naboo Posted August 28, 2011 Share Posted August 28, 2011 I've been looking into buying a car on finance, putting 25% down and paying the rest over 4 years. Having been to a few places I've found the following: Ford and Proton are willing to sell me a car as long as I put down minimum 25% and don't require a guarantor. Mazda, Nissan and Toyota all told me it was impossible for me to get finance with them without a guarantor.Does this conflict with anything anyone else has experienced? My reasons for not wanting a guarantor are that I like to keep my finances simple and to myself and that I wouldn't want to ask someone to act as guarantor for me for the next 4 years when I've known them (been in Thailand) less than 3. If I was to go with a guarantor, how much involvement would that person need to have? Thanks in advance. Link to comment Share on other sites More sharing options...
wandrinstar Posted August 29, 2011 Share Posted August 29, 2011 Well they would know you cant afford to buy a Car outright, and would keep it in their Name and Blue Book anyway. So its Rock and a Hard Place. Up to You. Link to comment Share on other sites More sharing options...
naboo Posted August 29, 2011 Author Share Posted August 29, 2011 Well they would know you cant afford to buy a Car outright, and would keep it in their Name and Blue Book anyway. So its Rock and a Hard Place. Up to You. Who are 'they'? The guarantor or the financing company? Link to comment Share on other sites More sharing options...
wandrinstar Posted August 29, 2011 Share Posted August 29, 2011 Well they would know you cant afford to buy a Car outright, and would keep it in their Name and Blue Book anyway. So its Rock and a Hard Place. Up to You. Who are 'they'? The guarantor or the financing company? Well, if the Guarantors a private individual, he naturally would want to know what hes Guaranteeing, and the Vendor will want to know chapter and verse before its released. Link to comment Share on other sites More sharing options...
theoldgit Posted August 29, 2011 Share Posted August 29, 2011 I had no problem getting finance for a car, Honda, without a guarantor, I don't have a work permit, I don't even work as I'm retired. 25% down and the rest over four years with Tisco Bank at 1%, they keep the book until it's paid. Link to comment Share on other sites More sharing options...
katabeachbum Posted August 29, 2011 Share Posted August 29, 2011 depends on if you have Thai credit rating, like previous car loan or credit card, and if you have work permit depends on car and brand as some are more easy. 4x4 pickups and suv, 50% mainstream cars 25% a friend without any creditrating, WP or guarantor, was approved for 50% down on Vigo951k baht 4x4. Tanachart/Toyota Phuket I am qualified for 10% down any brand/model, but have creditrating since 2005, and 3 previous car loans. No WP, not married Link to comment Share on other sites More sharing options...
wandrinstar Posted August 29, 2011 Share Posted August 29, 2011 I had no problem getting finance for a car, Honda, without a guarantor, I don't have a work permit, I don't even work as I'm retired. 25% down and the rest over four years with Tisco Bank at 1%, they keep the book until it's paid. If you had a work permit,and worked here,the wages may have qualifyed you for a Honda Moped. Finance ... Link to comment Share on other sites More sharing options...
Shipwreck Posted August 29, 2011 Share Posted August 29, 2011 I don't think the guarantor needs to have much involvement at all, if any. A Thai friend of mine says that there are guarantor services you can go to where for a fee, a guy will act as the guarantor - enabling you to get your loan. However, the only guy he knew who actually did this for a business recently stopped doing it. Too many people defaulting on the loans and leaving him responsible for the car... Link to comment Share on other sites More sharing options...
katabeachbum Posted August 29, 2011 Share Posted August 29, 2011 I don't think the guarantor needs to have much involvement at all, if any. A Thai friend of mine says that there are guarantor services you can go to where for a fee, a guy will act as the guarantor - enabling you to get your loan. However, the only guy he knew who actually did this for a business recently stopped doing it. Too many people defaulting on the loans and leaving him responsible for the car... as long as loan is paid on time, guarantor is neven involved except when signing. if you fail to pay, guarantor has finance on his/her neck, until all settled Link to comment Share on other sites More sharing options...
