Thai Guarantor

[TopDogger]

Hi,

What are the general requirements for a Thai guarantor on auto finance?

I've just had my friends wife declined as the guaranteur due to the fact that she wasn't working. Even though she is a house wife, has a house in her name worth +5 million and a foreign husband with work permit etc who earns half a million baht a month from within Thailand.

I'm a little miffed to say the least. Apparently there fine to give me the finance on a 25% deposit, I just need another guaranteur.

Any suggestions on factors that will get the finance approved are welcome.

Thanks

[noahvail]

Hi,

What are the general requirements for a Thai guarantor on auto finance?

I've just had my friends wife declined as the guaranteur due to the fact that she wasn't working. Even though she is a house wife, has a house in her name worth +5 million and a foreign husband with work permit etc who earns half a million baht a month from within Thailand.

I'm a little miffed to say the least. Apparently there fine to give me the finance on a 25% deposit, I just need another guaranteur.

Any suggestions on factors that will get the finance approved are welcome.

Thanks

Different companies have different ways of determining who's permitted. When I bought my new pickup, put 30% down, they were happy to approve me on my income but insisted on a guarantor. My sister-in-law, bless her heart, agreed, and went through all the paperwork hoops. She has an income of just under 100K baht per *year* and next to nothing in savings, but they approved her. The banker told me that they just needed a Thai national who knew me to co-sign, so it was a done deal before the signature. Go figure.

Anyway, I hope that you only need to get a guarantor who is working.

BTW, are you going through a finance company or a bank? Toyota's finance company wasn't available after 4.30 when I bought, so this bank sent out a rep and manager at 7.30 at night. They both said it was their first night call, and their first farange, so they were nervous about making faux pas with *my* customs. Nice folks, always get an email thanking me for my payment each month, will a little personal touch added each time. I was impressed.

[TopDogger]

I think the showroom is going through finance companys, they said they have numerous and tried them all but all were rejected as she doesn't have a job.

I will try someone who earns a fraction of 500k a month and lives in rental accomodation, no doubt they will be approved in minutes..... TIT

Cheers for the advise, I'll post the outcome.

[Soutpeel]

I think the showroom is going through finance companys, they said they have numerous and tried them all but all were rejected as she doesn't have a job.

I will try someone who earns a fraction of 500k a month and lives in rental accomodation, no doubt they will be approved in minutes..... TIT

Cheers for the advise, I'll post the outcome.

Why do you say TIT....look at this from the finance companies point of view:

The person who was going to be co-signatory for you doesnt have a job, irrespective of what house she lives in or has a husband who has a job and working in Thailand (he is not signing the loan for you, so has absolutely no bearing on your application)

Do you think in your own country, a bank for financial company to let someone sign if they had no visable means of support who could honour that loan if you defaulted ???....dont think so.

My wife is in a similar position and she cant co-sign for a loan for somebody, when I first started working in Thailand, Although I was earning in excess of THB 500 k month, I still had to get Thai national to co-sign for me on my first car loan and think the person concerned was earning less than THB 1.0 million a year, but they had a job which was acceptable to the bank

Once you have been through the process once, if you havent defaulted, you will not need a Thai co-signatory the second time around

[TopDogger]

Do you think in your own country, a bank for financial company to let someone sign if they had no visable means of support who could honour that loan if you defaulted ???....dont think so.

Owning a house and being married to an expat earning 500k pr month is not a viable means of support if the guaranteur needed to raise some cash? Honda were actually very supprised that it didn't go through, they had told me that they were 80% sure it would be approved. If it was nothing to do with her husband, why did the finance companys ask for a copy of his bank statements & work permit......

Find your arguments elsewhere chump..

[TopDogger]

PS.. The guaranteur previously mentioned has actually had another mortgage for a much much larger amount approved using her exisiting house as collateral, I'd like to hear your explaination for that..

[Soutpeel]

Do you think in your own country, a bank for financial company to let someone sign if they had no visable means of support who could honour that loan if you defaulted ???....dont think so.

Owning a house and being married to an expat earning 500k pr month is not a viable means of support if the guaranteur needed to raise some cash? Honda were actually very supprised that it didn't go through, they had told me that they were 80% sure it would be approved. If it was nothing to do with her husband, why did the finance companys ask for a copy of his bank statements & work permit......

Find your arguments elsewhere chump..

Ok chump you tell me then why wasnt the loan approved then ??......

If I am a chump...you must be a bigger one...cos I can get a car loan without a thai signatory and you cant..ha ha

[TopDogger]

Ok chump you tell me then why wasnt the loan approved then ??......

If I am a chump...you must be a bigger one...cos I can get a car loan without a thai signatory and you cant..ha ha

You must not have noticed whats been going on across the planet for the last yr or so, I would take a wild stab in the dark and guess that this may be the reason why finance companys are moving the goal posts.

I'll remember the last few sentences for when I have kids and go down the local play group, your sure your old enough to drive?....

[ikob]

If you are working with work permit and been in Thailand long enough, your wife can be your guarantor.

If your salesperson cannot do it, I can.

Contact me at 085-9009900, Kob

[TopDogger]

Ok thanks iKob. I may well do that, a close friend has offered also so I will try them first.

Honda OR the finance companys are running me round in circles, when they declined the first guaranteur they said I need not get another IF I put down a 50% deposit. About 4 days later I decided to bite the bullet and offered a 50% deposit, they then came back and said I still needed a guaranteur.

I'm single so having the wife do it isn't an option.

Thanks for the offer.

[TopDogger]

Soutpool...

Something to add to your indepth knowledge of the Auto loan industry, its begining to seem that the 1st guaranteur was fine. But as her house was quite a way from the local finance companys the garage was using, they tried to provoke the use of a more local guaranteur....

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