Car Finance

[planemad]

Hi guys, A little advice please. The wife and I want to buy a car in a couple of months time, but need a bit of direction. Firstly, I have about 400K to buy a used car with cash, however, I would like to increase my budget to about 500 to 550K and use the 400K as deposit and get credit over say 18 - 24 months for the remainder. Here is the pinch, I am not resident in Thailand and the wife lives with me, outside the country. We are able to show a regular income to her account of 20K per month which (hopefully)should be OK for the bank. The wife however has been told that she cannot pay more then 50% of the total value, therefore credit has to be for the remaining 50%, is this true or can I vary the deposit to reduce the amount of credit required?

Many thanks for your time and I hope to get some good advice on how to proceed.....by the way, waiting an extra few months is not really an option.

KS

[IMHO]

You didn't specify whether the total financed budget was to buy new or used.

If used, you will have more luck finding a lender or even vendor finance that will service your request, but it'll be at a higher interest rate of course.

If buying new, most non-bank lenders do indeed have a 50% deposit maximum (and in many cases a 50% minimum too) - your best bet in this case would be to to approach a bank directly - if hire purchase isn't an option, a straight personal loan should be able to be secured this way.

[thaicbr]

what car you want?

many of the Eco cars are about 400k

my Mitsibushi Mirage CVT was 460k. the manual is cheaper.. decent engine and space inside. I had 7 in it the other day.. it was only a short trip. 3 in the front and 4 in the back.. but really 4-5 is comfortable

ps// you say you are out of the country.. why buy a car??

do you come back regular?

Edited May 28, 2013 by thaicbr

[TTSIssues]

I would guess your best bet is to get a small loan in the country where you live and work and take the cash to Thailand to buy the car. Finance in Thai will be hard I would think.

[planemad]

IMHO, you have pretty much confirmed what I thought about deposits, but good to get another opinion By the way, a decent used car is what I am looking for. Thaiabcr, I am a very regular visitor to Thailand, I spend 4 to 5 months per year here, and, having just built a house (in preparation for retirement in 18 months), but not yet ready to take up full time residence, a car has now become a necessity as we need to oversee the decoration and landscaping of the place, and sorry, I like large cars, so whilst I have the budget to afford one, a puddle jumper is not our answer, besides, we have a large family!

[thaicbr]

IMHO, you have pretty much confirmed what I thought about deposits, but good to get another opinion By the way, a decent used car is what I am looking for. Thaiabcr, I am a very regular visitor to Thailand, I spend 4 to 5 months per year here, and, having just built a house (in preparation for retirement in 18 months), but not yet ready to take up full time residence, a car has now become a necessity as we need to oversee the decoration and landscaping of the place, and sorry, I like large cars, so whilst I have the budget to afford one, a puddle jumper is not our answer, besides, we have a large family!

OK. Each to their own. I had a Ford Ranger 4 door pickup before the Mirage. The Mirage is faster. More fuel efficient and actually just as big if not bigger inside. In Thailand new wins as far as cars go. Maybe look at the Nissan Almera or Honda Amaze both nice cars. Brand new about 480k. But if you want to buy 2nd hand then look at taladrod.com and one2car.

Good luck

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