Auto Financing For Foreignors-zero

[bellagrego]

Has anyone secured financing from any institution for the purchase of a car , truck or motorcycle in his OWN NAME, without a Thai co-signor, or in a Thai company name ?

I ask as Bangkok Bank and Krug Thai both declined to even take a credit app from me, even though they had over a half million each in my account.

After five years on a retirement visa and building a house with a Thai gal, these backwater bankers, won't even entertain a thought of a loan for anyone not endorsed in some fashion by a Thai.They will loan money to bargirls with no job, cyclo drivers with no income verification but nothing for am American with an 830 credit score.

Such is life in Thailand. Pay cash, put your girl's name on your wheels , or take a hike.

bella

[katabeachbum]

I just fnanced my 3rd car in my own name. 25% down and 2,75% interest on 4 years. Needed thai guarantor (GF no income) because its a 4x4 pickup and they get lost to other countries sometimes. A passanger car like Civic was 15% down and no thai guarantor.

Tanachart, Tisco, Toyota leasing, Honda Leasing all accept farang. Your us creditscore is useless though. Workpermit not needed.

Forget the banks, see a dealer and they organise with financecompanies.

[torrenova]

I just fnanced my 3rd car in my own name. 25% down and 2,75% interest on 4 years. Needed thai guarantor (GF no income) because its a 4x4 pickup and they get lost to other countries sometimes. A passanger car like Civic was 15% down and no thai guarantor.

Tanachart, Tisco, Toyota leasing, Honda Leasing all accept farang. Your us creditscore is useless though. Workpermit not needed.

Forget the banks, see a dealer and they organise with financecompanies.

I don't think you are correct. If no WP then no job and thus no ties to Thailand. I've heard dealers and the like going on about low percentages down and not much in the way of paperwork and no guarantor but I have yet to see it done by someone I know and trust. Every time there is something crops up.

[katabeachbum]

I just fnanced my 3rd car in my own name. 25% down and 2,75% interest on 4 years. Needed thai guarantor (GF no income) because its a 4x4 pickup and they get lost to other countries sometimes. A passanger car like Civic was 15% down and no thai guarantor.

Tanachart, Tisco, Toyota leasing, Honda Leasing all accept farang. Your us creditscore is useless though. Workpermit not needed.

Forget the banks, see a dealer and they organise with financecompanies.

I don't think you are correct. If no WP then no job and thus no ties to Thailand. I've heard dealers and the like going on about low percentages down and not much in the way of paperwork and no guarantor but I have yet to see it done by someone I know and trust. Every time there is something crops up.

Never had a work permit and took delivery November 05th with 221.500 down and my first check is issued with 16408 baht to be cashed 05th December 2009 by Thanachart bank.

No crops up torrenova

I think I m correct. No, sorry, I know I m correct

[bellagrego]

You kinda confirmed my statement . You had a Thai so-called gaurnateur. maybe back a ways you got it done without one. I did the Honda, Toyota and Thanachart thing. Just all the same. forget about without that Thai signature. By the way, the dealers get a cut of that financing rip off dollar/baht. The actual apr in what they quote X 2, less 10%. That is the real interest rate, not the simple one they quote. I was a car dealer and worked g=for GM for 20 years as well. These guys would not last a week anywhere else in the world. Hey, whathtef---. It's just money. I could not take financed wheels to lao, Cam, or Maylay anyway.

bella

[katabeachbum]

You kinda confirmed my statement . You had a Thai so-called gaurnateur. maybe back a ways you got it done without one. I did the Honda, Toyota and Thanachart thing. Just all the same. forget about without that Thai signature. By the way, the dealers get a cut of that financing rip off dollar/baht. The actual apr in what they quote X 2, less 10%. That is the real interest rate, not the simple one they quote. I was a car dealer and worked g=for GM for 20 years as well. These guys would not last a week anywhere else in the world. Hey, whathtef---. It's just money. I could not take financed wheels to lao, Cam, or Maylay anyway.

bella

Yes my gf guranteed. They didnt want to accept her, and Tanachart bank wanted me to get a passangercar (Civic) at same price (950k) with less down and no guarantor. I said i want a 4 door 4x4 truck or i dont need new wheels.

