Best Car Finance For Thai G/f

[JimmyGreaves]

Want to buy a new car/pickup possibly a toyota and am thinking of putting about 30% down with the rest over 2 -3 years.

No work permit so will be going through my g/f (No quips about this please). She's not working as she looks after our daughter.

Can anyone advise me the best route to take in obtaining finance for this?

[torrenova]

OK, heres what I did.

Started to pay my missus around 40k per month on a set date. She "saved" 30k of that in another account and transfered the odd 10k here and there when she had it. We were told she would need a bank book with at least 3 month's income in it. We had over 200k in her account with another month to come and we blagged that she was selling her current car to explain a large inward deposit if needed. They did not really want to see payslips but I could have got them if I wanted (have access to a Thai company).

Now if you have a non imm visa you can get it in your name if you put down 30% to 40%, finance over 1 to 6 years. No need for a WP. You may need a guarantor which could be a company or an individual but that person would need clear income of perhaps twice your monthly payment. They would also have to come from your province or a neighbouring one or bangkok.

If going through your GF's name, then she will be on her mother's house book unless you own your own house or condo. If so, no worries.

Financing is not done through the garage. I bought from Kings Yont in Buriram but the finance is through Siam Commercial Leasing (Siam Bank). All very easy.

Difficult to get cash off or not much off but you can ramp up the extras. Watch out that aircon is included as that is their latest thing to reduce the price. You should be paying for nothing from tints to servicing to insurance and loads more.

4*4 needs more deposit. The reason is that they think they will be worked to death or sent to Cambodia (their words !).

You can talk to the finance guys first. they come to the garages regularly (multiple times a week) or will come when it suits you. They wil lsign the paperwork at your house or her family home if doing it that way. If her family owns land then great.

Putting your deposit down you'll get it no worries. Any problems or questions get in touch. If you have cash in your bank then that is fine. If using the GF, then she WILL have to show regular income.

[JimmyGreaves]

Thanks Torrenova

Some really good tips that will help me for sure.

One point:

'Now if you have a non imm visa you can get it in your name if you put down 30% to 40%, finance over 1 to 6 years. No' need for a WP' Didn't know this was true!

Edited September 26, 2007 by jflundy

[torrenova]

Yeah and you don't need a WP either. Same as getting a driving license. If you rent, you take your contract to immigration and they give you a letter you can use for allmanner of things from opening bank accounts to buying cars etc.

I'think I've chucked out all the stuff I got prior to buying the truck but it was from about 30% down and no-one asked for more than 40% for anything be it 4*4 or what.

Think about it. They keep the registration, you cannot sell it. Why would you not fully insure it as you have put down a few hundred thousand baht ? Unless you really scrap it in parts (and you won't get your deposit back that way either) there is no logical reason for you not to complete the agreement.

I pay a real interest rate of about 6.5% but they think that is about 3.6% as they don't understand depreciating balance.

Put it this way. I've a mate who wants to rent a truck long term as his company will pay for it. I buy the truck, rent it to him, his company pays. The going rate for a top end Hilux 4*4 go for over 30k per month on rental. If you get that out for a year you get back say 30*12 = 360000. You pay 45*12 = 540000 and deposit 360000. The 1 year old truck has cost you 360,000+540,000-360,000 = 540,000. Servicing is free, insurance is free so you make 900k-540k = 360k-1 year's depreciation, say 150k. You "save" or "make" 200k for doing nothing.