AsiaWolfie Posted August 30, 2011 Share Posted August 30, 2011 I had no problem getting finance for a car, Honda, without a guarantor, I don't have a work permit, I don't even work as I'm retired. 25% down and the rest over four years with Tisco Bank at 1%, they keep the book until it's paid. that sounds interesting. So how much are your monthly rates then ? Link to comment Share on other sites More sharing options...
phutoie2 Posted August 30, 2011 Share Posted August 30, 2011 (edited) I had no problem getting finance for a car. These are always the key phrases to beware of in LOS. I have just purchased a new truck, low deposit, 5 years, no guarantor. However the TW owns our house & the land it is on, but FA job, which equals ziltch income. Luckily for her & me, I have the dosh to pay for it. The financing bank - 'Kiatnakin' went through my ability to pay the monthly payments thoroughly. Do not believe all the blase comments here!! Edited August 30, 2011 by phutoie2 Link to comment Share on other sites More sharing options...
theoldgit Posted August 30, 2011 Share Posted August 30, 2011 I had no problem getting finance for a car, Honda, without a guarantor, I don't have a work permit, I don't even work as I'm retired. 25% down and the rest over four years with Tisco Bank at 1%, they keep the book until it's paid. that sounds interesting. So how much are your monthly rates then ? I don't know what the monthly rates are, unlike my credit card where any interest would be added monthly, a total amount for finance was added at the beginning of the agreement, this equated to 1% of the amount financed, I understand on the reducing balance. I have seen many dealers offering a low rate of interest or even 0%. Link to comment Share on other sites More sharing options...
theoldgit Posted August 31, 2011 Share Posted August 31, 2011 I had no problem getting finance for a car. These are always the key phrases to beware of in LOS. I have just purchased a new truck, low deposit, 5 years, no guarantor. However the TW owns our house & the land it is on, but FA job, which equals ziltch income. Luckily for her & me, I have the dosh to pay for it. The financing bank - 'Kiatnakin' went through my ability to pay the monthly payments thoroughly. Do not believe all the blase comments here!! Not really sure what you mean by "These are always the key phrases to beware of" and " Do not believe all the blase comments here!!" It seems to be me you're quoting, unless I have misunderstood, but I certainly had no problem getting finance for a car, I didn't mention my girlfriend, as it was irrelevant as I didn't need a guarantor, but whilst she does have a job she has no property in her name. Of course Tisco checked my ability to make the payments, I suspect that would be the case in any country. Link to comment Share on other sites More sharing options...
thaicruze Posted September 1, 2011 Share Posted September 1, 2011 There is a guarantor insurance you pay for. It covers the guarantor up to 400,000 baht. Link to comment Share on other sites More sharing options...
Tattoo180sx Posted October 11, 2011 Share Posted October 11, 2011 I don't understand how you guys can get finance without a Thai guarantor?? I've got a wp, salary slips, address thing from my embassy, over four years earning an income in Thailand. Just last weekend I talked to a 2nd hand dealer at rachada. We agreed on a price (about 750k), I showed the car yard all of my documentation and he refused to budge on the god dam_n guarantor. The repayments were about 16k / month and I agreed to pay 50% of the total price as a down payment - still they insisted a Thai sign guarantor. In the end I agreed to pay 90% yes ninety percent as a down and still I was rejected. They would accept a 5% down payment with a guarantor who earns barely more than the repayments!!! A very jai lorn situation. I didn't pay all of it as I wouldnt have had enough to last this month. I told the car yard that other non thais get finance without paying more than sometimes 30-40%. He called his friends and various finance companies asking about this and they all apparently said they've never heard of not having a Thai guarantor. He asked me to provide details of the car yards or finance companies that do not require a dam_n guarantor. Link to comment Share on other sites More sharing options...
ste860 Posted October 11, 2011 Share Posted October 11, 2011 ive just got a vigo with no guarantor ,from Toyota ive had a work permit for 4 years and am a partner in the business ,but ive also had a car from them before and settled that Link to comment Share on other sites More sharing options...
MaiDong Posted January 4, 2012 Share Posted January 4, 2012 My wife & I have a website based business here, we receive our payments mostly through Paypal but also to a lesser extent through my UK bank Account, in the last 12 months almost B1.5m has passed through her Paypal/Bualuang iBanking accounts alone, would it be possible to use that as proof of income to gain finance for a new car? MD Link to comment Share on other sites More sharing options...
Ungabunga Posted January 4, 2012 Share Posted January 4, 2012 I just bought a new truck with Tisco finance, without Guarantor. First question they asked was if I held a work permit for more than 4 years (yes). This seemed to be the main criteria. Then they went through the last 3 month's bank statements and submitted for credit bureau check. Please note however; as no Thai guarantor, they may ask you to take out compulsory Life insurance policy, which in my case added something like 300 Baht onto the monthly repayments, can't remember exactly, rohypnol hadn't worn off. Link to comment Share on other sites More sharing options...
