Buying New Or Used, Typical Deposit Required?

[bkkjames]

Hi, just would like know in your guy's experience what's the typical deposit required by banks, finance companies etc for buying a new or used vehicle without a guarantor? To be honest, I don't want to ask a member of the wife's family to be a guarantor so would like to get your feedback.

Is it 20 or 25% in your experience?

I had Bank the other day say they wanted 50% (thanachart) down to my wife which seems a bit far-fetched considering we would buy it in her name with me paying for it,

Cheers

[anon210]

It all depends on your personal situation. But with a work permit, typically, 25 % is the maximum any normal financing company would request. New vehicles typically are easier to purchase on finance than a used one (higher resale value, should the vehicle need to be repossessed).

It also depends on whether you have a credit history (at least six months).

I understand also that you are talking about a down payment vs a "deposit" (used to ensure that the dealer accepts your order).

[bkkjames]

It all depends on your personal situation. But with a work permit, typically, 25 % is the maximum any normal financing company would request. New vehicles typically are easier to purchase on finance than a used one (higher resale value, should the vehicle need to be repossessed).

It also depends on whether you have a credit history (at least six months).

I understand also that you are talking about a down payment vs a "deposit" (used to ensure that the dealer accepts your order).

thanks, yes have WP and credit history here for over 12 years with Thai CC's . I meant Down Payment

[thaicbr]

When i bought my truck 2nd hand the Finance company (SCB leasing) actually asked if i wanted the full amount. i was a bit confused , i said off course i do.. They then told me i needed a 2nd guarantor. i was like huhhhh what??

i was then told that they wanted to give me the full book price of the truck 280,000b against the 230,000b i was paying. I declined and just took the 230,000b

​ weird system

[stevenl]

When i bought my truck 2nd hand the Finance company (SCB leasing) actually asked if i wanted the full amount. i was a bit confused , i said off course i do.. They then told me i needed a 2nd guarantor. i was like huhhhh what??

i was then told that they wanted to give me the full book price of the truck 280,000b against the 230,000b i was paying. I declined and just took the 230,000b

​ weird system

Of course they'd like that, more interest for them.

[anon210]

It all depends on your personal situation. But with a work permit, typically, 25 % is the maximum any normal financing company would request. New vehicles typically are easier to purchase on finance than a used one (higher resale value, should the vehicle need to be repossessed).

It also depends on whether you have a credit history (at least six months).

I understand also that you are talking about a down payment vs a "deposit" (used to ensure that the dealer accepts your order).

thanks, yes have WP and credit history here for over 12 years with Thai CC's . I meant Down Payment

Ok... Then do not hesitate to shop around. Different dealers and different finance companies yield different results. Try SCB, as they are more farang-friendly. I told once a dealer who was talking of thai guarantor that I would walk away should that be the case, he immediately changed his pitch to make it more friendly.

The problem in your specific case might be that your wife has little to no salary in her name (or not sufficient for that car at least). And you, as a farang would not be able to guarantee her loan.

[mogandave]

Were it me, I'd shop loans and have something lined up before I picked up a car.

[bkkjames]

Were it me, I'd shop loans and have something lined up before I picked up a car.

hi, i did inquire at kbank (one of our banks) and they said "go pick out the car you want, bring back the details etc" and then we decide from there.