Buying Car On Payment

[katom]

How it works here?

I just tried to buy a second hand car but the only problem was that the person guarantee not approved..(he already on debt so cant gaurantee).

Is it the same when u buy a new car need person gaurantee?

I really dont know much people here for gaurantee me.

still no have the full amount for a car.. simply want to buy on payment.

[Cuban]

>...the person guarantee not approved..(he already on debt so cant gaurantee).

> Is it the same when u buy a new car need person gaurantee?

It's all about the resale value of the car, will the bank/loan company be able to resell the car when/if you default on the loan.

They are looking for a Thai national as guarantor - or can you show WP etc. ?

> I really dont know much people here for gaurantee me.

> still no have the full amount for a car.. simply want to buy on payment.

Consider a cheaper car.

[katom]

140K baht car?

[Cuban]

With all due respect to your situation, generally it is Thai buyers that encounter problems when seeking loans for what is not a large amount of money.

Personally I would probably not own/run a car for much less than the amount you are considering as age is begining to become a problem at this stage. May I suggest you save some money first and then consider a newer pickup, they are cheaper than cars and as long as it has not been stuffed full of pineapples for the past 5 years should be OK. (Don't get a 4x4 unless you need this feature.)

With regard to the earlier refusal on a loan, was it turned down due to outstanding debt or default on an earlier loan, don't spend good money after bad.

I hope your situation works out.

[katom]

as I told you.the only problem was the gaurantee person .. we have money in bank apart from this 140K and I think I will take your advice and wait little bit longer..

thanks.

[LivinLOS]

If you were a suitable loan risk they would loan to you directly.. I know many people without a WP who got a new car by paying a larger % of the downpayment..

The second hand credit systems feel they need a work permit to give security ?? I assume you dont have one ?? If you dont have a WP they want a suitable guarantor..

Personally if I cant pay for something I save until I can. Finance usually just costs more in the long run..

[katom]

what r u talking about WP ? I dont want it on my name even..

read what I write.. it was ONLY because the gaurantee person.(!)

[torrenova]

OK, I bought a new Isuzu Highlander 3 months ago so I have some up to date information.

In Pattaya, they wanted about 40% with no guarantee in your name.

I'd no problems to buy in my girlfriend's name so we went after that for the lower deposit. they say you can do with 10% but that is really a joke. Different percentages need her bank books, guarantees etc. but the strange thing is that because her house boko was from Buriram we would need a Chonburi and next door province or Bangkok registered person to guarantee it.

In the end, we went to buy in Nana Rong, in Buriram. We put down only 15% with the balance over 4 years. We used her "salary" of 40k+ per month (money I just transferred into her acount for a few months prior, her "saving" about 30k per month). Its on Siam Commercial Bank's leasing department. They came to her house, said OK in a day and that was it. we had about 250k in her account and if required had other accounts with more in (again just transferred from mine). Got the car in a few weeks (waited for the dealer to get the right model).

Total cost of car was about 800k (discounts were given) and we put down about 120k plus a few more thousand for the plates and upped the insurance.

The real kick in was her cash and her bank book. Her mother did sign but we could have got the truck without a guarantee if we had put down 25% and possibly for 20% down. It just suited us better to keep the cash and use this route.

You can actually make some cash renting them out if you think about it. A new Isuzu or Toyota equivalent (3.0L, ABS, auto 4 door etc.) goes out for Bt35-40k per month with a 2 to 3 year old one going at about Bt25-30k per month. Our repayments are about 15k per month so you have a fair amount of leeway above that for down time.

[Bpraim1]

Katom,

I got a car I'll sell yah for 140k

98 Chrysler neon have pic's of it in my profile

[MarcoH]

OK, I bought a new Isuzu Highlander 3 months ago so I have some up to date information.

In Pattaya, they wanted about 40% with no guarantee in your name.