MaiDong Posted January 4, 2012 Share Posted January 4, 2012 If we were to buy a car it'd be in my wife's name, the bank account is in her name so no need for work permit info, only problem is she's been a house wife for the past 7 years, what would her chances of getting finance be I wonder? Link to comment Share on other sites More sharing options...
naboo Posted January 4, 2012 Author Share Posted January 4, 2012 This was posted 4 months ago. I got the finance with Tisco Bank through Ford with 30% down. The 30% down was really 25% down, but my lovable (but useless since purchase) salesman fiddled things a little. No guarantor, no life insurance (but I'm probably quite a bit younger than the poster above) and only had 2.5 years on the work permit. Incidentally, I was informed by the guy on here who works for Bangkok Bank that banks are forbidden from lending to foreigners under any circumstances under the Thai Banking Code and that any bank that did lend to foreigners must not have signed up to the Thai Banking Code. Tisco are fully signed up. Link to comment Share on other sites More sharing options...
katabeachbum Posted January 7, 2012 Share Posted January 7, 2012 This was posted 4 months ago. I got the finance with Tisco Bank through Ford with 30% down. The 30% down was really 25% down, but my lovable (but useless since purchase) salesman fiddled things a little. No guarantor, no life insurance (but I'm probably quite a bit younger than the poster above) and only had 2.5 years on the work permit. Incidentally, I was informed by the guy on here who works for Bangkok Bank that banks are forbidden from lending to foreigners under any circumstances under the Thai Banking Code and that any bank that did lend to foreigners must not have signed up to the Thai Banking Code. Tisco are fully signed up. Banks are forbidden by BOT to lend unsecured to foreigners. a car loan is secured by bank owning the car until paid in full took delivery of a 574k baht mazda2 a few weeks ago, 20% down and no Thai guarantor, no Wp ever could have paid 10% down, but interest was much higher so chose 20% down and lower interest Link to comment Share on other sites More sharing options...
tutsiwarrior Posted January 7, 2012 Share Posted January 7, 2012 (edited) if a guarantor is required for financing can this be my wife (who owns the house that we live in which is paid for but doesn't work)? and if so would this arrangement be accepted for all financing arrangements, i.e. any Isuzu or Toyota dealer, etc... I don't work in Thailand and hence have no WP...my thai bank account keeps a reasonable balance but most of my dough is kept offshore and of which I have plenty to buy anything I want outright...would this favorably affect my status as a borrower for car purchasing purposes or is the guarantor requirement simply determined by me being a foreigner? Edited January 7, 2012 by tutsiwarrior Link to comment Share on other sites More sharing options...
bkkjames Posted January 7, 2012 Share Posted January 7, 2012 Tuts, if you have so much offshore why not bring some onshore and pay cash, surely better than paying interest on a loan? Link to comment Share on other sites More sharing options...
tutsiwarrior Posted January 8, 2012 Share Posted January 8, 2012 (edited) Tuts, if you have so much offshore why not bring some onshore and pay cash, surely better than paying interest on a loan? james, that ain't the point, I wanna keep the money in the bank for the time that I collapse in a high blood pressure, alcoholic, diabetic heap and can't work no more...in the meantime I wanna have the option of paying installments like the next guy without this disgraceful falang discrimination...imagine the civil liberties uproar in the west if the same restriction was applied to new immigrants...but, we're in the third world and etc I realize unfortunately... my wife can be the guarantor if that's allowed so no problem, in the end she's gonna be using it lots more than me as I'm away at work most of the time...her and the step daughter wanna learn to drive so it will effectively be 'their car' and I don't like to drive anyway and prefer to be ferried around...but lotsa guys ain't got a thai wife and the same arrangement/possibilities but still need to have a ride available... tutsiwarrior: a warrior for falang rights to the end...'um um gawa, we gots de power!' Edited January 8, 2012 by tutsiwarrior Link to comment Share on other sites More sharing options...
