First Time Car Purchase. Stuck.

[Tattoo180sx]

Hi everybody, any help would be much appreciated.

I've looked on TV and other website and asked around the place but can't seem to get a clear idea.

Situation: I want to spend about 650k on a 2nd hand car. Don't want to pay it all at once. Definitely do not want a local going in as guarantor. It would be my first car.

work permit, salary slips, residency certificate, drivers license = yes.

4 years working in thailand but not 4 years with the same employer. No Thai credit history.

Seems personal loans and financing it is only possible if you can prove you're rich enough not to need a loan!

Is a credit card and cash advance an option?

How about paying a large % as a down payment?

Or quite simply - how can the keys to the car get in my pocket?

Thanks a lot for any help.

[kenny999]

You want to buy a second hand car for 650k whats wrong with buying a new car?

[Tattoo180sx]

Well I've had a look at a lot of 2nd hand ones and they are in pretty good condition. Also Im not too keen on what 650k buys new.

Would buying new make it easier to rid myself of the guarantor issue?

And must it be an actual 'guarantor', tanachart has said it can be just a signature to complete the paper work. As per usual the answers are all grey.

[aussiebebe]

Hi, it's interesting that you're not keen on what 650k buys new - I can't imagine what type of vehicle you'd like.

The way I see it, cars within the same class are very similar; the minor differences get debated to death on internet forums but in some cases, as in the Ford Fiesta and Mazda 2, cars start off on the same drawing board! With a work permit and 25% down, you can get a car loan with a Thai guarantor - your place of work or a colleague may assist you. Instead of becoming fixated on a particular model, just pound the sidewalk and find the most agreeable dealership.

About the credit card; if it's from a Thai bank then no; cash advance = very high interest (if you've never tried this before).

Second hand cars are a bit of a minefield. You could buy certified new from Toyota Sure or similar, with 1 year warranty, but you'll notice the high rates of interest. Buying new and paying the largest possible down-payment secures the lowest rates.

My overall advice would be to save and buy cash as trust me, by the time you come to make the purchase a newer, better model will have been released. I'm on my third car in Thailand now and it's happened to me every time.

[Tattoo180sx]

Thanks a lot. You're right about the credit card and cash advance, pointless with the amount and high interest.

As for saving, I was going on the idea of trying to finance about 50% and using savings for the down payment. The floods have scared me off for the next month at least so no rush. I had a Mazda and Nissan previously (hence the nick name) so was thinking a european car to be honest. I've looked on taladrod and one2car and been to the yards at rachada and kachanapisek, the offers are pretty good.

So you have used a place of work as a guarantor? That's a good idea. The owner's not Thai though. Any experience.

Thanks again, much appreciated.