What is required to get car finance?

[farrantomuk]

There are topics on this but all seem very dated.

Here is my situation... I have a decent income from the UK (not in Thailand) and I come here on either multiple entry tourist or sometimes O visas. I am not married and my GF does not work. I am willing to pay 25% deposit etc.

Will I be able to get credit on a car?

Has anyone got experience in this - how, where, why - and what I will need to provide...

Thanks!....

[theoldgit]

Put yourself in the position of the finance company.

You have no ties to Thailand, no income in Thailand, your girlfriend doesn't work so no income - would you offer yourself a loan?

I did get finance a few years ago based on a UK income but I had been here a few years with funds being transferred to a Thai bank on a regular basis and a long term lease on a condo.

Maybe ask a car dealer they may be able to help, the thing in your favour is that the finance company retain the cars blue book until a loan is paid off, but in the event you defaulted they would have to find the car and repossess.

[cooked]

I forget the details but the dealer told me that it was much more complicated if I wanted the car in my own name. I investigated and so it proved to be. It is now in my wife's name. I had to show proof of residence, a bit like applying for a visa extension. They then turned up at our house to see if I was in fact living here, and checked us out. They must have had many bad experiences with credits going sour. I showed them a copy of my income statement and things went ahead rapidly from there.

Having said that, many people will tell you not to put it in anyone's name but your own. Quite right too if you are not here permanently. If the worse should ever come to the worst, I have a new car at my disposal which I will then just leave here and stop payments.

Maybe you should buy a second hand car from a reliable dealer, cash.

[JesseFrank]

I have had 3 car finances here, I'm not married or work and as you know foreigners can have no assets in Thailand.

Each time I paid down about 30% and used girls I knew, and who had no work or assets, as guarantor.

Finance took less than 24 hours for approval, each time different dealers and finance companies, and car in my name.

No house visits or bank papers required.

In who's name the car is doesn't make a difference to them since the finance companies name is in the registration book anyway, and they hold possession of the book.

Edited April 30, 2014 by JesseFrank

[chris2004]

What i did was get a UK loan (based on my UK income) and paid cash for car here. Much better option i think.

[farrantomuk]

Thanks for sharing your experience. I will guess I will transfer income into a Thai bank and then just try it!

Buying used is not really an option, have you seen the prices - unless anyone knows where to buy used cars at decent prices??????? Its not like the UK where you can pickup a run around car for under £1k! - some beat up 20 year old corolla here seems to hold value close to £4k - mad!

[cronus]

Thanks for sharing your experience. I will guess I will transfer income into a Thai bank and then just try it!

Buying used is not really an option, have you seen the prices - unless anyone knows where to buy used cars at decent prices??????? Its not like the UK where you can pickup a run around car for under £1k! - some beat up 20 year old corolla here seems to hold value close to £4k - mad!

Coz it costs next to nothing to fix whatever is broken....

[puuchai299]

Some will give financé to non working farangs on non O visas/extensions,but normaly will not accept less than 50 percent down and a thai is needed as guarantor.

Toyota in Pattaya offered me this option last year...

[Phoenix1312]

I have had experience in this. They don't look at your finances at all. You need the deposit required and 2 working Thai guarantors. They don't own the car you do but if you default they are the ones the finance companies chase. Hope this helps.

[ggt]

There are many very cheap public transportation options in Thailand...save your money...pay cash...

[misterphil]

When I bought our car I put down 30% deposit. The finance is in my wifes name but she was not working, but had a steady income from me as I load up her account to pay bills and rent. We both had to show our bank pass books, driving licences and my passport. Toyota said at the time of the finance application if my wife doesnt qualify do I want the finance in my name? I asked is that possible and they said it wasent a problem for a foreigner to get finance if they put 30% down. I didnt have a work permit nor a non immigrant visa at the time too.

[Mudcrab]

I have had 3 car finances here, I'm not married or work and as you know foreigners can have no assets in Thailand.

Each time I paid down about 30% and used girls I knew, and who had no work or assets, as guarantor.

Finance took less than 24 hours for approval, each time different dealers and finance companies, and car in my name.

No house visits or bank papers required.

In who's name the car is doesn't make a difference to them since the finance companies name is in the registration book anyway, and they hold possession of the book.

Who told you this??

[Patrick Mills]

My wife and I were refused financing on a new Subaru, they said we had to be working, even though we have retirement income, that's way more than most Thai's make. So we had to move 40,000 from our retirement account to pay for the car, we had never spent more than 25,000 on a car ever. We are from the US. and we always bought our cars preowned, our last car was a Lexus GS 300, we loved that car had it for 12 years, 180,000 miles on her, paid 24,000 for it, when it was 2 years old and had 24,000 on it. We would still be driving that car if we had not moved to Thailand. The Subaru would had cost us 25,000 out the door in the US, so we paid a additional 15,000 tax for the same car. And it doesn't even drive as good as a 12 year old Lexus did. Oh well such is life.