I'd no problems to buy in my girlfriend's name so we went after that for the lower deposit. they say you can do with 10% but that is really a joke. Different percentages need her bank books, guarantees etc. but the strange thing is that because her house boko was from Buriram we would need a Chonburi and next door province or Bangkok registered person to guarantee it.

In the end, we went to buy in Nana Rong, in Buriram. We put down only 15% with the balance over 4 years. We used her "salary" of 40k+ per month (money I just transferred into her acount for a few months prior, her "saving" about 30k per month). Its on Siam Commercial Bank's leasing department. They came to her house, said OK in a day and that was it. we had about 250k in her account and if required had other accounts with more in (again just transferred from mine). Got the car in a few weeks (waited for the dealer to get the right model).

Total cost of car was about 800k (discounts were given) and we put down about 120k plus a few more thousand for the plates and upped the insurance.

The real kick in was her cash and her bank book. Her mother did sign but we could have got the truck without a guarantee if we had put down 25% and possibly for 20% down. It just suited us better to keep the cash and use this route.

You can actually make some cash renting them out if you think about it. A new Isuzu or Toyota equivalent (3.0L, ABS, auto 4 door etc.) goes out for Bt35-40k per month with a 2 to 3 year old one going at about Bt25-30k per month. Our repayments are about 15k per month so you have a fair amount of leeway above that for down time.

I got Zafira 4yrs ago with no quarantee person, have bank book and only thing what they wanted was copy of my passport and pay slip from my work place, and best part was no intrest at all 2yrs payment.

as mentioned in the captiva later topic,,i will test it tomorow and will try again same deal will see how it will turn up as the sales person in still the same and they will drive to my home for me to test it,,thats what i call service especially when we live 40Km from the showroom, thats how ubon works,,,,,will let u know later the outcome

[LivinLOS]

what r u talking about WP ? I dont want it on my name even..

read what I write.. it was ONLY because the gaurantee person.(!)

And if you read what I wrote you would see that I said you dont always need a work permit.

Obviously the only reason they need a guarantor is because YOU dont meet thier credit requirements.. I know people who have no work permit and still have cars on credit here. If you fulfill enough of the requirements (often a WP I admit) then you dont even need a guarantor. So dispite you saying your guarantor is the problem what I am saying is its a combination, you dont make thier grade and neither does your guarantor.

As to not putting it in your own name, maybe thats whats making it complex, if its not in your name then I suspect they are credit processing the registered owner, find one with good credit !! Or try putting more money down in payment on a new vehicle, thats usually an easy route.

[lazeeboy]

what r u talking about WP ? I dont want it on my name even..

read what I write.. it was ONLY because the gaurantee person.(!)

And if you read what I wrote you would see that I said you dont always need a work permit.

Obviously the only reason they need a guarantor is because YOU dont meet thier credit requirements.. I know people who have no work permit and still have cars on credit here. If you fulfill enough of the requirements (often a WP I admit) then you dont even need a guarantor. So dispite you saying your guarantor is the problem what I am saying is its a combination, you dont make thier grade and neither does your guarantor.

As to not putting it in your own name, maybe thats whats making it complex, if its not in your name then I suspect they are credit processing the registered owner, find one with good credit !! Or try putting more money down in payment on a new vehicle, thats usually an easy route.

bought 2 new cars a while back one in the wife name one in mine ,she gaurenteed me and me her ,just show bank book and did this over 12months just to get a credit rating ,within 6 months both got visa cards ,as the cars were no interest payment it was the easiest way to get credit cards .....

[Dissolution]

I just bought a car in cash.

Wasn't asked for guarantor. With the prices of new cars here, picking one up shouldn't be too much of a hassle.

(Was told by salesperson it works for 2nd-hand cars as well.)

[Manchester]

You would not need a guarantor if you paid cash

[torrenova]

bought 2 new cars a while back one in the wife name one in mine ,she gaurenteed me and me her ,just show bank book and did this over 12months just to get a credit rating ,within 6 months both got visa cards ,as the cars were no interest payment it was the easiest way to get credit cards .....

