Can A Farang Get Financing For A New Car?

[ChiangMaiThai]

I'm sure it's been asked before, but I can't find the answer here. Can a farang get financing for a new car? If so, what are the usual requirements? Is the same true of used cars?

[markah]

I'm sure it's been asked before, but I can't find the answer here. Can a farang get financing for a new car? If so, what are the usual requirements? Is the same true of used cars?

yes a farang can get financing for a new and used car.

you will need a Thai garrantor, work permit, 6 months statment from bank, passport, proof of address from your embassy, around 20-30 % deposite and some other paperwork which I cannot think of now.

I have bought two new cars over here both at the same time for myself and the Thai wife and both cars are in my name and on finance.

I know you can also get it on a used car as well because my mate did it about 6 months ago.

[nikster]

Correct, but you don't necessarily need the work permit. As in I don't have one but still got financing.

TIT

[ChiangMaiThai]

Thanks for the good info!

[Big Guy]

Also have done it. No work visa, Wife or girlfriend can be guarantor and no bank statement required tho did a trade in and put down 50% deposit.

[torrenova]

In Pattaya around 40% deposit though you may get less. You will probably need guarantor and their tabien bahn must be from Chonburi or nearby including Bangkok. A company can be guarantor.

I got mine from Korat with the missus as her tabien bahn was from Buriram and that was a no-no in Pattaya. Better deal, more off, more freebies and less deposit. OK, I have to go up for servicing every 5k but hardly life threatening.

[cobalto]

I'm sure it's been asked before, but I can't find the answer here. Can a farang get financing for a new car? If so, what are the usual requirements? Is the same true of used cars?

yes a farang can get financing for a new and used car.

you will need a Thai garrantor, work permit, 6 months statment from bank, passport, proof of address from your embassy, around 20-30 % deposite and some other paperwork which I cannot think of now.

I have bought two new cars over here both at the same time for myself and the Thai wife and both cars are in my name and on finance.

I know you can also get it on a used car as well because my mate did it about 6 months ago.

I just did the best deal:

- 25% Down payment

- NO GUARRANTOR

- 36 month

- 1.4 million baht

Required docs:

- Passport

- Work Permit

- Bank Statement (3 month)

- Salary slip (6 month)

- Letter from my company stating that I work here for x months/years (2 years now)

Regards, Fred.

[Sanpatong]

OK, I have to go up for servicing every 5k but hardly life threatening.

Actually, I think you don't? Warranty is by the factory, so any dealer for your brand will happily service it.

And aside from the very first 5000 kms, for sure you wouldn't need a dealer shop to just change the oil, which is the only thing they do at 5000. Personally I would do only 10K intervals at the dealer at first with 5000 km at a gas station where you like the staff. Then after a year or so I'd only do the 20K service jobs at the dealer and everthing else at a gas station. (Though check if anything has to happen at 50K, that could be another one for the dealer)

[20yearsinthai]

I'm sure it's been asked before, but I can't find the answer here. Can a farang get financing for a new car? If so, what are the usual requirements? Is the same true of used cars?

yes a farang can get financing for a new and used car.

you will need a Thai garrantor, work permit, 6 months statment from bank, passport, proof of address from your embassy, around 20-30 % deposite and some other paperwork which I cannot think of now.

I have bought two new cars over here both at the same time for myself and the Thai wife and both cars are in my name and on finance.

I know you can also get it on a used car as well because my mate did it about 6 months ago.

I just did the best deal:

- 25% Down payment

- NO GUARRANTOR

- 36 month

- 1.4 million baht

Required docs:

- Passport

- Work Permit

- Bank Statement (3 month)

- Salary slip (6 month)

- Letter from my company stating that I work here for x months/years (2 years now)

Regards, Fred.

Can I ask where you got that loan from??

[Scenium11]

Same information as Fred.

Usually Non-Imm B is enough if you don't show work permit.

Be careful that when you want to sell your car, you will have also to show WP or Non-Imm.

[bendix]

I'm in the middle of doing it now. No guarantor needed, but i'm putting in 50% on a 1.6million car.

Easy peasy.

Kasikorn Financing, I think.

[duratanium]

I recently bought a 6.2 metre Isuzu truck on finance and all they asked for was a guarantor, proof of where I live and to see my passport.

360,000 baht truck and 160,000 deposit.

In Farang ... from ... Git Tanawat Leasing ... so I am informed

edit - APR... 15%. Very low by a lot of Thai standards for a motor from what I understand.

Edited August 2, 2007 by duratanium

[mikethevigoman]

I'm in the middle of doing it now. No guarantor needed, but i'm putting in 50% on a 1.6million car.

Easy peasy.

Kasikorn Financing, I think.

Iwas told by the toyota dealer at n pattaya, 40 per cent and no guarantor,.

[chinthee]

I think most of the time to finance a farang for less than 50%, they would require a work permit and local guarantor.

Mike, 40% would be the lowest I ever heard of. Even for a Thai, if no local guarantor, the minimum percentage is usually 25%.

[cobalto]

Can I ask where you got that loan from??

Of course! The only problem is that I don't remember which was the financing company behind... But it was a Ford Escape 3.0 V6 @ Ford Sukhumvit 62. The best of all: 0% interest rate!

But I tell you, it was a bit difficult. They wanted to force me 40% but I was saying 20%. After a looooong negociation (the usual way, ask what you want and if they don't accept tell them you don't want anymore) I managed to get the 25%.

Regards, Fred.