excellent credit rating, to a more common 40% for most people, in some cases 50% for ‘higher-risk’ foreigners. 

 

Additionally, there are also 0% finance deals around i.e. Ford and Volvo - I’m not sure which other dealers are offering 0% finance, but I sure others will be as they need to offload stock. 

 

 

What about a secured loan?

[Nanaplaza666]

7 hours ago, brianthainess said:

This is why I posted my comment, not until reading all the posts did it become clear, He actually don't have much money in savings if something goes wrong in his life. It wasn't me who mentioned getting "flamed"

That is why i reacted to the person that said " i am sure i will get flamed for this" 

[transam]

If you buy on hire purchase be sure to check the minimum percentage of early repayment, because you may want too.

The loan total incudes the interest for the full period. Our lad wanted to pay the loan back early, well early, he got billed for 50% of the total interest. I checked his paperwork, there it was in black and white...???? 

[David T Pike]

17 hours ago, transam said:

If you buy on hire purchase be sure to check the minimum percentage of early repayment, because you may want too.

The loan total incudes the interest for the full period. Our lad wanted to pay the loan back early, well early, he got billed for 50% of the total interest. I checked his paperwork, there it was in black and white...???? 

Freaking Loan Sharks! Thanks for the heads up! 

[transam]

1 hour ago, David T Pike said:

Freaking Loan Sharks! Thanks for the heads up! 

It was a well known bank...

[vinny41]

On 9/10/2021 at 10:58 AM, David T Pike said:

As Capt Crunch profoundly put it... "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."  ????

And the lender goes after the Thai guarantor to pay the remaining balance which could leave to foreclosure if property was used as part of the loan agreement

[NanLaew]

23 hours ago, vinny41 said:

On 9/10/2021 at 11:58 AM, David T Pike said:

As Capt Crunch profoundly put it... "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."  ????

And the lender goes after the Thai guarantor to pay the remaining balance which could leave to foreclosure if property was used as part of the loan agreement

Doesn't change the fact that he 'escaped' though does it?

[David T Pike]

2 hours ago, NanLaew said:

Doesn't change the fact that he 'escaped' though does it?

That's better than "absconded"!  ????