[Bosse137]

With ISUZU, the bank they use,refuse to lend to anybody over 60 years old.I paid cash,no problem...

[RBOP]

When I got financing through Isuzu I was required to show I had a job in Thailand, letter from my employer saying how long I had worked for them and still employed by them, copy of work permit, copy of my condo ownership and copy of my bank passbook showing finances for the previous few years. The vehicle ownership remained in the finance Company's name until the vehicle was all paid off.

[RBOP]

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Thanks for sharing your experience. I will guess I will transfer income into a Thai bank and then just try it!

Buying used is not really an option, have you seen the prices - unless anyone knows where to buy used cars at decent prices??????? Its not like the UK where you can pickup a run around car for under £1k! - some beat up 20 year old corolla here seems to hold value close to £4k - mad!

Agh... I just sold my Isuzu MU 2005 for 420K Baht. Bought a new Pajero Sport.

Edited May 2, 2014 by RBOP

[Jonmarleesco]

Thanks for sharing your experience. I will guess I will transfer income into a Thai bank and then just try it!

Buying used is not really an option, have you seen the prices - unless anyone knows where to buy used cars at decent prices??????? Its not like the UK where you can pickup a run around car for under £1k! - some beat up 20 year old corolla here seems to hold value close to £4k - mad!

They don't hold their value any more than in the UK, but you're in Thailand. imported cars attract extremely high duties, much of which sellers aim to get back, and Thais, as with anything they are selling, don't think there is such a thing as a buyer's market.

[Jonmarleesco]

A number of posts talk of having no issues with obtaining finance, regardless of status. In the west, those would be known as non-status loans, normally ex-bank and attracting a higher rate of interest to compensate for the extra risk. As far as I can make out, non-status loans aren't recognised in Thailand, but, as with anything, there are obviously ways around, dictated by the lender's criteria and flexibility.

[Jonmarleesco]

What i did was get a UK loan (based on my UK income) and paid cash for car here. Much better option i think.

Presumably you were able to show a UK address?

[Loles]

.... required a greedy Isaan family.

[mrfaroukh]

Sorry to say but if you are crazy enough to pay 25% then why not pay 100% then she would leave much faster. No wonder here they think all foreigners are crazy

[bobo42]

Very difficult if you want it in your name, pretty easy if you put it in your wife/GF's name. When I bought our car for my wife, I just put the down-payment money in her account for a couple of months while we looked around and waited for whatever car to be delivered. She had no income and no job at the time, she was completely honest with everybody about the whole thing. They copied her bank book and wrote whatever story they needed to get the loan done. We did put 25% down I think - but the loan was done without a hassle, at the promotional financing rate at the time which I think was like 3% or thereabout.

I would not do this unless you know your wife and her family really well. Rental cars are a bit pricey over here, but so is buying. Considering the down-payment, you won't break-even on the purchase vs rental comparison for quite some time, so might want to consider that option as well.

[Strangebrew]

Dude if you have to make payments for a car don't get one I pay cash never have an issue v same with condo's Cash talk's and broke arsed falangs walk or take BTS. LMAO Just save up for one better Transportion here cheap.

[arthurwait]

Don't you need a certificate of residence to put a car in your name ?

Finance is harder to get now after so many defaulted on the Shins popularist policies.

[MeHere]

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Thanks for sharing your experience. I will guess I will transfer income into a Thai bank and then just try it!

Buying used is not really an option, have you seen the prices - unless anyone knows where to buy used cars at decent prices??????? Its not like the UK where you can pickup a run around car for under £1k! - some beat up 20 year old corolla here seems to hold value close to £4k - mad!

Agh... I just sold my Isuzu MU 2005 for 420K Baht. Bought a new Pajero Sport.

Wow! Where'd you sell that? I've been trying to trade my 20010 Isuzu Dmax extreme series and I've been getting quotes between 400-470... I wanted 520, but no one's biting :-O

[899cc]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Thanks for sharing your experience. I will guess I will transfer income into a Thai bank and then just try it!

Buying used is not really an option, have you seen the prices - unless anyone knows where to buy used cars at decent prices??????? Its not like the UK where you can pickup a run around car for under £1k! - some beat up 20 year old corolla here seems to hold value close to £4k - mad!

Agh... I just sold my Isuzu MU 2005 for 420K Baht. Bought a new Pajero Sport.

Wow! Where'd you sell that? I've been trying to trade my 20010 Isuzu Dmax extreme series and I've been getting quotes between 400-470... I wanted 520, but no one's biting :-O

I give you 350,000

Edited May 3, 2014 by 899cc

[rotary]

Seems like I remember Ford had a special loan section for farangs. You might check that out. It could make things easier if thats the case.

[Spoonman]

Just last week I financed another vehicle (Mazda) through Tisco, 20% down and no Thai guarantor.

they wanted the following documents;

Passport & Visa

Work permit

Book bank or Statements (last 6 months)

Map to work and home

Taxpayer identification

Copy of salary slip

[farrantomuk]

Thanks to all for useful information and shared experiences.