BookMan Posted January 8, 2012 Share Posted January 8, 2012 Tuts, if you have so much offshore why not bring some onshore and pay cash, surely better than paying interest on a loan? james, that ain't the point, I wanna keep the money in the bank for the time that I collapse in a high blood pressure, alcoholic, diabetic heap and can't work no more...in the meantime I wanna have the option of paying installments like the next guy without this disgraceful falang discrimination... my wife can be the guarantor if that's allowed so no problem, in the end she's gonna be using it lots more than me as I'm away at work most of the time...her and the step daughter wanna learn to drive so it will effectively be 'their car' and I don't like to drive anyway and prefer to be ferried around...but lotsa guys ain't got a thai wife and the same arrangement/possibilities but still need to have a ride available... tutsiwarrior: a warrior for falang rights to the end...'um um gawa, we gots de power!' And at 1% (if that is your rate), it would be better to pay the loan off monthly over a number of years, and keep you lump sum for a longer period in your bank earning interest. Link to comment Share on other sites More sharing options...
katabeachbum Posted January 8, 2012 Share Posted January 8, 2012 Tuts, if you have so much offshore why not bring some onshore and pay cash, surely better than paying interest on a loan? james, that ain't the point, I wanna keep the money in the bank for the time that I collapse in a high blood pressure, alcoholic, diabetic heap and can't work no more...in the meantime I wanna have the option of paying installments like the next guy without this disgraceful falang discrimination...imagine the civil liberties uproar in the west if the same restriction was applied to new immigrants...but, we're in the third world and etc I realize unfortunately... my wife can be the guarantor if that's allowed so no problem, in the end she's gonna be using it lots more than me as I'm away at work most of the time...her and the step daughter wanna learn to drive so it will effectively be 'their car' and I don't like to drive anyway and prefer to be ferried around...but lotsa guys ain't got a thai wife and the same arrangement/possibilities but still need to have a ride available... tutsiwarrior: a warrior for falang rights to the end...'um um gawa, we gots de power!' there is no "disgraceful falang discrimination". go to the us or uk and see how many want to lend you money if you do not work there and is allowed to be there for max one year, which you (I wouldnt as a Scandinavian) wont be granted anyway several major TH financeinstitutions are very willing to lend us money, despite not working here and have visa as short as 30 day entrystamp see a dealer, call in the financeguys and get your and wifes credit checked. If you do not qualify its your fault, and you can be taught how to improve your credit In general you need a good regular monthly cash flow in your account, so does wife. for at least 6 months getting a TH creditcard asap imroves your creditscore by paying balance in time, thats not one day overdue, each month Link to comment Share on other sites More sharing options...
Spoonman Posted January 8, 2012 Share Posted January 8, 2012 Banks are forbidden by BOT to lend unsecured to foreigners. How are they able to give out unsecured credit cards ? Link to comment Share on other sites More sharing options...
katabeachbum Posted January 8, 2012 Share Posted January 8, 2012 Banks are forbidden by BOT to lend unsecured to foreigners. How are they able to give out unsecured credit cards ? sorry, sloppy info, it should have said forbidden to give out unsecured loans to non WP or Non PR foreigners so having a WP or being a PR, you have access to unsecured loans on par with TH nationals Link to comment Share on other sites More sharing options...
tutsiwarrior Posted January 8, 2012 Share Posted January 8, 2012 (edited) well...I could handle any credit check inquiry based upon 10 years' activity for an european VISA gold card with a GBP10k limit but someone said that banking rules in Thailand prohibit loans to foreigners without a guarantor...seems discriminatory to me...I just want to buy a new pickup fer fcuks sake, not threaten the integrity of the thai banking system... (oops, just saw the previous post re: no reference to 'foreigners' in the rules just non WP and no PR...the wrath of tutsi is abated...) Edited January 8, 2012 by tutsiwarrior Link to comment Share on other sites More sharing options...
katabeachbum Posted January 8, 2012 Share Posted January 8, 2012 well...I could handle any credit check inquiry based upon 10 years' activity for an european VISA gold card with a GBP10k limit but someone said that banking rules in Thailand prohibit loans to foreigners without a guarantor...seems discriminatory to me...I just want to buy a new pickup fer fcuks sake, not threaten the integrity of the thai banking system... read again, they said unsecured loans I used to pay tax of 10-14 million baht annual income back home. didnt give me any creditscore in the us or here. as you seem to want to borrow money here, play the local game, not a gbp game when you have played the local game good for a while, you will never again be asked for a Th guarantor and while uk and us banks went belly up, Th banks didnt, wonder why? Link to comment Share on other sites More sharing options...
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