Buying A Car In Thailand Without A Guarantor And Without A Work Permit - It's Possible!

[rainman]

I just wanted to share my experience because I've seen quite a few posts about foreigners trying to buy a car in Thailand that have either no work permit or no Thai guarantor to sign, or both. I have been in Thailand for around 5 years now, 3 years on a non-Immigrant "O" visa based on the marriage to my Thai wife. I don't have a work permit since I don't work in Thailand, but I have my own companies overseas. We just purchased a 2010 Mitsubishi Pajero Sport (Baht 1,097,000) with a Baht 10,000 initial deposit and a 25% down payment (Baht 271,750) of the remaining balance. No work permit was required and the car could be in either my name or her name. They did want to see bank statements of overseas transfers of at least 1 year back, but I provided them with all the statements all the way back to 2004.

It took about a week and we got the approval call from the bank and the car is being delivered in the coming days. Hopefully this is of some help to anyone trying to purchase a car without a work permit or without a Thai guarantor.

[saorsa]

what interest rate did you get? Im in a similar position to yourself and would like to buy a car on finance but keep it in my name.

Edited November 18, 2009 by saorsa

[rainman]

I'd have to check the contract to be absolutely sure, bit I believe it's 2.45% if you pay at the start of each month, or 2.55% if you pay at the end of each month. Also, there's a 50% discount in the interest rate if you pay it off before the leasing ends.

[ScubaBuddha]

Put 40-50% down and anything is possible.

I'd have to check the contract to be absolutely sure, bit I believe it's 2.45% if you pay at the start of each month, or 2.55% if you pay at the end of each month. Also, there's a 50% discount in the interest rate if you pay it off before the leasing ends.

I would call this more of a 50% prepayment penalty!

[rainman]

You could call it a penalty, but it really isn't. I doubt there's any bank that will just forget about the interest rate if you pay it off early. It's their business. I know I wouldn't, so I don't expect them to either. At least they will forget about half the interest rate, which is still nice. Paying around 1.25% of the remaining balance is no big deal. Around 5,000 Baht difference in the end if you pay it off halfway through the contract.

[zzaa09]

Pay it off in cash, right then and there. See what kind of reception one receives.

[saorsa]

I'd have to check the contract to be absolutely sure, bit I believe it's 2.45% if you pay at the start of each month, or 2.55% if you pay at the end of each month. Also, there's a 50% discount in the interest rate if you pay it off before the leasing ends.

2.45 % interest per month or per year? great deal if per year, <deleted> deal if per month

[rainman]

It's 2.45% per year.

[torrenova]

This still does not answer all the outstanding questions though I thank rainman for his posts. Perhaps he could add some more details.

Whose name is the vehicle in ?

Does his wife own any land or property ?

Does he know if he could have gotten this deal if he'd been a single guy without any relationship to a Thai ?

I suspect that the single guy would not get the deal and it is down to the Thai wife owning some land, whether pledged or not. I hope I am wrong !

[saorsa]

This still does not answer all the outstanding questions though I thank rainman for his posts. Perhaps he could add some more details.

Whose name is the vehicle in ?

Does his wife own any land or property ?

Does he know if he could have gotten this deal if he'd been a single guy without any relationship to a Thai ?

I suspect that the single guy would not get the deal and it is down to the Thai wife owning some land, whether pledged or not. I hope I am wrong !

If that interest rate is 2.45% per month, then at 30% per year, I am sure they would lend to anyone regardless of WP.

[changnaam]

This still does not answer all the outstanding questions though I thank rainman for his posts. Perhaps he could add some more details.

Whose name is the vehicle in ?

Does his wife own any land or property ?

Does he know if he could have gotten this deal if he'd been a single guy without any relationship to a Thai ?

I suspect that the single guy would not get the deal and it is down to the Thai wife owning some land, whether pledged or not. I hope I am wrong !

I do not think it matters if you can pay a substantial deposit. I have been assured by the garage that there does not need to be any guarantor at all as long as the deposit is 25% and can prove income history.

I am looking myself with no Thai involvement, although I do have a work permit.

[Spoonman]

It's 2.45% per year.

This still does not answer all the outstanding questions though I thank rainman for his posts. Perhaps he could add some more details.

Whose name is the vehicle in ?

Does his wife own any land or property ?

Does he know if he could have gotten this deal if he'd been a single guy without any relationship to a Thai ?

I suspect that the single guy would not get the deal and it is down to the Thai wife owning some land, whether pledged or not. I hope I am wrong !

If that interest rate is 2.45% per month, then at 30% per year, I am sure they would lend to anyone regardless of WP.

Reading not your strong point Saorsa ???

[saorsa]

Reading not your strong point Saorsa ???

Clearly not...didnt see that bit!

[rainman]

This still does not answer all the outstanding questions though I thank rainman for his posts. Perhaps he could add some more details.

Whose name is the vehicle in ?

Does his wife own any land or property ?

Does he know if he could have gotten this deal if he'd been a single guy without any relationship to a Thai ?

I suspect that the single guy would not get the deal and it is down to the Thai wife owning some land, whether pledged or not. I hope I am wrong !

It's in my wife's name, but they offered to put it in either her name or mine. They did not ask to see any properties or assets of her. But I would imagine it to be a bit more difficult for someone that's not married to a Thai national.