Falung Wants To Buy A New Car In Thailand

[Haacker]

Hi people, I need some help from you pro's out there. On Dec 24th I ordered a new car from a local dealer here in Chon Bari. Before I made this move. I did a lot of research on this forum and other forums to make sure I could buy a new car in my own name. I learned that if I put 50% down the car could be in my name. I am expecting to get delivery late March 2013.

The finance company just called and told my girl that she would have to guarantee me. Can someone explain this to me. I am the bread winner in this household. Not my girlfriend. My girlfriend is a home make. She dose not have a job outside of the home

Have I been misinformed about getting the car in my name? I know about the guarantee thing when comes to land. Is the finance company trying to put one over on me, or what?

If any of you know of a place on the internet where I can find the rules/law about owning a car in Thailand please direct me.

[Tywais]

You certainly can own the car in your name. The guarantor means if you fail to make payments they will be responsible for it. It does not mean you are putting the car in their name, it will be in the name of the finance company until it is paid off. Try pushing to not require the guarantor as that is a burden and responsibility that you may not want to put on your relationship. Try another finance company if they still refuse.

There are other things they do look at such as a work permit, bank balance and steady income that they use to balance out the payment security issues in deciding they want a guarantor or not.

//edit - not really necessary to point out the relevant laws as hundreds/thousands of foreigners have bought in their name and used finance without guarantor. I'm one for example.

[aussiebebe]

The finance company just called and told my girl that she would have to guarantee me. Can someone explain this to me.

Yes; the finance company has assessed your personal and financial situation and feel they need a Thai guarantor before approving the loan. This doesn't affect you being the owner of the car. The company isn't scamming you or making things difficult, just following procedure. Actually, that the company will allow your unemployed girlfriend to be the guarantor means they are doing you a favour; most companies would insist that the guarantor meets set income requirements. The company is wrong to insist that your girlfriend has to be the guarantor - any Thai national who meets their minimum requirements can be your guarantor, if they agree. I doubt very much that the company insisted, they probably just suggested it to help you out. If you don't want this, pay cash for the car or buy a cheaper or used motor within your cash budget.

[Foxhound]

not really necessary to point out the relevant laws as hundreds/thousands of foreigners have bought in their name and used finance without guarantor. I'm one for example.

Hi, can I know which bank you gotten the car financing from?

[Tywais]

not really necessary to point out the relevant laws as hundreds/thousands of foreigners have bought in their name and used finance without guarantor. I'm one for example.

Hi, can I know which bank you gotten the car financing from?

Mine was from Honda Financing themselves.

[naboo]

I was asked by Tisco to supply details of a Thai guarantor for my purchase though Ford. I went to Ford to get my deposit refunded. Ford sorted it out so that I didn't need a guarantor.

They may only be asking, without requiring.

[Foxhound]

I went to Honda and Toyota, both told me I need a Thai guarantor in order to apply for car financing under their respective leasing program.

[Thaddeus]

One rule.

Buy the car with cash, full amount, then yours.

Any deviation from that......well.

[IMHO]

They may only be asking, without requiring.

Yep, just like many will "require" you to also take out a life insurance policy, unless you put your foot down and make it a deal breaker..

Back to the OP: If they will allow your unemployed GF to be your guarantor I'd suggest you just do it. There's no way a guarantor can ever get their hands on your car - if you don't want them to...

[anon210]

I guess it should be made clear that the OP most likely has no work permit nor means of proving stable revenues in Thailand.

When you have the above, no guarantors is required, and if someone asks even 30 % down payment, you just move on to the next shop.

With a good credit history, WP and income, you are gold in bars for the dealer and the finance company.

[mortenaa]

I just started the procedure of buying 2nd hand car a couple of weeks ago, and i was recommended to use Tanachart Bank. I own three cars before in Thailand, and never used a guarantor. For this particular car, I was going to pay cash around 60 percent. Even so, the bank asked me for a guarantor. I was slightly offended and turned it down. I have a WP and good income. The banks here have very good security. The car is not in your name until you fully paid what you own to the bank. The bank also keeps the registration book.

[richard_smith237]

One rule.

Buy the car with cash, full amount, then yours.

Any deviation from that......well.

Well ? what ?... Not everyone is lucky enough to be in the financial situation of being able to purchase a car in cash.