Credit/Loans

[nuksoo1980]

just seeing if i can get some helpfull info from everyone . what is the best department store or bank to get a credit account or loan ? and what is the process of getting one if i am on a non immigrant work visa easy or not worth it?

[stevenl]

As a foreigner, just like that? No chance. Deposit 100.000 baht and you can get 50.000 baht credit, but the securities will always be worth far more than any credit here.

[katabeachbum]

As a foreigner, just like that? No chance. Deposit 100.000 baht and you can get 50.000 baht credit, but the securities will always be worth far more than any credit here.

BoT (Bank of Thailand) does not allow loans or credits to farang, unless its secured.

Options

Creditcard, limit is 80% of secured deposit, in yellow bank thats secured deposit of 80k to have 64k baht gold card.

Car and motorcycle finance possible, with minimum 20% down.

Financing condo can be done in Thai banks in Singapore.

then you have the sharks, who legally charge 3% a month, or not legally more

[LivinLOS]

then you have the sharks, who legally charge 3% a month, or not legally more

5 for 4 monthly (or 4 weekly) is what one woman explained to me was the 'chinese system' on unsecured small amounts.

25% per month !! Jeez..

[mcyachty]

Welcome to Thailand.

I have been here 6 months after moving from Australia to a new job. Sold up everything and paid all loans and credit cards off completely. I have a perfect credit rating in Australia. Stupid me thought that I could get a loan for a car here, as I have a good credit history, I pay more income tax than most people earn here, and work for a major Thai company. Well guess what, I am a Farang. Loans and credit cards no problem to a Thai no matter what your risk is, but a Farang? The staff in the banks laugh when you enquire about credit.

I hear the stories about Foriegners leaving the contry owing money. Well that happens, and the main reason there is an international computer system linking banks, except Thailand of course.

Oh well, have to mull through a 2 year contract renting a car, using my Australian redit cards and transfering money back to Aus to pay them off, with all the currency conversions, fees and commisions.

[BillR]

huh? easy to get a loan for car. 20% down and a work permit.

[steelepulse]

That or just pay cash for a car and sell it after two years.

[katabeachbum]

Welcome to Thailand.

I have been here 6 months after moving from Australia to a new job. Sold up everything and paid all loans and credit cards off completely. I have a perfect credit rating in Australia. Stupid me thought that I could get a loan for a car here, as I have a good credit history, I pay more income tax than most people earn here, and work for a major Thai company. Well guess what, I am a Farang. Loans and credit cards no problem to a Thai no matter what your risk is, but a Farang? The staff in the banks laugh when you enquire about credit.

I hear the stories about Foriegners leaving the contry owing money. Well that happens, and the main reason there is an international computer system linking banks, except Thailand of course.

Oh well, have to mull through a 2 year contract renting a car, using my Australian redit cards and transfering money back to Aus to pay them off, with all the currency conversions, fees and commisions.

see a car dealer, show them your 6 months salary to thai bank account and taxes, and choose a car within your budget. 20% down because you are farang. and interest is usually 2-3%

assuming you have WP and Non Imm B. If not a thai guarantor is usually needed

Edited August 12, 2010 by katabeachbum

[nuksoo1980]

Alot of useful info thanks for the help guys

[mcyachty]

Hi guys,

I have the work permit.

I have the visa, non-immigrant B for 1 year.

I have passport.

I have salary slips.

I have over 6 months of Salary that has gone through my bank account and taxes paid, however I just can't seem to keep my passbook updated. The last time I had a passbook was around 30 years ago.

With all of this I still get the old saying, "but you are Farang", you need your Thai wife to sign. Maybe it is easier to just find a Thai wife for an hour to sign her name, but then that would not be right. Do the right thing here and you get screwed! I wish I had the cash to buy outright, but I do not.

Maybe Phuket is esier, but here in Pattaya it is a bloody nightmare.

Edited August 12, 2010 by mcyachty

[BillR]

the thai guarantor will have nothing to do with the car in the end (unless you don't pay) You can sell the car without them and the financing is 100% in your name. So, you can use a thai employee, friend, etc if necessary and not have to worry about somehow getting screwed.

[katabeachbum]

Hi guys,

I have the work permit.

I have the visa, non-immigrant B for 1 year.

I have passport.

I have salary slips.

I have over 6 months of Salary that has gone through my bank account and taxes paid, however I just can't seem to keep my passbook updated. The last time I had a passbook was around 30 years ago.

With all of this I still get the old saying, "but you are Farang", you need your Thai wife to sign. Maybe it is easier to just find a Thai wife for an hour to sign her name, but then that would not be right. Do the right thing here and you get screwed! I wish I had the cash to buy outright, but I do not.

Maybe Phuket is esier, but here in Pattaya it is a bloody nightmare.

I have financed 3 cars in my own name, one of them in BKK, Toyota K Motors. Never had any of the above, just a substantial cashflow through my thai bankbook. I also have thai credit card

If you cant manage to update your bankbook, you can always pay for a bank statement

Find it hard to believe you have been rejected by car dealers financecompany like Toyota leasing, Honda leasing, Tanachart or Tisco

Do the right thing here, and you re fine

[LivinLOS]

Welcome to Thailand.

I have been here 6 months after moving from Australia to a new job. Sold up everything and paid all loans and credit cards off completely. I have a perfect credit rating in Australia. Stupid me thought that I could get a loan for a car here, as I have a good credit history, I pay more income tax than most people earn here, and work for a major Thai company. Well guess what, I am a Farang. Loans and credit cards no problem to a Thai no matter what your risk is, but a Farang? The staff in the banks laugh when you enquire about credit.

I hear the stories about Foriegners leaving the contry owing money. Well that happens, and the main reason there is an international computer system linking banks, except Thailand of course.

Oh well, have to mull through a 2 year contract renting a car, using my Australian redit cards and transfering money back to Aus to pay them off, with all the currency conversions, fees and commisions.

Not true at all.. A Thai rocks up (without residency or perm right of stay in OZ) and applies for credit.. Its not likely they will give it..

Had the same when I went to the states.. Perfect credit record but being a brit in America they dont have any record of me, so no credit.

Edited August 13, 2010 by LivinLOS

[Kimera]

the thai guarantor will have nothing to do with the car in the end (unless you don't pay) You can sell the car without them and the financing is 100% in your name. So, you can use a thai employee, friend, etc if necessary and not have to worry about somehow getting screwed.

What you say is true in a perfect world, but I think you will find that not many Thais. will wish to be your guarantor, its not you they will worry about being screwed!!