Re-financing car/cashback.

[starship]

Hi

As i understand it, a car cannot be re-financed while it's still under finance. Is this correct? I think it's called a 'log book loan' when you give your lien free log book as collateral to a finance company and get a loan based on this. I have a vehicle financed through Tisco where approximately 38 months are paid off on a 60 month agreement. I would like to re-finance it back to the beginning to access the equity already paid. Is this possible? Has anyone else done this?

Also, if i exchanged it for another car, do dealers offer a cash back option? There is approximately 250,000B of value in the vehicle. If i purchased an 'eco' car for example that's around 400,000B, could i pay a minimum deposit, say 15%, (60,000B) and get the rest of the exchange value back in cash and finance the rest through a new agreement?

Any advice or experience much appreciated.

Thanks

[mogandave]

Are you trying to refinance your existing car or get a new one?

[anon210]

Are you trying to refinance your existing car or get a new one?

I believe he is just interested in getting some quick cash. And woukd take either route for that.

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[starship]

I would prefer to re-finance the existing one, but if this option is not available i would consider looking at a new vehicle if the cash back facility i mentioned is available.

Really, i would just like to know if anyone else has done it, and if so through where. I know things in LOS are difficult, i would just like to know if it's possible.

Thanks

[anon210]

I would prefer to re-finance the existing one, but if this option is not available i would consider looking at a new vehicle if the cash back facility i mentioned is available.

Really, i would just like to know if anyone else has done it, and if so through where. I know things in LOS are difficult, i would just like to know if it's possible.

Thanks

What you can actually do, is to sell the car to a tent (you will get more than selling to a car dealer). Then use the proceeds of the sale (minus the due to Finance) to purchase your new car, minus the down payment for the new car.

For foreigners, 15 % deposits are not applied. You would be looking rather at something like 25 % minimum. So, not sure you are going to get the amount of cash you purport to, without selling the car and NOT buying a new one.

[CTO]

Krungsri bank offers re-financing and loans on cars with a large amount of loan paid, no idea if Farangs can get this though

[mogandave]

What kind of car is it?