Question About New Car Financing

[reenatinnakor]

Hi there. Am looking to buy a new Fortuner Sport for the girlfriend. Does anyone know if finance is readily available through a Toyota dealership? Say I wanted to pay 50% in cash and then the rest on 36 monthly payments - what is the interest like and is it worth it? Would they need to do a credit check on me or the girlfriend? I have no record here and her bank balance has never been Thaksin like either. I read someone mention Tisco finance or something who are the brokers for Toyota but you have to deal with them separately and its not a seamless process done at the dealership like it would be in the UK?

Thanks for any advice!

[toasted]

Yes, Tisco do the finance, but with a letter from your employer stating your salary and length of contract (or time in the job) you should be ok. Tisco sent somebody to my house to do all the paperwork and I never had to go to their offices.

[dave_boo]

Hi there. Am looking to buy a new Fortuner Sport for the girlfriend. Does anyone know if finance is readily available through a Toyota dealership? Say I wanted to pay 50% in cash and then the rest on 36 monthly payments - what is the interest like and is it worth it? Would they need to do a credit check on me or the girlfriend? I have no record here and her bank balance has never been Thaksin like either. I read someone mention Tisco finance or something who are the brokers for Toyota but you have to deal with them separately and its not a seamless process done at the dealership like it would be in the UK?

Thanks for any advice!

Backstory:

My wife wanted a vehicle (having a baby brings out the old "no; we can't keep riding around on a motorcycle" for some reason). We both wanted Toyota. So on a trip back home, we went to the dealership. Since I have a portion of my monthly cheque direct deposited into her account, there's activity. She did the financing right there, can't remember the name, but they needed some paperwork that the wife had helpfully left back at the house. The financer took a company car and drove her back (some 60 km). With that and the installation of the few extras she wanted for the truck it took the better part of a work day. Coffee was provided and I definitely took advantage of that.

They absolutely wouldn't finance it under my name since I don't have a work permit or even a proper visa. They needed the mother-in-law to co-sign which she did. Paying 30% down and financing over 2 years resulted in something like a 3% yearly interest rate. I.E., I ended up paying 6% interest on the whole of the loan.

The wife has never had credit before, and I assume unless a Thai seriously deliquent in payments or so indebted they can't afford a pot to yeaow daak into they should finance your honey; especially if she has land to borrow against.

[reenatinnakor]

Hi there. Am looking to buy a new Fortuner Sport for the girlfriend. Does anyone know if finance is readily available through a Toyota dealership? Say I wanted to pay 50% in cash and then the rest on 36 monthly payments - what is the interest like and is it worth it? Would they need to do a credit check on me or the girlfriend? I have no record here and her bank balance has never been Thaksin like either. I read someone mention Tisco finance or something who are the brokers for Toyota but you have to deal with them separately and its not a seamless process done at the dealership like it would be in the UK?

Thanks for any advice!

Backstory:

My wife wanted a vehicle (having a baby brings out the old "no; we can't keep riding around on a motorcycle" for some reason). We both wanted Toyota. So on a trip back home, we went to the dealership. Since I have a portion of my monthly cheque direct deposited into her account, there's activity. She did the financing right there, can't remember the name, but they needed some paperwork that the wife had helpfully left back at the house. The financer took a company car and drove her back (some 60 km). With that and the installation of the few extras she wanted for the truck it took the better part of a work day. Coffee was provided and I definitely took advantage of that.

They absolutely wouldn't finance it under my name since I don't have a work permit or even a proper visa. They needed the mother-in-law to co-sign which she did. Paying 30% down and financing over 2 years resulted in something like a 3% yearly interest rate. I.E., I ended up paying 6% interest on the whole of the loan.

The wife has never had credit before, and I assume unless a Thai seriously deliquent in payments or so indebted they can't afford a pot to yeaow daak into they should finance your honey; especially if she has land to borrow against.

Thanks. It wont be under my name off course since I'm only here on holidays every 3 months and I have no work connections or business or anything. What paperwork did your wife had to submit? My gf has alot of land - can that be used as a guarantee? Otherwise they will just have to trust me to put the money in her account every month....which I will off course! But how will they know that?

