Can An Ex-pat Get Finance In Thailand?

[garro]

I was just wondering as it came up in conversation. Is it possible for an ex-pat to get finance? Say for a car. I have a work permit, non-o and married to Thai. Would they give it to me?

[Tomkagai]

Garro, On a car yes....but still need a hefty deposit...20-25% and a Thai who can co-sign for you, who ever signs for you will need to show them bank statements or similar, so they would need to have money in the bank, they may or may not want to see your payslips, passport, WP etc....first time I bought a car...they wanted everything....2nd time...just the WP and passport

Home loan in your name virtually impossible...can get for a Condo...BKK Bank have been advertising, but think you need to buy a condo for something like US$ 200,000....interest rate is hefty as are the fees....

Up to a few years ago, you could get a home loan in-directly by signing as a guarantor on a home loan for a Thai..My Mrs got a 100% home loan and she wasnt working or had any money in the bank....but believe that loop hole has been closed now...

[garro]

Thanks Tomkagai

[Nampeung]

To reply to your question Garro I may ask what is your work permit for please?

[garro]

To reply to your question Garro I may ask what is your work permit for please?

Teacher

[Valjean]

I had a car loan with SCB without a Thai co-sign. I did put down 50% which as I recall was more than required and choose a 2 year term.

I just bought a used house in Bangkok and got a loan with UCB. In this case the house is in my wife's name as is the loan and I co-signed the loan. She doesn't have income so they really based it on me. Normal bank credit info required; pay stubs, credit reports, WP, etc. They will loan up to 85% of the value if you want that much.

I got the car loan primarly to establish credit (now paid off) here along with a local credit card and I think it helped some when we went to the bank to borrow for the house. I also went and got them a US credit report on me and that was appreciated.

[garro]

I had a car loan with SCB without a Thai co-sign. I did put down 50% which as I recall was more than required and choose a 2 year term.

I just bought a used house in Bangkok and got a loan with UCB. In this case the house is in my wife's name as is the loan and I co-signed the loan. She doesn't have income so they really based it on me. Normal bank credit info required; pay stubs, credit reports, WP, etc. They will loan up to 85% of the value if you want that much.

I got the car loan primarly to establish credit (now paid off) here along with a local credit card and I think it helped some when we went to the bank to borrow for the house. I also went and got them a US credit report on me and that was appreciated.

Very good advise. So if I get a visa card from my Thai bank (Krung Thai), would that be establishing a credit history?

[bendix]

It's not strictly true that you need a Thai guarantor to get a car loan. As always, there are exceptions to the rule. I have a car loan from Kasikorn Finance and no such guarantor was asked for nor provided. I also recall driving past a Ford showroom in Sukhumvit recently and they had a big promo talking about Expat Financing, no guarantor required.

I did, however, put down 40% and had to show income records, work permit etc. I guess the amount of loan, the size of the deposit and their assessment of your likelihood to both be able to pay it back and stick around long enough is all taken into account.

[Tomkagai]

It's not strictly true that you need a Thai guarantor to get a car loan. As always, there are exceptions to the rule. I have a car loan from Kasikorn Finance and no such guarantor was asked for nor provided. I also recall driving past a Ford showroom in Sukhumvit recently and they had a big promo talking about Expat Financing, no guarantor required.

I did, however, put down 40% and had to show income records, work permit etc. I guess the amount of loan, the size of the deposit and their assessment of your likelihood to both be able to pay it back and stick around long enough is all taken into account.

Suppose the specific requirements will vary dependent on the institution you use, different banks different requirements, as mentioned first time bought I a car (5 years ago) had to get a guarantor...second time with same institution, just wanted to see the passport and W/P...so as a few other posters have pointed out building a credit history in Thailand will go a long way..