Tips for signing new contract on pickup truck

[davidst01]

A car dealer has just informed me that finance has been approved for me to purchase a new pickup with the car in my name- where my wife is the guarantor. Most of the dealers wanted the car to be in the wifes name but this guy has assured me that its all possible. Also, I asked him to come to my work to get my documents and it turned out that my teaching work colleagues know him as a former student. Thus, it seems luck is on my side and Im quite sure there will be no dodgy deal.

However, if you have recently signed a car finance contract can you offer any tips. Will the contract be in thai language? Is there anything that I should add to the contract to protect myself?

When he took my docs I gave him a certificate of residency (that was over 3 weeks old) for an address of my old condo. Ive since moved to a new house with the wife. Should I give him a copy of our new lease contract or just let it go? I intend to give our po box address for the monthly statement. Or do they send the monthly statement to the home address? I assume maybe after I have the car I can advise of a change in address to the finance department?

Any tips are appreciated

thanks

[bkkjames]

Yes it will be in Thai

Tell them of your address change after you got your truck

Sent from my LG-P970 using Thaivisa Connect Thailand mobile app

[yankee99]

if its from a legit bank just check the payment schedule, down payment and interest rate. Its in thai and theres not a lot to do but sign lots of pages.

[AjarnMartin]

Having recently done the same for a new Fortuner I found the process very easy through the finance arm of Toyota. Other contributors have answered your other queries so the only thing I subsequently found out was regarding the loan period and interest contribution schedule. If you suddenly find yourself able to settle the loan, through some good fortune, the interest payable remains exactly the same. :-( There is therefore no advantage in settling early other than you being able to get your hands on the "Blue Book" and selling the vehicle on. Generally, in the UK, if you settle a loan early, the interest is only calculated up to the settlement date. I believe if you take out a bank loan to fund the purchase, one could 'negotiate' with the bank for the interest settlement? Good luck and enjoy your new 'wheels'.

[davidst01]

thanks for the replies. What is the interest rate that was applied to your loan? What was your loan term