Used Car Financing

[TexasMike]

Please let me appologize if this is a repeat post. I have done a forum search and I have failed to find the answer I am looking for.

I recently sent my wife back to Thailand 4 months ago as I returned to Iraq to work for the United States Department of Defense.

I will be returning to Thailand in July for my vacation. I send Kitiya 80,000 baht each month to build her banking profile. We will not use 50 % of that money it is just an illusion to make the banks happy.

Anyway I want to finance a used Truck in July of about 500,000 baht. I will put 250,000 baht as down payment and put everything in my wifes name as I can trust 100%.

Will she need a guarantee from her family or will that suffice for us to get her a truck? I do not belive she has any credit history in Thailand unlike my US credit which is in the 800's.

I will be moving to Thailand full time in April 2011 to open a business.

Thank You For Your Assistance

[hakku]

Mike, my experience is that a (thai)guarantor has always been required but that was at somewhat higher amounts. Let the wife check the various finance companies.

Be safe

hak

[aussiebebe]

Yes, your wife will need a guarantor, however with the 50% down-payment you mention, some companies may waive this. If, you are really only using 40k per month out of the 80k you transfer, I'd recommend saving the balance (in just six short months) and buying cash for the following reasons: 1) Financing will have very high interest rates 2) you'll negotiate a better deal when buying cash.

[Lumumba]

With GE financing 40% and above you do not need guarantor, so long as you don't have two or more other cars on lease. and GE is one of the most cautious ones.

[stingray]

Yes, your wife will need a guarantor, however with the 50% down-payment you mention, some companies may waive this. If, you are really only using 40k per month out of the 80k you transfer, I'd recommend saving the balance (in just six short months) and buying cash for the following reasons: 1) Financing will have very high interest rates 2) you'll negotiate a better deal when buying cash.

You will not neiotate a better deal. Dealers are more interested in financing, instead in cash, because they get some commission from the finance company and the finance companie pays cash for the car to the dealer anyway. So why they should selling cheaper if a customer walks in with cash?

[thaicbr]

But sometimes if you are Financing then the dealer will get a good rate. i had 200thou at 4.55% which i thought was pretty good.