New Car Finance. Wifes Name,

[mallmagician]

I've been working out what car to get. The secondhand market in cm doesn't have much to get excited about.

Was thinking of going for a cheap new car, like the march, brio, or similar.

I have 150 - 200k downpayment. I'm married to a Thai lady, she's not working. I receive money from investment each month. Her tambien ban is registered in bkk, but we want to buy in cm.

What are the chances of us getting finance on a new car? Any tips?

[Mario2008]

Might be better to buy in your own name. If she hasn't got an income, chances are slim she will get financing on the car. (unless maybe she can give some surence, like a house or land deed).

[mallmagician]

Would I get it in my name without a job here. Tuesday, I should be on a non imm o with marriage extension. I earn money from previous investments, so don't really have much by way of a surety myself, apart from the deposit.

Thanks

[katabeachbum]

Would I get it in my name without a job here. Tuesday, I should be on a non imm o with marriage extension. I earn money from previous investments, so don't really have much by way of a surety myself, apart from the deposit.

Thanks

Thai bank account cash flow is the single most important thing. For both of you.

With 200k down you should be able to buy a car at 4-600k baht, and your wife guarantee

when you have build a Thai credit history by financing cars and having a Thai credit card, you will be offered finance as low as 10% down and no Thai guarantor. I just sold my 3rd financed car, was just granted 10% down no guarantor for new car, and I am not married and no WP.

[MoonRiverOasis]

Absolutely no problems getting finance in your wife's name with you as guarantor even if your wife doesn't have a job - in fact doing it this way is much, much easier than trying to get finance in your own name...

What you'll need is:

1. Official Thai marriage registration papers.
2. Non-immgrant O visa (marriage).
3. 3-6 months bank book history (duration depends on lender) showing stable deposits into your Thai bank account - enough in value to qualify for the finance (so at least 2.5x the vehicle repayments). You'll need an explanation of where your money comes from as well - documented proof (e.g. tax receipts, employment letter etc) are preferred, but not always necessary.
4. 25% cash for downpayment (35% if buying a 4WD).
5. Tabien Ban & Thai ID for your wife
6. Passport for yourself.

You may also be asked to supply copies, or at least present, the rental contracts for your home as proof of residence location. (I'm assuming you're renting as your wife is on an out-of-province tabien ban). Note that under law, your wife should be listed on the Tabien Ban where she actually resides - some finance companies will want to see this, some won't care.

If you have all of these, no-one's doing you any favors in giving finance in your wife's name, with you as her guarantor. Note that married couples are always evaluated using combined income (it's not immigration )

[mallmagician]

What a fantastic informative reply. Thanks very much. :-)

Any advice on the best cheap car? March, Brio or.....

[MoonRiverOasis]

What a fantastic informative reply. Thanks very much. :-)

Any advice on the best cheap car? March, Brio or.....

With 150-200K down, you're looking at a ceiling of 600K-800K which encompasses a broad variety of options. You mention March and Brio - the question is, is that because it's the type of car you actually want (a micro), or the max. level of commitment you want to make, or is it just becuase you didn't realize you can spend more? heh

It all depends on what you're willing to spend, and what you need it to do. If you're looking for the cheapest up-front, then March or Brio. If you're going to pile on the kilometers, the Lancer CNG will cost more up-front, but will ultimately have a lower cost of ownership, and is a better car all-round. In the middle you have the lower model VIOS, City, Mazda2 and Fiesta, which are good drives for the money, better performers, better NVH.

That's assuming you want to get out of it as cheaply as possible though.. If you'd like to stretch it out, then 800K would be the max you could borrow against as a couple, which opens a huge amount of options (Altis, Mazda 3, Focus, Civic, higher grades of lower models etc). If you could secure another Thai guarantor for the finance (family member or friend perhaps?), your downpayment requirement would drop to 20%, increasing your buying power to 1M Baht, which is a different level again (Pajero Sport, higher model Altis/3/Civic/Focus etc).