Taking Over The Finance On A 2Nd Hand Car

[machans88]

I have seen a few 2nd hand cars advertised for sale that you take over there financing commitments eg. buy for 600000bht or 100000bht up front and 11000bht for 40months(made up figures).Can anyone purchase these cars and does the finance company have to pre approve these.Are there any hidden change over costs or is it better to just stay away from these types of arrangements

[machans88]

it seems an easy way to go,finance approved via vendor,all i do is pay a fee up price and take over loan,any advice??

[shepsel]

I tried to take over the payments of another westerner who had a car on payments. I was approved immediately, but I had to have a Thai guarantor. A guarantor means someone who is credit worthy. I did get a self employed THai to sign for me with a history of a twenty odd year old successful business, and a property owner. We went to sign the papers and the finance company said that it would take thirty days to get a credit report on the guarantor. Naturally the deal fell through.

[Soutpeel]

My advice...if you take over payments..pay the finance company not the individual who owns the car, you are leaving yourself open to being scammed...

[katabeachbum]

2 ways to do this

1. keep vehicle in first "owners' name in finance and in reg book. have "owner" sign transfer docs, and pay directly monthly to finance and have car transfered to first"owner" and same day to you when payed in full. Risky

2. Transfer loan to you at financecompany, and get your name in reg book. Fee 3-5k baht. Financecompany is more strict on your creditrating in this scenario than when buying a new car