I guess it was easier a few years back, and since I have a thai credit history (car loans and thai creditcard) its still doable.

Of course there is a kickback to sales staff and dealer. I used to have a dealership and we only did financing with kickbacks

Interest acceptable though, since property loans are much more expensive.

Edited November 29, 2009 by katabeachbum

[stingray]

As a foreigner, in Hawaii, i could not even get a dam car insurance in my name! Even i have a Bankaccount there and paid the car in cash!

Actually, if you have a WP, you can get finance for a car. Without WP i guess it's difficult, unless yo uhave a Thaiguarantor. You have no ties and you could always sell the car somehow (without book even for parts only) and run away. Please understand me: I don't say you do that, but they see it that way. I try to get finance for a house a year ago in my active company name, not passed, even i had the triple amout in my bankaccount what the house was worth it, got scammmed with my deposit, lost the deposit and that's it. TIT Result of the story what i learned: NEVER BUY ANY HOUSES overhere. Rent it, it's anyway cheaper! Different rules overhere.

[Pomthai]

Not always the case, got a Truck on finance with Tisco 3 yrs ago, got a House mortgaged with Siam commercial bank 1 year ago.

[Soutpeel]

My first car financed with Tanachart, 7 years ago needed a Thai co-sign on it, even though I had a WP. All subsequent cars bought and financed with Tanachart, never needed a Thai co-sign.

The statement about needing a Thai co-sign for 4 X 4's is absolute rubbish, I have had a Izuzu 4 X 4 financed and my present car a Fortune, nither of which required a Thai co-sign

Its all to do with building a credit rating, nothing more, nothing less...no conspiracy or discrimination against Farangs...

[katabeachbum]

My first car financed with Tanachart, 7 years ago needed a Thai co-sign on it, even though I had a WP. All subsequent cars bought and financed with Tanachart, never needed a Thai co-sign.

The statement about needing a Thai co-sign for 4 X 4's is absolute rubbish, I have had a Izuzu 4 X 4 financed and my present car a Fortune, nither of which required a Thai co-sign

Its all to do with building a credit rating, nothing more, nothing less...no conspiracy or discrimination against Farangs...

well i am in tanachart too, 3 rd car financed in my name with them since 2006, build a good LOS credit rating and have LOS creditcard, and tanachart phuket told me didnt need a thai co sign with Honda Civic with 20% down. but needed for 4x4 pickup when 25% down. no rubbish.

agree, no conspiracy against farang though

[torrenova]

My first car financed with Tanachart, 7 years ago needed a Thai co-sign on it, even though I had a WP. All subsequent cars bought and financed with Tanachart, never needed a Thai co-sign.

The statement about needing a Thai co-sign for 4 X 4's is absolute rubbish, I have had a Izuzu 4 X 4 financed and my present car a Fortune, nither of which required a Thai co-sign

Its all to do with building a credit rating, nothing more, nothing less...no conspiracy or discrimination against Farangs...

well i am in tanachart too, 3 rd car financed in my name with them since 2006, build a good LOS credit rating and have LOS creditcard, and tanachart phuket told me didnt need a thai co sign with Honda Civic with 20% down. but needed for 4x4 pickup when 25% down. no rubbish.

agree, no conspiracy against farang though

OK, so one of you had a TG guarantor and one did not. Any requirement to have any one, Thai or not co sign is not what we are on about, though I appreciate the comments.

4*4s do represent a problem to the garages and the finance people. They wanted 40% down for them and guarantors.

So to recap, we do not have anyone who has not bought previous vehicles getting finance in their name without a guarantor.

