Car Loan

[millionair]

hello members

i want to how to take car loan from bank?

i have work permit,saving account with kasikorn,but never took any loan or credit card so far,(its just i dint need one)

want to know A-Z about car loan,before i go and ask my bank.

any advice is welcome.

Edited May 21, 2010 by millionair

[temprylife]

sorry, no car loans for farangs. you need to pay full amount of car price. TIT.

[millionair]

sorry, no car loans for farangs. you need to pay full amount of car price. TIT.

crap.i need serious reply

[jesimps]

I had my Thai lady friend (now my wife) and one other lady with property to sponsor me. I also used my condo as collateral. The finance people at Toyota guided me through. I had to pay a deposit of 25% I'm repaying the loan over five years. Any good?

[jesimps]

Forgot the mention, I'm on a 12-month retirement visa.

[cshort64]

Hello.

I have been after the same thing for a long time as well, not very actively until recently, I even posted here in the past on the same subject. I have found that banking rules change quite significantly from bank to bank and branch to branch, the party line is no, you cannot get a loan for a car here, however, there may be a few ways around that. A co-signer who is Thai is an option with some banks, there may be an option as well with a deposit in line with the price of the car you are buying.

For example, my understanding is that you need 800,000 baht in the bank to be able to get your retirement visa secured or proof that 60,000 baht is coming into the country each month. Well if you took the first option, use that $ to secure your loan, several banks will allow you to put that into a long term savings account and then use it as collateral for the loan. They may not give you all 800,000 but they may give you 80% to 90% to borrow against. This will help you in the short term with a loan and then you will have your 800,000 already in the bank when it is time to renew your retirement visa. You can also offset the interest you are paying on the car loan a little as you will make 1.5 to 2.5 % on your money.

I'm not sure this option is desirable for you but it is something to consider.

Regards

C

[Soutpeel]

So much cr*p written.

In your circumstances ....First car.... typically need Thai signatory + deposit (25% to 30%)..go talk to Tanachart or similar.

Subsequent cars...provided you make the payments on time.....No Thai Co-sign, Deposits 25%-30% remains, but usually covered on your trade in on your old car..

Edited May 22, 2010 by Soutpeel

[samuitone]

I have a vehicle which I'd accept monthly payments on (with initial down payment). I'll keep log book until final payment (same as the banks do).

[millionair]

well i am not married yet,so forget about thai partner optionwhat are my chances if i go stright to bank,i have more than 1 mill transection every month with kasikon

[Soutpeel]

well i am not married yet,so forget about thai partner optionwhat are my chances if i go stright to bank,i have more than 1 mill transection every month with kasikon

Who said anything about a Thai partner ??.....if you are such an outstanding client of K-bank go and ask them then.....you asked the question and been given answers.

Generally a Thai bank will ask for a Thai co-signatory on your first car (doesnt mean your wife) and you need a deposit of between 25 and 35%,

if you have a million a month transaction why do you need a loan..save up and buy it cash...

[Jimbo]

I know several retired Farangs who have been able to get car financing with a 40% deposit and without a Thai co-signatory.

[Lost in LOS]

Just did it with my Camry, pick it up tomorrow. The car place will arrange the loan if you want, Toyota did with kasakorn bank, Kasakorn will fill out the paperwork etc. you need to be in Thailand for some time, don't know how much, 4 years for me. You need a Thai to co-sign. You need to have a bank account [mine with BB. I got my loan for my car in place

[millionair]

Just did it with my Camry, pick it up tomorrow. The car place will arrange the loan if you want, Toyota did with kasakorn bank, Kasakorn will fill out the paperwork etc. you need to be in Thailand for some time, don't know how much, 4 years for me. You need a Thai to co-sign. You need to have a bank account [mine with BB. I got my loan for my car in place

thanks this will help.

[farangkeenok]

I got a financed deal with Ford through Tisco bank, 25% downpayment, minimum of 2 years workpermit, 6 months bankstatement and Thai co-signer (not wife)

Car is in my name, so is the finance.

Relatively easy job, having said that I have a good rating at credit bureau due to creditcard with kasikorn 12 months prior.

There are possibilities out there!

[theoldgit]

sorry, no car loans for farangs. you need to pay full amount of car price. TIT.

Not true, I am retired so don't need a work permit, I applied to Tisco Bank and the loan was approved in about a week.

Edit - I had been living in Thailand, on a retirement visa, for 13 months.

Edited June 6, 2010 by theoldgit

[tonywebster]

I got my loan through Thanachart, i also have thai credit cards so they could see my payment history etc. The garage sorted mine out through an agent, paid no deposit although they showed one on the paperwork and I also need a Thai guarantor.

I have work permit, also wanted to see bank book for last three months etc. My work permit is less than 12 months.