So you have what type of income / job ?

I ask because I know people with CCs who do not have a car whose credit file comes from their income.

I also want to know how you, as a foreigner, could guarantee your wife's loan and how your wife, unless with land , income or cash on deposit, could guarantee yours.

I would have thought that if your rating was good enough to guarantee your wife's ca then it would be good enough to guarantee yours - no ?

My missus has the truck on credit in her name because the deposit for her was much lower than for me. Only 44 months left to pay

[phutoie2]

Tricky one this!!. I recently bought a new Nissan pick up, asked at the dealer about a finance package and told - no problem.

On the collection day I thought the finance would be arranged by Nissan, well it was, but two chaps from Siam Commercial bank arrived at garage.

All was going well until found out my wife was not from the province that we were buying the truck from!

I was asked about providing a gaurantor and telephoned another farang friend who lives in the same Soi as me, I asked that could his wife be my guarantor?

The Siam bank folk visited her at her home that afternoon and when they saw her nice house and farang husband everything went smoothly from then on.

Incidentally all the paperwork for the finance is posted to her address.

All in all picked up the truck successfully and now just pay off the payments at the local bank.

I do not intend to buy a new truck for some time now, so will have time to save up and buy the next one cash instead.

Edited September 14, 2007 by phutoie2

[torrenova]

My finance for purchasing a new Isuzu was also through Siam Leasing but i knew about the province guarantor thing long before that.

[keg]

Just bought a new Vigo this month. Financed with Siam in wifes name, live in Udon Thani, bought it in Nongbulamphu, guarantor from Loei. We had no problems so not sure if the different province thing is an issue all the time as that is three different provinces, but they are close together.

[phutoie2]

Not related too much to topic, but my wife is from Prachin Buri province and I had an opportunity of buying land in Petchabun province, so we moved. Still encounter problems with this, ie opening a post box at the local post office!! and having a telephone line put into the house. Much messing about with wifes identity docs and copies of tabian ban etc. Even she is at a loss to explain this at times!

[jlelouer]

hi,

I'm gonna buy a car very soon, and I found out that if you pay 20% up as a down payment, you don't need a guarantor.

But it seems that this % is not negociable... Anyway, that's a good news for those who don't have or don't want to have a guarantor!

[Jareddiving]

Yeah..The only thing is, is that it's not true!

[mikethevigoman]

I just bought a car in cash.

Wasn't asked for guarantor. With the prices of new cars here, picking one up shouldn't be too much of a hassle.

(Was told by salesperson it works for 2nd-hand cars as well.)

Do you have a WP ?

[jlelouer]

Yeah..The only thing is, is that it's not true!

Why not ? I went to Chevrolet & Ford dealers, and I got the same answers from both.

[lazeeboy]

bought 2 new cars a while back one in the wife name one in mine ,she gaurenteed me and me her ,just show bank book and did this over 12months just to get a credit rating ,within 6 months both got visa cards ,as the cars were no interest payment it was the easiest way to get credit cards .....

So you have what type of income / job ?

I ask because I know people with CCs who do not have a car whose credit file comes from their income.

I also want to know how you, as a foreigner, could guarantee your wife's loan and how your wife, unless with land , income or cash on deposit, could guarantee yours.

I would have thought that if your rating was good enough to guarantee your wife's ca then it would be good enough to guarantee yours - no ?

My missus has the truck on credit in her name because the deposit for her was much lower than for me. Only 44 months left to pay

my land and houses are in a company name ,she guaranteed me and her me ,needed to show bank balances ,and they took photos of the house ,had plenty of money in the joint account ,just wanted finance to get a credit rateing on both of us ,deposit for her 30% ,40% for me ,worked as we both have visa ,mastercard and eon cards ......

[jlelouer]

One Chevrolet dealer just proposed me to reduced the down payment from 20% to 15% and to register the car in my own name (no guarantor).