[dave_boo]

Thanks. It wont be under my name off course since I'm only here on holidays every 3 months and I have no work connections or business or anything. What paperwork did your wife had to submit? My gf has alot of land - can that be used as a guarantee? Otherwise they will just have to trust me to put the money in her account every month....which I will off course! But how will they know that?

Owning land and owning land that can be borrowed against can be two seperate issues. The land that you can borrow against has a title called a 'chanote' (there may be another type of title you can borrow against but I am not sure). Most of the land where I live has no chanote, so you can't borrow against it.

I'll get back with you about the documents required, but I do know that the wife had some 3 years worth of monthly deposits there....and as far as I know they weren't curious as to whether or not the deposits were going to continue.

[reenatinnakor]

Thanks. It wont be under my name off course since I'm only here on holidays every 3 months and I have no work connections or business or anything. What paperwork did your wife had to submit? My gf has alot of land - can that be used as a guarantee? Otherwise they will just have to trust me to put the money in her account every month....which I will off course! But how will they know that?

Owning land and owning land that can be borrowed against can be two seperate issues. The land that you can borrow against has a title called a 'chanote' (there may be another type of title you can borrow against but I am not sure). Most of the land where I live has no chanote, so you can't borrow against it.

I'll get back with you about the documents required, but I do know that the wife had some 3 years worth of monthly deposits there....and as far as I know they weren't curious as to whether or not the deposits were going to continue.

Thanks again. My gf has only Sor Por Kor as the type of land owned and has infrequent monthly deposits - so I guess it looks like will probably have to pay for car in full with cash. But she maintains that she can get finance and pay monthly but I just do not understand how she would qualify!

[Soutpeel]

Your GF is most likely right, she can get the fiance, but the one aspect to this no one appears to have touched on is a guarator for her.

She will be approved for fiance if:

1. Minimum of 30% deposit paid (typical for 4X4's), as is first car financed they may ask for more maybe 40%

2. She need to find someone to Co-sign for her (ie have a job, bank book with savings etc) ie relative, friend etc...

As you dont work in Thailand etc...you cannot co-sign for her...

I have never had dealings with TISCO, but above is certainly the case with Thanachart and went through a similar exercise a few years ago for the GF (who is now the wife)..the above is typical for the first car fianced through a company, any new cars afterwards will not require a Co-sign, provided she has paid on time etc etc..

[reenatinnakor]

Your GF is most likely right, she can get the fiance, but the one aspect to this no one appears to have touched on is a guarator for her.

She will be approved for fiance if:

1. Minimum of 30% deposit paid (typical for 4X4's), as is first car financed they may ask for more maybe 40%

2. She need to find someone to Co-sign for her (ie have a job, bank book with savings etc) ie relative, friend etc...

As you dont work in Thailand etc...you cannot co-sign for her...

I have never had dealings with TISCO, but above is certainly the case with Thanachart and went through a similar exercise a few years ago for the GF (who is now the wife)..the above is typical for the first car fianced through a company, any new cars afterwards will not require a Co-sign, provided she has paid on time etc etc..

Thanks for the information. I know what to look out for now. The deposit is not an issue, was going to pay 50% now anyway. Getting a co signatory who has a bank book with monthly incoming should not be an issue either - as long as they dont need to be employed. It's strange that they don't do credit checks, maybe no one in thailand uses credit! It's funny how leaving the 1st 'n' out of the word finance can make for amusing reading, but I understand what you are saying. Thanks again.

[redman]

I bought a Toyota Vigo in Ao Udom in November 2007. Gf was working in a hotel and had a salary of 6,000 baht a month. I only had a 28 day visa(work away), but it seemed the easiest thing to get credit that day. I paid 50% down and bugger knows who was guarantor for who. Car was delivered 2 days later

I suppose they think that if they have the first 50%, then a possible reposession later on isn't such a big deal?

[Soutpeel]

It's strange that they don't do credit checks, maybe no one in thailand uses credit! It's funny how leaving the 1st 'n' out of the word finance can make for amusing reading, but I understand what you are saying. Thanks again.

Strangely enough they actually do, do credit checks and I am actually on a Thai database, I get a letter off them once a year with my credit rating, Think this is the reason these days they never tell me I need a Thai co-signature if I buy a new car..

Hope the info helps