On a tangent, I am not sure you would get a credit card here nowadays (unless backed by a deposit) without a WP. I am not certain that income from abroad or just having sufficient cash would get you a card (things like HSBC Thailand excepted) and therefore, would you ever be able to get started on the finance ladder now, without the WP and all the associated papers ? I am not sure you would.

I do take though that history of previous credit agreements would establish your credentials. I'm just not sure they'd let you get started at the moment.

[katabeachbum]

My first car financed with Tanachart, 7 years ago needed a Thai co-sign on it, even though I had a WP. All subsequent cars bought and financed with Tanachart, never needed a Thai co-sign.

The statement about needing a Thai co-sign for 4 X 4's is absolute rubbish, I have had a Izuzu 4 X 4 financed and my present car a Fortune, nither of which required a Thai co-sign

Its all to do with building a credit rating, nothing more, nothing less...no conspiracy or discrimination against Farangs...

well i am in tanachart too, 3 rd car financed in my name with them since 2006, build a good LOS credit rating and have LOS creditcard, and tanachart phuket told me didnt need a thai co sign with Honda Civic with 20% down. but needed for 4x4 pickup when 25% down. no rubbish.

agree, no conspiracy against farang though

OK, so one of you had a TG guarantor and one did not. Any requirement to have any one, Thai or not co sign is not what we are on about, though I appreciate the comments.

4*4s do represent a problem to the garages and the finance people. They wanted 40% down for them and guarantors.

So to recap, we do not have anyone who has not bought previous vehicles getting finance in their name without a guarantor.

On a tangent, I am not sure you would get a credit card here nowadays (unless backed by a deposit) without a WP. I am not certain that income from abroad or just having sufficient cash would get you a card (things like HSBC Thailand excepted) and therefore, would you ever be able to get started on the finance ladder now, without the WP and all the associated papers ? I am not sure you would.

I do take though that history of previous credit agreements would establish your credentials. I'm just not sure they'd let you get started at the moment.

50% down on a 800k passanger car gets any farang with 6 months proper thai banking history car finance without guarantor. creditcard backed by deposit is available for anyone with 6 months proper thai banking history. So getting started is still possible.

[torrenova]

50% down on a 800k passanger car gets any farang with 6 months proper thai banking history car finance without guarantor. creditcard backed by deposit is available for anyone with 6 months proper thai banking history. So getting started is still possible.

Just what do you mean by "proper Thai banking history" ? As much information as possible please as I guess many have accounts older than 6 months and yet feel they would be or have been refused.

As for the cash backed cards, not all banks will issue them without WPs. Who do you recommend currently ?

[chivo]

but what percent interest did you all pay on the auto loan?

[torrenova]

bump

Kata, any chance you can give out some details for

Just what do you mean by "proper Thai banking history" ? As much information as possible please as I guess many have accounts older than 6 months and yet feel they would be or have been refused.

As for the cash backed cards, not all banks will issue them without WPs. Who do you recommend currently ?

thanks

Edited December 15, 2009 by torrenova

[katabeachbum]

bump

Kata, any chance you can give out some details for

Just what do you mean by "proper Thai banking history" ? As much information as possible please as I guess many have accounts older than 6 months and yet feel they would be or have been refused.

As for the cash backed cards, not all banks will issue them without WPs. Who do you recommend currently ?

thanks

6 months with a good cash flow. Lets say you want to pay 30k a month on your car, monthly "income" should be 200-300k.

Or I guess a deposit of 500k and monthly income of 90k would work too.

It doesnt hurt if you v purchased a condo or house too.

Bank of Ayudhya, alias Krungsriayudhya Card Co Ltd has provided me and my mates with Creditcards. If the branch doesnt know how to handle it, ask them to please call headoffice. 100k deposit gives 80k creditcardlimit.

Edit Odd thingabout the creditcard security deposit. While some people need to keep it forever cause its a requirement from BOT, I was just told its only needed until 3 invoices have been payed. I guess i ll have to check if its been released in my savingsaccount by now

Edited December 15, 2009 by katabeachbum