Financing a Car in Thailand as a Foreigner?

[PomRakBKK]

What are the requirements to finance a car? Do i require work permit and income slip?

Will bank account statements from foreign banks be taken into consideration?

Is it possible to finance a car on an ED or marriage visa without any thai work permit and all income comes from abroad?

[Upnotover]

It is easy with a WP. No problems at all.

But without you will most likely need a Thai guarantor for the finance, as I did (I had a non-O visa, no WP). I used Tisco Bank, 50% deposit, 4 years finance. And a week before getting the car they also asked for 6 months payments as an additional deposit "because farang". When I stopped paying the finance 6 months early their was some confusion about that as they had no record of this payment....fortunately I did and all was resolved.

[IMHO]

The rules vary lender to lender, but the basic req's are:

1. On a 1-year visa extension program

2. Ability to substantiate income claims with employment letter or pension docs, and prove it via salary/pension deposits into a Thai bank account in your name (some req 3 months history, some req 6 months)

3. Thai national to act as guarantor (this get relaxed after 1-3 loans paid out)

4. Ability to pay the downpayment (normally 25%-50% for first finance)

5. Ability to show you can make the repayments (usually they will only allow you to commit to 25-40% of your salary).

6. Not too old for finance.

Some lenders will only finance you if working in TH and having a WP. Others might suggest the loan goes into your Thai wife's name with you as her guarantor. Others will just let you DIY.

[lemoncake]

It is easy with a WP. No problems at all.

But without you will most likely need a Thai guarantor for the finance, as I did (I had a non-O visa, no WP). I used Tisco Bank, 50% deposit, 4 years finance. And a week before getting the car they also asked for 6 months payments as an additional deposit "because farang". When I stopped paying the finance 6 months early their was some confusion about that as they had no record of this payment....fortunately I did and all was resolved.

For some reason, Krungsi and Tanachart still want a Thai guarantee even with WP

[stevenl]

It is easy with a WP. No problems at all.

But without you will most likely need a Thai guarantor for the finance, as I did (I had a non-O visa, no WP). I used Tisco Bank, 50% deposit, 4 years finance. And a week before getting the car they also asked for 6 months payments as an additional deposit "because farang". When I stopped paying the finance 6 months early their was some confusion about that as they had no record of this payment....fortunately I did and all was resolved.

For some reason, Krungsi and Tanachart still want a Thai guarantee even with WP

Depends, I have WP and am with Tanachart and no Thai guarantor.

[lemoncake]

It is easy with a WP. No problems at all.

But without you will most likely need a Thai guarantor for the finance, as I did (I had a non-O visa, no WP). I used Tisco Bank, 50% deposit, 4 years finance. And a week before getting the car they also asked for 6 months payments as an additional deposit "because farang". When I stopped paying the finance 6 months early their was some confusion about that as they had no record of this payment....fortunately I did and all was resolved.

For some reason, Krungsi and Tanachart still want a Thai guarantee even with WP

Depends, I have WP and am with Tanachart and no Thai guarantor.

I would love to know the criteria, i have WP, also with Tanachart and needed one

[stevenl]

It is easy with a WP. No problems at all.

But without you will most likely need a Thai guarantor for the finance, as I did (I had a non-O visa, no WP). I used Tisco Bank, 50% deposit, 4 years finance. And a week before getting the car they also asked for 6 months payments as an additional deposit "because farang". When I stopped paying the finance 6 months early their was some confusion about that as they had no record of this payment....fortunately I did and all was resolved.

For some reason, Krungsi and Tanachart still want a Thai guarantee even with WP

Depends, I have WP and am with Tanachart and no Thai guarantor.

I would love to know the criteria, i have WP, also with Tanachart and needed one

Easy, I'm better looking

Plus it may help that this was the 4th car I bought, all financed via Tanachart, and never any problems. For the first they wanted a guarantor, no demand for that for any of the later purchases.

[lemoncake]

Easy, I'm better looking

Plus it may help that this was the 4th car I bought, all financed via Tanachart, and never any problems. For the first they wanted a guarantor, no demand for that for any of the later purchases.

You might be better looking, but i have good heart

[cooked]

The rules vary lender to lender, but the basic req's are:

1. On a 1-year visa extension program

2. Ability to substantiate income claims with employment letter or pension docs, and prove it via salary/pension deposits into a Thai bank account in your name (some req 3 months history, some req 6 months)

3. Thai national to act as guarantor (this get relaxed after 1-3 loans paid out)

4. Ability to pay the downpayment (normally 25%-50% for first finance)

5. Ability to show you can make the repayments (usually they will only allow you to commit to 25-40% of your salary).

6. Not too old for finance.

Some lenders will only finance you if working in TH and having a WP. Others might suggest the loan goes into your Thai wife's name with you as her guarantor. Others will just let you DIY.

I dunno about number 6, I am 65 and recently got finance (Nissan leasing, which is also a finance company and not only a leasing company). However my wife's daughter will lose her land if I default.

Edit: I found Nissan finance etc very efficient, to be recommended.

Edited December 1, 2013 by cooked

[Makai128]

I just pulled off getting a vcross with 30 percent down and my wife as the garenteer.

I used tesco I don't have a work permit just showed them statements of 6 months

Sent from my iPhone using Thaivisa Connect Thailand mobile app

[cooked]

Any car salesman that sees you turn up with a 25% deposit will be very reluctant to let you go.

[lemoncake]

Any car salesman that sees you turn up with a 25% deposit will be very reluctant to let you go.

I hate to tell you, but you would be wrong in assuming so.

I once turned up with a mate to buy 2, do note 2 not 1, top model dmax x series, so we had over 2000 000 baht with us for 2 cars and they let us go.

We wanted free plate, 8000 baht discount each and the answer was NO

I can not understand the reason why car sales people here could not care less to make a sale.

The only logical explanation i can think of is they do not get any commissions, otherwise why would you not sell an extra car even if it means cutting into your commission.

I am also pretty sure, finance company's pay dealers some small % of the interest and yet dealers prefer cash

[cooked]

Any car salesman that sees you turn up with a 25% deposit will be very reluctant to let you go.

I hate to tell you, but you would be wrong in assuming so.

I once turned up with a mate to buy 2, do note 2 not 1, top model dmax x series, so we had over 2000 000 baht with us for 2 cars and they let us go.

We wanted free plate, 8000 baht discount each and the answer was NO

I can not understand the reason why car sales people here could not care less to make a sale.

The only logical explanation i can think of is they do not get any commissions, otherwise why would you not sell an extra car even if it means cutting into your commission.

I am also pretty sure, finance company's pay dealers some small % of the interest and yet dealers prefer cash

Well I still think he was reluctant to let you go but that he had no liberty to d a deal. You see this all over Thailand, you make what you think is an advantageous offer for both parties and they walk away. Leave this to the Chinese, they will do a deal inside of 10 minutes.