Loan For A Car?

[Dirk_brijs]

I have the following question as my gf keeps telling me it cant be done but seems weird to me.

I was thinking on getting her a bank loan to buy us a new (first) car. Now we have a joined account in Bangkok Bank which has a healthy turn around of money coming in as well as going out. (last 2 months we had a turn around of at least 500K alone as we worked on the house) My gf and I are not married but we do have a son together and we live together now for almost 9 years so please dont come with the strange "dont buy anything on her name" stories ok been there and done that.

Now she does own a house with land that we (I) bought last year and was paid in cash.

I thought it was time now to buy our first car here in Thailand but for obvious reasons I dont have that much cash lying around anymore to pay for it cash so I thought to get a bank loan to get us the car. Now I do work abroad so I dont have an official income in Thailand and neither does she. She used to work but stopped this on my request to take care of the kids. Now she claims she would not get a loan to buy a car from the bank cause she does not have an official income? Doesnt the steady income of money on the account and the property stand for anything??

Please advise as I dont want to rush into the bank as an idiot hoping to get anything out of nothing?

Thanks

[MJo]

I guess all the dealers offer finance. Why not talk with them directly to find out.

[HowardJohnson]

Dealer finance is available but you may have to put down a hefty deposit.

Most dealers are always happy to try and find a "workaround".

[Dirk_brijs]

aint those intrest rates much higher then in banks?

[redman]

Toyota gave my friend a 50% loan last year on a new car(actually his girl friend got the loan) Interest rate for 2 years was 2.8%. She earns 6,000 a month and the loan was for 20,000 a month. He has no income in Thailand but has a foreign income. As the car was in joint names, it seemed to be enough.

Wouldn't happen in western countries, but sure did here

[Dirk_brijs]

but a 50% loan so you mean he needed to pay a 50% downpayment?

thats my reason to go to a bank you dont need to do a down there do you?

[Peterpan]

Mrs not working, Toyota allowed us to pay 200,000 THB down payment and then pay over 3 years 17,800 THB per month I think.

Car price 757,000 THB, with the loan we pay total, 840,000 THB.

[gymshark]

Mrs not working, Toyota allowed us to pay 200,000 THB down payment and then pay over 3 years 17,800 THB per month I think.

Car price 757,000 THB, with the loan we pay total, 840,000 THB.

Exactly the same as us last month, she even paid the deposit on her credit card.

[Dirk_brijs]

thanks for all the replies but I kind of knew we could get the loan from the dealer as long as you pay a big enough down.

So thats the reason i want to go to the bank

sofar no reply to my original question can she get a loan from the bank with the property on her name?

[Dirk_brijs]

no one knows how it would fair with a bank?

[HDRIDER]

Hi

Some dealers has zero% interest, (Mercedes)

[Dirk_brijs]

ould like to get some insight about my possibilities with a bank? not the dealer

thank you

[dave111223]

ould like to get some insight about my possibilities with a bank? not the dealer

thank you

Dealers all offer financing through banks, for example we (wife and I) just got financing through the car dealer, but the loan is actually with Thanachart Bank.

We were able to get a loan despite my wife not having any verifiable income, but we put down 25% deposit and were able to show bank books contain more money than the value of the car. Very little documentation was required.

Edited June 6, 2008 by dave111223

[tomuk76]

To get a loan from the bank, you need to have proof of income for the last few months or a garanture. This is what my mrs tells me. We paid for our house in cash to, a bit more than we could afford so we plan to borrow off the bank in a few months if we need to. We have a garanture who works for bangkok bank no proof of income yet.

We also but a deposit down on a new toyota for 120000 if you could afford that, and yes the interest is more than the bank but thats life, dont worry to much.

[CWMcMurray]

For our first car, we borrowed from a bank. I had no verifiable income and my wife was a student, also no income. They asked for our income and just wrote it down... no verification needed.

We needed someone to co-sign, her father did this for us. Her father did not have any verifiable income but owned land, house and around 30 head of cattle. They sent someone out to inspect the house and farm/ranch.

We also had to put down 20%

----No late or missed payments----

Second car, we went with the same Bank again because their rate was the same as other banks and we had a previous relationship with them.

Before going to the dealership we called our bank to ask what documentation was needed to get another loan. They looked up our credit history and they told us there shouldnt be any problem getting a loan, just bring my wife's ID and Tabien Baan and my passport and our bank book. No co-signer required, no proof of income required. They just asked and wrote it down. We didn't have a whole lot in the Bank at the time but they said the balance didn't matter, even if we only had a couple of thousand, it wouldn't be an issue.

The only thing they asked was... How much do you want? How much do you want to put down? We put down 15% on the second car but I got the impression we could have put down a lot less if we wanted.

-------------------------------------------

This may have strayed a bit from your original question, so the short answer is it should not be a problem but you will probably need to be prepared to put down around 20%. If your GF has a credit history, it may be closer to my experience with our second car.

[taxin]

ould like to get some insight about my possibilities with a bank? not the dealer

thank you

I think what the OP is asking is what his chances are if he goes along to the bank and asks for a loan.

You dont need to actually go to the bank, the dealer will do all this for you. Each dealership has an allocated member of staff that deals directly with the finance side of things, you wont even need to speak to the bank or even see them in person. (Or at least I didnt when I got mine).

I was told that it didnt matter how much you had sitting in the bank but more about having a regular income, in other words a job. A job meaning your an employee of a company, having income from another means will not sufice, i.e. "falang from England send me money each month !"

If it came down to the bank approving someone with 2 million baht in the bank but no income from employment, or someone with 100,000 baht in the bank with a regular 30,000 baht going in there each month from an employer, the one with the regular income would have a much higher credit rating and a much better chance of getting the loan.

Crazy, I know !

[torrenova]

I got the missus a loan on 85% of 800k for a new truck (15% deposit) over 4 years with Siam Commercial Leasing through Isuzu. Just moved some money through 2 accounts for about 6 months with some getting syphoned off as "savings". Could have fudged the paperwork for employment but not required. She owns no land but her family does.

Asked about needing a guarantor but in the end not required.