Financing A Car

[punisher]

Just a question about financing a car,just went to a carshop,we wantd to buy a car,the dealer wanted we the downpayment before the bank approved to finance the car,is that right here in thailand?Also,how long will it take till the bank is approving?

thanks in advance for any suggestions!!!

[chinthee]

Just a question about financing a car,just went to a carshop,we wantd to buy a car,the dealer wanted we the downpayment before the bank approved to finance the car,is that right here in thailand?Also,how long will it take till the bank is approving?

thanks in advance for any suggestions!!!

No, that is not correct. You should give the down payment at the time you are approved and close the deal. However, you are usually required to give a 10,000 cash Baht deposit or so.

[punisher]

Just a question about financing a car,just went to a carshop,we wantd to buy a car,the dealer wanted we the downpayment before the bank approved to finance the car,is that right here in thailand?Also,how long will it take till the bank is approving?

thanks in advance for any suggestions!!!

No, that is not correct. You should give the down payment at the time you are approved and close the deal. However, you are usually required to give a 10,000 cash Baht deposit or so.

ok thank u,hmm actually i thought so,well lets say i pay 10000baht deposit,but the bank doent approve ,will i get my deposit back,or will the car dealer keep some or all?

[chinthee]

Just a question about financing a car,just went to a carshop,we wantd to buy a car,the dealer wanted we the downpayment before the bank approved to finance the car,is that right here in thailand?Also,how long will it take till the bank is approving?

thanks in advance for any suggestions!!!

No, that is not correct. You should give the down payment at the time you are approved and close the deal. However, you are usually required to give a 10,000 cash Baht deposit or so.

ok thank u,hmm actually i thought so,well lets say i pay 10000baht deposit,but the bank doent approve ,will i get my deposit back,or will the car dealer keep some or all?

You should hire me now at 2,000 Baht to negotiate the return for you. Seriously, if you are qualified (I assume your thai partner, wife, etc. is doing the loan), if the bank has any problems, they may just require more down payment or something like that. If you are a foreigner applying by yourself, I've heard the down payment can be as much as 40%. There are some threads on this in the auto forum.

[Moonfruit]

Just a question about financing a car,just went to a carshop,we wantd to buy a car,the dealer wanted we the downpayment before the bank approved to finance the car,is that right here in thailand?Also,how long will it take till the bank is approving?

thanks in advance for any suggestions!!!

No, that is not correct. You should give the down payment at the time you are approved and close the deal. However, you are usually required to give a 10,000 cash Baht deposit or so.

ok thank u,hmm actually i thought so,well lets say i pay 10000baht deposit,but the bank doent approve ,will i get my deposit back,or will the car dealer keep some or all?

You should hire me now at 2,000 Baht to negotiate the return for you. Seriously, if you are qualified (I assume your thai partner, wife, etc. is doing the loan), if the bank has any problems, they may just require more down payment or something like that. If you are a foreigner applying by yourself, I've heard the down payment can be as much as 40%. There are some threads on this in the auto forum.

That would be the easiest 2000thb ever made, if not daylight robbery!

Its really quite simple. You pay a deposit of a menial sum, example the 10,000thb metioned above. This proves to the dealer that you arent a timewaster and gives them the reason to get their admin staff to get the paperwork moving along with the finance.

When the finance company approves your application, you would then pay the downpayment for your car, however much you choose to pay, above the minimum down payment.

This is the point that is important, as if you are rejected by the finance company you will receive your menial 10,000thb deposit back.

After that, its plain sailing, so to speak.

you dont need a Thai wife, company or whatever to get finance in your name as a foreigner, though you more than likely will need a guarantor whom you can trust. The beurocracy is a nightmare, but its doable.

[punisher]

Just a question about financing a car,just went to a carshop,we wantd to buy a car,the dealer wanted we the downpayment before the bank approved to finance the car,is that right here in thailand?Also,how long will it take till the bank is approving?

thanks in advance for any suggestions!!!

No, that is not correct. You should give the down payment at the time you are approved and close the deal. However, you are usually required to give a 10,000 cash Baht deposit or so.

ok thank u,hmm actually i thought so,well lets say i pay 10000baht deposit,but the bank doent approve ,will i get my deposit back,or will the car dealer keep some or all?

You should hire me now at 2,000 Baht to negotiate the return for you. Seriously, if you are qualified (I assume your thai partner, wife, etc. is doing the loan), if the bank has any problems, they may just require more down payment or something like that. If you are a foreigner applying by yourself, I've heard the down payment can be as much as 40%. There are some threads on this in the auto forum.

That would be the easiest 2000thb ever made, if not daylight robbery!

Its really quite simple. You pay a deposit of a menial sum, example the 10,000thb metioned above. This proves to the dealer that you arent a timewaster and gives them the reason to get their admin staff to get the paperwork moving along with the finance.

When the finance company approves your application, you would then pay the downpayment for your car, however much you choose to pay, above the minimum down payment.

This is the point that is important, as if you are rejected by the finance company you will receive your menial 10,000thb deposit back.

After that, its plain sailing, so to speak.

you dont need a Thai wife, company or whatever to get finance in your name as a foreigner, though you more than likely will need a guarantor whom you can trust. The beurocracy is a nightmare, but its doable.

Ok,thanks alot

[Raymund]

Just a question about financing a car,just went to a carshop,we wantd to buy a car,the dealer wanted we the downpayment before the bank approved to finance the car,is that right here in thailand?Also,how long will it take till the bank is approving?

thanks in advance for any suggestions!!!

If you are purchasing under your name (like I did), some dealers will not require a Thai guarantor if you pay 40% to 50% downpayment. I chose the dealer that required 40% only. I was initially asked to pay 10,000 baht to book/reserve the car and this amount will be deducted from the purchase price of the car if the financing company approves your application. If not, it will be refunded back to you. After booking the car, the financing company rep met with me the next day to fill-up/sign the financing application and collect the required documents (copy of passport and work permit, salary declaration from local Thai company and previous 6 months bank statement). Received a call from the car dealer the next day informing me that the financing company approved my application and that I can pick-up the car in a couple of days. Paid the downpayment and received the car last Saturday. All in all, it took me about a week from the time I booked the car to the time I received the car. If you're interested in getting a Honda, PM me and I'll send you the dealer contact info.

HTH.

[smartecosse]

This is the point that is important, as if you are rejected by the finance company you will receive your menial 10,000thb deposit back.

If not, it will be refunded back to you.

Not necessarily. I've lost the majority of two such deposits to unscrupulous dealers when I didn't go ahead with purchases so beware.

there is a big difference between failing to get the finance and deciding to "not go ahead" with a deal

in general if you fail the finace app then u get the dipper back

decide to not go ahead with a deal that you have signed for then no return of deposit

seems fair enough

[LivinLOS]

But what if the finance deposit payment is higher than the poster is willing to go.

I mean if the finance wants a 99% down payment and 1% spread I doubt you would be happy to finance it ?? Yet technically the dealer has found you finance and you have backed out of the deal.. Hence hes got your 10k !!

I would say the person should clearly spell out what level of finance they will accept and if the dealer doesn't get that deal then the deposit is returned.