Getting A Loan For A New Car

[kirkieb]

Am moving to Udon Thani with my wife and want to keep the small amount of money we have for just incase and would lik to buy a new car when we arrive. Is it possible for foriengers to get financing for cars as long as they have a regular income? Any help would be appreciated

Brad

[sirchai]

Hi Brad,

I'm afraid you won't get a loan in your name. You'll have to have a wealthy Thai person who'll guarantee that you're paying the amount back. Land owned by your wife could be helpful.

Good luck! -

[kirkieb]

Thanks, was aware of that but thought someone local may have some news on the current situation but if its still unchanged then we will look at that also.

Brad

[bangkokrick]

Hi Brad,

I'm afraid you won't get a loan in your name. You'll have to have a wealthy Thai person who'll guarantee that you're paying the amount back. Land owned by your wife could be helpful.

Good luck! -

Sorry mate but that is just not true. I have bought 2 cars on finance during my time in Thailand. Both the cars have been in my name and have not had a Thai guarantee. Look around for the best deals.

[Jonkheer]

HI kirkieb,

I am 68 years old when I bought a new pick up,and got financed true Nissan Leasing,so it is possible for a foreiner to get finance for a car.

[barrybankruad]

I think it may depend on whether you are buying a new or used vehicle. Many car manfacturers when selling new vehicles have their own hire purchase schemes (usually with high rates of interest). Generally speaking hire purchase companies will not lend monies to a farang for car purchase. You could try the Agriculture Bank or 'credit union' as it is commonly called. They may oblige espaciually if you have a land chanote as guarantee. When purchasing a vahicle from a private individual just get the best deal you can. You may get them to give you the vehicle with monthly payments, but they will keep the ownership papers until the full amount has been paid. Good luck!

[AliasJohn]

Hi Brad...Don't waste your money on a second hand car. They are not much less than the cost of a new car and you

know what your getting into with new.

I have 2 cars on HP with the bank at 2.5% interest. Both cars in my name as well. Tanachart Bank and Siam Commercial

are very happy to help farang get a loan.

Good luck!!

John

[DreamRider]

Hi Brad...Don't waste your money on a second hand car. They are not much less than the cost of a new car and you

know what your getting into with new.

I have 2 cars on HP with the bank at 2.5% interest. Both cars in my name as well. Tanachart Bank and Siam Commercial

are very happy to help farang get a loan.

Good luck!!

John

What visa/work permit credentials did you have at the time of acquiring the loan John?

I tried with Siam Commercial in 2007 on a Non-Imm O and was declined.. interested

[rgs2001uk]

Hi Brad...Don't waste your money on a second hand car. They are not much less than the cost of a new car and you

know what your getting into with new.

I have 2 cars on HP with the bank at 2.5% interest. Both cars in my name as well. Tanachart Bank and Siam Commercial

are very happy to help farang get a loan.

Good luck!!

John

What visa/work permit credentials did you have at the time of acquiring the loan John?

I tried with Siam Commercial in 2007 on a Non-Imm O and was declined.. interested

Give the DreamRider a cigar, the first decent response.

For those saying they were able to get a loan from a Thai bank.

Do you live here full time, if so what is your visa staus?

Do you have a work permit?

How many tourists have been able to secure financing from a Thai bank?

The best advice I can give the OP is to secure a loan in Aus and then transfer the money to his Thai bank account.

As far as Thai banks are concerned the OP has no such thing as "a regular income".

A regular income to these banks is money being earned in Thailand and paid into a Thai bank account on a regular basis, usually backed up by a work permit.

Neither of which the OP possesses.

Also bear in mind Thai banks operate as independant fiefdoms, each manager makes his own rules, if one bank or branch refuse you try the next.

[kirkieb]

Understand all that has been said referring to the Visa status, the work permits etc Assuming the car was a new one what is the HP rate the car yards are offering over there as its currently about 10% here on a personal loan.