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Beware Quoted Interest Rates On Loans


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Posted

My brother in law just went to re-finance his car and I got quite a shock at what extra money he has to pay.

I checked over the figures he came back with and he was paying a lot more than the 4.5% yearly interest quoted.

On makling some enquiries I found that 7% Vat is added to the initial loan repayment each month plus on the interest.

This apparently is normal practise here in Thailand. Quote a low rate to get you in, then Wham!

I enquired from 4 sources and only one bank (Kasikorn) gave me a rate including the VAT

Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Why even care to hit the keyboard??ermm.gif Plenty of expats have their cars on finance here!
  • Like 1
Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Please re-read the original post. It was a loan for a car. Not a loan to "support themselves".

Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Rubbish comment.

So according to you no expats have a wife or family here that may need, for whatever reason, take out a loan!!

Sometimes I wonder why anyone tries and post an informative OP because there are so many who take the p*ss.

If what you say is true why did you open the OP and make a comment?

I suggest if you have nothing constructive to say leave well alone.

  • Like 1
Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Rubbish comment.

So according to you no expats have a wife or family here that may need, for whatever reason, take out a loan!!

Sometimes I wonder why anyone tries and post an informative OP because there are so many who take the p*ss.

If what you say is true why did you open the OP and make a comment?

I suggest if you have nothing constructive to say leave well alone.

I believe my comment is constructive.

I know of one Dutch ex-pat living here who can hardly make ends meet. He regularly uses his Thai brother in law to take out loans and credit on his behalf to help support himself, his Thai wife and children.

This is becoming just another ploy in order to be able to stay long term in Thailand and these sorts of cons and tricks will have the affect of toughening the Immigration requirements for all of us.

What I have said in my previous post still pertains. Why would any expats who are financially stable be interested in loans?

Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Rubbish comment.

So according to you no expats have a wife or family here that may need, for whatever reason, take out a loan!!

Sometimes I wonder why anyone tries and post an informative OP because there are so many who take the p*ss.

If what you say is true why did you open the OP and make a comment?

I suggest if you have nothing constructive to say leave well alone.

I believe my comment is constructive.

I know of one Dutch ex-pat living here who can hardly make ends meet. He regularly uses his Thai brother in law to take out loans and credit on his behalf to help support himself, his Thai wife and children.

This is becoming just another ploy in order to be able to stay long term in Thailand and these sorts of cons and tricks will have the affect of toughening the Immigration requirements for all of us.

What I have said in my previous post still pertains. Why would any expats who are financially stable be interested in loans?

Your first post made a few posters here, wonder what kind of idiot would post horseshit like that. After your second post we are not wondering anymore! bah.gif
  • Like 2
Posted

The other point I think is relevant, is that they put ALL the interest UP FRONT from day one, so there is absolutely no incentive to pay it off early.

No discount for early settlement, nothing! your stuck with whatever it is on day one until its paid in full.

(this is relevant to auto loans, before someone wants to pi*s all over it).

One other point, why use your own money when you can use someone else's ? if you negotiate the loan on a new car at say 2% and you can get 3.5% leaving your own on deposit which is the smartest move ????...of course use someone else's finance.

 

 

Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Rubbish comment.

So according to you no expats have a wife or family here that may need, for whatever reason, take out a loan!!

Sometimes I wonder why anyone tries and post an informative OP because there are so many who take the p*ss.

If what you say is true why did you open the OP and make a comment?

I suggest if you have nothing constructive to say leave well alone.

I believe my comment is constructive.

I know of one Dutch ex-pat living here who can hardly make ends meet. He regularly uses his Thai brother in law to take out loans and credit on his behalf to help support himself, his Thai wife and children.

This is becoming just another ploy in order to be able to stay long term in Thailand and these sorts of cons and tricks will have the affect of toughening the Immigration requirements for all of us.

What I have said in my previous post still pertains. Why would any expats who are financially stable be interested in loans?

why not? it would be a gainer if the interest rate is lower than my roi.

Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Are you suggesting that we should all buy our cars and homes in cash?

Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Are you suggesting that we should all buy our cars and homes in cash?

I think he is.........................
Posted
The other point I think is relevant, is that they put ALL the interest UP FRONT from day one, so there is absolutely no incentive to pay it off early.

No discount for early settlement, nothing! your stuck with whatever it is on day one until its paid in full.

(this is relevant to auto loans, before someone wants to pi*s all over it).

One other point, why use your own money when you can use someone else's ? if you negotiate the loan on a new car at say 2% and you can get 3.5% leaving your own on deposit which is the smartest move ????...of course use someone else's finance.

Actually many loan companies here will negotiate remaining interest BUT you have to ask.

sent from my ..................#

Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Rubbish comment.

So according to you no expats have a wife or family here that may need, for whatever reason, take out a loan!!

Sometimes I wonder why anyone tries and post an informative OP because there are so many who take the p*ss.

If what you say is true why did you open the OP and make a comment?

I suggest if you have nothing constructive to say leave well alone.

I believe my comment is constructive.

I know of one Dutch ex-pat living here who can hardly make ends meet. He regularly uses his Thai brother in law to take out loans and credit on his behalf to help support himself, his Thai wife and children.

This is becoming just another ploy in order to be able to stay long term in Thailand and these sorts of cons and tricks will have the affect of toughening the Immigration requirements for all of us.

What I have said in my previous post still pertains. Why would any expats who are financially stable be interested in loans?

My wife got an interest-free loan from Tisco when she bought a Chevrolet sedan, despite having enough in savings to make the purchase. This allowed her to keep more of her savings earning interest whilst she paid off the loan. That's one reason to be interested in loans.

Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

So what about when my business needs to invest in some new machinery, should I need to pay that in cash?

A very stupid comment, indeed.

Posted

As for ex-pats living in Thailand, loan interest rates should be irrelevant to them, because if they are required to take out a bank or finance loan in order to support themselves, than they shouldn’t be living here, which of course means, loan interest rates pertaining to Thais will also have no relevance for the ex-pats.

Rubbish comment.

So according to you no expats have a wife or family here that may need, for whatever reason, take out a loan!!

Sometimes I wonder why anyone tries and post an informative OP because there are so many who take the p*ss.

If what you say is true why did you open the OP and make a comment?

I suggest if you have nothing constructive to say leave well alone.

I believe my comment is constructive.

I know of one Dutch ex-pat living here who can hardly make ends meet. He regularly uses his Thai brother in law to take out loans and credit on his behalf to help support himself, his Thai wife and children.

This is becoming just another ploy in order to be able to stay long term in Thailand and these sorts ciallyof cons and tricks will have the affect of toughening the Immigration requirements for all of us.

What I have said in my previous post still pertains. Why would any expats who are financially stable be interested in loans?

Why not u make no sense i have an overdraft and finance on my car and I'm financially stable it's normal living isn't it...

Sent from my iPad using ThaiVisa app

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