Zen Posted June 5, 2009 Share Posted June 5, 2009 I was told i need a guarantor if i wanna buy a new car thru financing. Is it possible for me to use my company to be my guarantor? My company has only 3 thai employees... will it be a long and complicated process? anyone tried doing this before? Link to comment Share on other sites More sharing options...
katabeachbum Posted June 5, 2009 Share Posted June 5, 2009 I was told i need a guarantor if i wanna buy a new car thru financing. Is it possible for me to use my company to be my guarantor? My company has only 3 thai employees... will it be a long and complicated process? anyone tried doing this before? Go to the honda dealer, apply and have an answer in 20 minutes. Probably they will ask you to be the guarantor for the company buying the car. Link to comment Share on other sites More sharing options...
Gulfstream Posted June 5, 2009 Share Posted June 5, 2009 Just went through this and the Thai "Guarantor" is just a "strawman" and is NOT financially liable or on title. Anyone with an income will do. The bank wanted 40% down even though I have very adequate income and assets. Beware of pre-payment penalties, and if you are financing be aware that the dealer provided insurance is required. Link to comment Share on other sites More sharing options...
katabeachbum Posted June 5, 2009 Share Posted June 5, 2009 As I understand the guarantor is responsible to find/help repos the car if not payed for. Downpayment depends on type of vehicle and your credit. My Yaris I payed 15% down in 2006. My Vigo 4x4 I payed 25% down in 2006. 4X4 has high risk of accidents and theft, so they want higher downpayment, since insurance covers max 80% of purchase price. A thai policeofficer (12k/month salary) was only allowed to guarantee on one of them, and my girlfriend (50K/month salary) the other. Link to comment Share on other sites More sharing options...
basjke Posted June 5, 2009 Share Posted June 5, 2009 Bought a vios on company name,think it was in 2004 and the company is only there to own my house,my guarantor was a bargirl I know from long time ago. They came take a look at the house,thats what they told me,but no other guarantees then the Bg signature.Down payment was 20%. Link to comment Share on other sites More sharing options...
Kimera Posted June 5, 2009 Share Posted June 5, 2009 As I understand the guarantor is responsible to find/help repos the car if not payed for.Downpayment depends on type of vehicle and your credit. My Yaris I payed 15% down in 2006. My Vigo 4x4 I payed 25% down in 2006. 4X4 has high risk of accidents and theft, so they want higher downpayment, since insurance covers max 80% of purchase price. A thai policeofficer (12k/month salary) was only allowed to guarantee on one of them, and my girlfriend (50K/month salary) the other. The guarantor is responsible to find/help repos the car, but if that is not possible. ie total accident, stolen etc then they have to PAY, simple really they guarantee the loan Link to comment Share on other sites More sharing options...
prakhonchai nick Posted June 7, 2009 Share Posted June 7, 2009 Beware of pre-payment penalties, and if you are financing be aware that the dealer provided insurance is required. Dealer provided insurance is only compulsory for the first year. After that you will be billed for the government compulsory insurance, but voluntary insurance (Class 1 or fully comp) is entirely up to you. Link to comment Share on other sites More sharing options...
CWMcMurray Posted June 8, 2009 Share Posted June 8, 2009 First Car we needed a guarantor, made all payments on time. Car was stolen, still continued to make payments for the three months it took for the insurance company to declare the car "lost" and issue check. We then immediately went and purchased a new vehicle and were told that my wife had A+ credit and that no guarantor would be needed. My wife just had our daughter and was not working, but that did not seem to matter... they just asked how much I was making and wrote it down, did not even need to bring in payslips. I was kind of surprised how easy the whole thing went down... we used the same finance company as the first car and he just made a call to the office and gave them the wife's ID number and that was that. Link to comment Share on other sites More sharing options...
CDNinKS Posted June 8, 2009 Share Posted June 8, 2009 50% down and you don't need a guarantor. Link to comment Share on other sites More sharing options...
Zen Posted June 9, 2009 Author Share Posted June 9, 2009 one more question, i was quoted 2.55% interest, but if i book now, i can only get my honda car in august, is there any possibility that the interest will change if i pay my 5,000baht booking fee now? Link to comment Share on other sites More sharing options...
moo9 Posted June 10, 2009 Share Posted June 10, 2009 one more question, i was quoted 2.55% interest, but if i book now, i can only get my honda car in august, is there any possibility that the interest will change if i pay my 5,000baht booking fee now? Why not ask the dealer? If you sign the contract now, you should be able to fix 2.55 %. Be aware, some low interest rates are variable over the financing period. We got 2.7 % fixed at Nissan for 48 months. BTW isn't it funny that everybody talks about recession, but one still has to wait 3 months for a car?! Link to comment Share on other sites More sharing options...
katabeachbum Posted June 10, 2009 Share Posted June 10, 2009 one more question, i was quoted 2.55% interest, but if i book now, i can only get my honda car in august, is there any possibility that the interest will change if i pay my 5,000baht booking fee now? 2,55% is very good. Yes it can change until you and the financecompany have signed. Then its normally fixed. Search for a stock car at other dealers if you want it sooner. Link to comment Share on other sites More sharing options...
Zen Posted June 10, 2009 Author Share Posted June 10, 2009 thanks for the advice. i was afraid that the honda dealer is just trying to attract me to buy from them by quoting 2.55%, then when the car arrives in August, the interest rate would have changed. because i heard that the downpayment and financing will only begin when the car arrives in august. Link to comment Share on other sites More sharing options...
ScubaBuddha Posted August 10, 2009 Share Posted August 10, 2009 (edited) Just went through this and the Thai "Guarantor" is just a "strawman" and is NOT financially liable or on title. Anyone with an income will do. Tell that to my GF who signed as guarauntor for a car loan for some friends, they defaulted, left the province, and shut thier mobile. Her credit is ruined. She gets harassing calls and visits at work from men who "talk very strong" to her looking for the car, and are were able to debit payments from her bank accounts without her authorization, or I should say, more accurately, that authorization was given when she signed the papers. She won't consider signing again, not even for me, which leaves me a little frosty about the whole situation. Edited August 10, 2009 by Scubabuddha Link to comment Share on other sites More sharing options...
ScubaBuddha Posted August 10, 2009 Share Posted August 10, 2009 The guarantor is responsible to find/help repos the car, but if that is not possible. ie total accident, stolen etc then they have to PAY, simple really they guarantee the loan Correct. Link to comment Share on other sites More sharing options...
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