Car Loan

[thedude]

someone please tell me, what is it, can a foreigner borrow for a car or not?

if so, must it be a new car?

what are the prevailing terms and rates?

thanks.

[dr. kc]

Got a licence? Get a car! Either an international license, or a thai license... There are many expat car rental places - Q cars were good to me if you are around pattaya...

Rates from around 14000 p/m for long hire

[thedude]

dr kc, you are the source of my confusion. in another thread, you said :

"Car around 15k - either renting at around 15k or buying a new one on finance (can't risk a 2nd hand one, and can't afford to buy out)."

so, if you are a foreigner, and can buy a new one on finance, please let me know how.

thanks.

[chanchao]

You can't, unless you can come up with a deposit, and deposits usually come in the form of land, and you most likely don't own any in your name. So this effectively means 'no'. (unless you have a registered company, etc, etc. )

Of course you can put the loan in your girlfriend's grandmothers name. Worked for me. She just has to trust you that you pay back the loan.

Cheers,

Chanchao

[Sumitr Man]

Dude:

If you are here on a WP, with a reputable company, who are willing to give a letter of guarantee, then you may well be able to get financing.

The question always centres on the period of the loan. Strictly speaking, a loan to an Expat should not be for more than the outstanding term on the WP. However, if you have worked here for a number of years, say more than 3, then in all likelihood the loan company (with the letter of guarantee) will take a chance.

Essential is the letter of guarantee, without that you're paying cash on the nose!

SM

[thedude]

thanks for the straight up answers chanchao and sumitr man, much clearer now.

[DJ Pat]

There's a bloke on Second Road in front of the Welcome Plaza (just before that new row of shops) that'll rent u acr without seeing your license. He just wants to hold your passport and will charge you 1300 baht per day.

[thedude]

thanks DJ Pat, but i'm kind of on a longer term stay here, so i'm looking to own a vehicle. if i'm gonna be paying so much for a car, i'll want to own it as an asset at the end of the day instead of paying rent which gives no returns. i'm too skint to pay 100% cash so i'm looking to see if there are any companies that will provide finance. even though i am on a WP, i am loath to invoke a company-backed letter of guarantee for various reasons.

[dr. kc]

Sorry 'theDude' for the confusion...

I started off by hiring a car at 14,000 per month. I realised this was costing me quite a lot, so I decided to buy a car instead.

It is possible for farang's to buy cars on finance, but it isn't straight forward (you need a Thai or Thai company to gaurantee for you) - I have my girlfriend for that. My car repayments similar to my rental was, but at least I will get some of it back when I sell.

Once again, sorry for the confusion - I read your question as

'can a foreigner borrow a car or not?'

[Sumitr Man]

Dude:

Although a more expensive method of financing, have you considered going to a tent and asking the owner if you can put a cash deposit down plus monthly instalment payments. Try and explain to him that this way the car is not a liability for him? Of course, you'll need to arrange things like a loan agreement and how to transfer the ownership. But I understand it is not unheard of, so someone (most likely a Thai) may be able to explain to you how this is done. The only downside with this is that it would be a second-hand car rather than a new one.

SM

[dr_Pat_Pong]

thanks for the straight up answers chanchao and sumitr man, much clearer now.

With any Non-Immigrant visa you can get a Thai drivers license which should be a must for most insurance purposes.

[Sumitr Man]

thanks for the straight up answers chanchao and sumitr man, much clearer now.

With any Non-Immigrant visa you can get a Thai drivers license which should be a must for most insurance purposes.

...you don't even need to do the test....

Sorry Dr P, couldn't resist it

[dr_Pat_Pong]

thanks for the straight up answers chanchao and sumitr man, much clearer now.

With any Non-Immigrant visa you can get a Thai drivers license which should be a must for most insurance purposes.

...you don't even need to do the test....

Sorry Dr P, couldn't resist it

My pleasure Mr Man