Cash Or Finance, Crv Or Fortuner, Rent Or Buy

[sgunn65]

I will be arriving in LOS at the end of next month and will need a decent motor. We are planning on 6 months in UK and 6 in LOS.

I had thought of a top of the range vigo or triton but because of business stuff may go for a fortuner or crv.

I have 75% of the cost of a fortuner in cash and available but it is earning me 6.25%. I will be exploring business possibilities and drawing a western wage for my time here. However as I am a self employed consultant I don't have a salary cheque but can show a contract. My wife owns a house outright in Bkk. I have no problem with the car being in my wifes name.

Would I be able to get a loan? (My wife won't be working).

How much interest would I pay?

Would I be better off renting long term (6 months)?

Are there any good interest free deals and would they be available to me or the wife?

Am I right in thinking a CRV is around the same price as a Fortuner? (Which is best?)

My ideal would be to not have to move my cash.

Your thoughts and advice are, as always, gratefully recieved.

[ProThaiExpat]

My Thai mate bought a new Fortuner in March and a Commuter in

April and financed both of them, the Fortuner was bought with 50% down and interest on the other half at 4.75% over five years.

I am retired and my mate doesn't work, so they looked at pension income and bank book balances to satisfy themselves that the monthly payment could be handled comfortably out of cash flow.

The Commuter was financed by Toyota Credit Corp. in Issan and the Fortuner was financed by the local Chiang Mai Toyota Dealer, at least those are to whom the monthly payments are made.

I was surprised to see a much greater willingness to act like an aggressive sales organization this time than five years ago, when buying a vehicle from the same Chiang Mai dealer required all cash. But then again, at that time I didn't own my own home, had only recently moved to Thailand, etc.

I suspect, with Toyota being the largest auto seller in the world, that their finance arm is up to date with the latest financing techniques and guidelines so you would be treated very much like you would be in the west, these days, as long as it is the Thai wife who is doing the buying and her "rich" husband backs her up with his finances. Your signature will not be asked for.

It goes without saying, that the amount of the down payment will certainly vary depending on the dealers urge to sell and their perception of your financial strength and ability to pay. With a strong repossession capability, what is their risk if you put 50% down?

You visa status may be a factor, so I would establish a retirement long stay status before applying.

[sgunn65]

You visa status may be a factor, so I would establish a retirement long stay status before applying.

A good point. However i am too young to qualify for retirement status and since I am 'looking' at business prospects, I am not technically working so a work visa will not be applicable.

I am able to get a spouse visa as my income is way over the 40K pcm required or I could get an education visa as I am likely to enrol for the one year thai course advertised on this site with a guaranteed ed visa.

Which is best, I wonder?

[Blake7]

B Visa?

[bkk_mike]

I think, in general, so long as you're putting about 30% down, you wouldn't need a guarantor. However, they do like some sort of proof of income. (from abroad has been OK for me though).

[ProThaiExpat]

Put ourself in the banks shoes and do everything to enhance your "stability" impression.

Any visa that suggests permanency, dress like you have an important job, have your wife dress like she comes from a rich family, appear to be living well and paying high rent, etc. The impression you create can only help in your situation, especially if the decision making process is touch and go.

I once inquired of my SCB branch manager, in response to threads about the unavailability of accounts for short term visitors, and she advised me that the bank looks to any sign that the borrower or prospective customer will be in Thailand for a long period into the future.

My take on the whole area of falang borrowing is that the propensity for falang to move on or leave the country makes any debt they may have uncorrectable. At lest with a Thai wife in attendance, they can attempt collection from her.

My mate wanted to make a small business loan from the government bank set up for this purpose and it was clear after the discussion with the branch manager that she was looking for collateral of 3 million in property for a 1 million baht loan or 1.25 million in a blocked account for the 1 million baht loan amount. You are not even allowed to hold the bank book to use at immigration if it is blocked.

[mark100]

I will be arriving in LOS at the end of next month and will need a decent motor. We are planning on 6 months in UK and 6 in LOS.

I had thought of a top of the range vigo or triton but because of business stuff may go for a fortuner or crv.

I have 75% of the cost of a fortuner in cash and available but it is earning me 6.25%. I will be exploring business possibilities and drawing a western wage for my time here. However as I am a self employed consultant I don't have a salary cheque but can show a contract. My wife owns a house outright in Bkk. I have no problem with the car being in my wifes name.

Would I be able to get a loan? (My wife won't be working).

How much interest would I pay?

Would I be better off renting long term (6 months)?

Are there any good interest free deals and would they be available to me or the wife?

Am I right in thinking a CRV is around the same price as a Fortuner? (Which is best?)

My ideal would be to not have to move my cash.

Your thoughts and advice are, as always, gratefully recieved.

lf you have a house in your wife's name she would have no problem getting the remaining 25% on fianance.

Normally most Thai fianance companies require 25% as a depoist so you could do this and keep the remainder of your money in the bank.

Personally l would pick the Fortuner over the CRV.

[tracer5050]

i have a thai bank account, But have had trouble getting loans , I think prothaiExpat hit it on the head