Best Deal For Auto Finance...

[chivo]

this is a different question than the one about financing for FARANG so please dont merge.

( i will buy jointly with wife )

dealer mentioned 1.88% which sounds pretty good.

i couldn't imagine you can beat that, but heard from a senior thai that there have been lower offerings.

i'm a bit new at buying cars, so i assumed it had to be done thru the dealership.

or can we just go find our best rate and do it ourselves.

i realize the dealers must get a commision and this would affect the process in some ways.

any basic info appreciated.

[katabeachbum]

interest is more like 5%, but the dealer/importer/manufactorer subsidises interest, so between 0% and 2,99% is what you can get from dealers

[torrenova]

And remember that Thai interest rates are not APR but flat rate and thus, about half the true rate. So your 1.88% may well be 3.5/4.0% APR.

[CWMcMurray]

I was looking at Chevrolet's website and if you purchase within this month, they are offering 0%.

[aussiebebe]

Could anyone on this forum answer my questions, I'd appreciate any advice, thanks. I've never personally bought a new car in Thailand.

1. As the previous poster mentioned, there are 0% financing deals - are these genuine? Are there any taxes or other charges added, or do you really make repayments without interest? If anyone's done this I'd be interested to know.

2. I asked briefly at the Chevrolet stand at the Moto Expo last Friday, they guy metioned a 3,500baht charge for registering the plates and 2000baht charge for something else - generally what miscellaneous charges are there when buying a car?

3. Some Chevrolet cars are E20 (can use ethanol fuel) - the guy said they can use any gas - 91,95, Gasohol 91,95 - is this true? What have other people done? do you stick with one type or can you really switch between anything you want?

4. Chevrolet and others like Proton, Toyota, Honda etc off 3 year/100,000km warranties on new cars - do these include servicing?

thanks in advance for any helpful answers

[rgs2001uk]

^^

Can only answer questions 3 and 4.

Q3. Yes can use any gas and can switch between.

Q4. No you have to pay for the servicings.

Honda for sure has a brochure that lists the prices and service intervals for its models.

[chivo]

anyone care to tell what % they paid in interest on auto loan in thailand?

just found out the 1.88 advertisied is per year on the total borrowed amount not the remaining principle!

so 1.88 x 4 years = 7.53 % huh!??

is that the best i can expect here?

[garyk]

I tried for the 0% interest at chevrolet. I wanted a Z71 . Before the 0% interest they had them now they do not. They wanted to sell me the lowest model or a sedan only. When i asked about the others they always said NO. What a rip here in Khon Kean. Not only that but with 0% no goodies like bed liner bumper nothing but registration and insurance for one year. I got so disgusted i finally quit trying. It is all a ploy to get you into the dealership. I personally think no deals are to be had at new dealerships.

[thaibutty]

I think that the 1.88% you are being offered is pretty good. I've been looking to buy a Honda Jazz and been offered the following interest rates:

Phuket dealer: 2,6%, but going up to 2,8%

Nakhorn Sri Thammarat Dealer: 2,29%

Bangkok Dealer: 2,15%

So, interest can vary a lot. None of the dealers gives any cash discount or free insurance, but they offer various types of extras.

[katabeachbum]

anyone care to tell what % they paid in interest on auto loan in thailand?

just found out the 1.88 advertisied is per year on the total borrowed amount not the remaining principle!

so 1.88 x 4 years = 7.53 % huh!??

is that the best i can expect here?

try it in baht

I just borrowed 712.500 baht to buy a Vigo at 950k baht.

Interest is 2,75%. 48 terms (4 years) at 16.405 baht is 787.440 baht. Deduct financed amount of 712.500 baht and interest is 74.950 baht for 4 years.

Not bad

[chivo]

thanks katabeachbum for the reference.

i got 1.88% on 1 million finance, which i was told would 18,800 per year in interest x 4years for a total of 75,200 baht in interest total... i had been expecting it to work like my home loan where as the principles reduces, so does the interest... but not so!

[katabeachbum]

thanks katabeachbum for the reference.

i got 1.88% on 1 million finance, which i was told would 18,800 per year in interest x 4years for a total of 75,200 baht in interest total... i had been expecting it to work like my home loan where as the principles reduces, so does the interest... but not so!

still not bad, and its fixed interest. does not increase at any point

a homeloan is typically 6-7% except for the first 3 years which are subsidised (but you have to pay back if you sell before 3 years)

a 3 million baht homeloan is like 180k a year in interest, while your car is 18.800

to get a car with one mill baht loan at a premium of 75 k for 4 years payment seems ok to me

but most thais want lower monthly payments, so they choose 7 years at 6% interest

[ignis]

4. Chevrolet and others like Proton, Toyota, Honda etc off 3 year/100,000km warranties on new cars - do these include servicing?

thanks in advance for any helpful answers

2004 I bought a Honda Jazz, and yes it had FREE servicing... Did not even have to pay for parts or oil in the 3 years... The only thing I had to pay for was 2x new batteries but fitted at Honda and under 1,000 baht.

[prakhonchai nick]

Chevrolet Buriram tried to rip me off

Saw a display model in Big C. O% for 4 years

Went to the showroom 1km up the road. No Aveo's. Only one in Big C. Was told no 4 year interest free - only 2 years. eventually manager condecended to speak with me. he stated only 1 year. I left

Contacted Chevrolet web site - No reponse!

I NOW OWN A HONDA

[chivo]

thanks for the opinion kata. as i am unfamiliar with this process, it helps.

[mobiryder]

bump for more reports... thx in advance!

bangkok bank's website right now says 11.5% for auto loans.. am i missing something?

Edited January 8, 2010 by mobiryder

[CDNinKS]

Bangkok Bank is referring to used cars.......

As mentioned earlier the low rates are for new cars from the dealer. The way the interest is calculated is 2.65 (or whatever) per annum totaled and then divided by the number of months.

I.E. 1,000,000 Baht car.

400,000 down

600,000 financed

600,000 x 2.65% = 15,900 interest per year x 3 (or whatever you choose) = 47,700

600,000 + 47,700= 647,700 divided by 36 months = 17,992 baht per month payment.

Be sure and find out what the penalty or benefit will be for an early pay out. My experience is that they will give back about 50% of the interest in an early payout. Also, if you want to sell the car before one year and have the financing transferred to the buyer, you will have to pay out the remaining payments. i.e. if you have made 8 months payments on a 36 month loan, you must make an additional payment equal to the 4 months left to one year.

That is how I understand it anyway

Edited January 8, 2010 by CDNinKS

[stingray]

I was looking at Chevrolet's website and if you purchase within this month, they are offering 0%.

to clear the old stock

[stingray]

bump for more reports... thx in advance!

bangkok bank's website right now says 11.5% for auto loans.. am i missing something?

Interest on used cars is higher than new ones. New car dealers have sometime almost no profit on a car sales, Their profit is on the commission on the finance, more longer the time you borrow the money, the better comission for the salesman. Therefore you can't really bargain on a new Honda or Toyota for example, if you buy cash. Only if you take a loan.