New Car Financing

[bluej]

I'm looking into buying a new car and was wondering about financing requirements. Must I have a work permit? If not, what kind of proof of income/account balance will I need? Would it be wiser/easier to put the car into my wife's name? (She's Thai.) If we do that, what does she need to show to prove that we are capable of paying off the car. We are planning on a cheaper car like a Jazz (600,000 baht) so we are not talking about a major amount of money, but I know that they can't simply do a credit check like at home. Thanks for any help.

[terdsak_12]

A few months of bank statements, healthy bank account, Thai guarantor with job or capital, WP if in your name, passport copies.

[Thaising]

I don't hold a work permit and only normal visa. Car registered under wife name. The finance company only required my employer letter stating my status and a local guarantor. That's all and is done.

[terdsak_12]

How can you have an employer, and not a work permit, you must be Thai!!!!

[terdsak_12]

How can you have an employer, and not a work permit, you must be Thai!!!!

[Thaising]

How can you have an employer, and not a work permit, you must be Thai!!!!

My employment is in Hong Kong, travelling is part of my job. I'm rooted here with my thai wife and chidrens. Is that enough to clear your doubt.

[bluej]

Thanks. Terdsak: We have been in the US for the last 2-3 years, so Thai bank accounts (both mine and wife's) will show little activity over the last several months. Any funds used for down payment, etc. will be newly deposited into Thai accounts. Will this be a problem? Also, do I understand correctly that if I do not have a work permit it MUST be in my wife's name?

What would constitute a healthy bank account?

[terdsak_12]

If you have no WP then it'll have to be in your wife's name, and she'll probably need a guarantor unless she has a good local job, or owns her own house etc.

[Chivas]

If you have no WP then it'll have to be in your wife's name, and she'll probably need a guarantor unless she has a good local job, or owns her own house etc.

Our car is in my partners name but although she's extremely well off she/we still needed a third party guarantor.

Appears to be the norm when Thais purchase on finance (although I stand to be corrected)

Interest rate was 3.5% re Toyota.Checked out Honda rate as well as I liked the Jazz and that was 3%

Chivas

[terdsak_12]

That's generally the case so they can have someone to chase up if the original person does a runner, which is all to common.