How can I obtain financing for a new motorcyle?

[mlmcleod]

I have lived in Thailand for 4 months and I need a good motorcycle. I have noticed that Thailand is a cash on the barrel kind of country. I have found a Yamaha Tricity that I love at Mityon but I am not aware if they have any English speaking agents to discuss financing. Can anyone tell me the process here in Thailand?

I need to know typical down payment and current interest rates and such. I am retired here on my Social Security so how much income is required?

Thanks for all your assistance,

Mikael

[Forkinhades]

You will need a thai sponsor

[NightRider70]

If you can not afford to buy it cash, do not buy. The payment plans are rip-offs. Buy a cheaper bike or save up the cash before you buy.

[alocacoc]

Go to the Yamaha Shop at Threppasit Rd. Just after the second gas-station on the right side if you come from the Sukhumvit. They speak English quite well and have a lot of experience with foreigners.

[asdecas]

Without documented and legal earnings in-country to support a loan, some kind of solid collateral or a Thai guarantor of good standing prepared to back you, your only choice is to pay cash, either with your own money or borrowed from friends or family.

[ToddinChonburi]

I saved up the cash before I came for this reason. COD

[chris2004]

The interest rate on bikes is very high, like 2% a month even if you could get one on credit. If you can't afford to buy for cash don't buy. Either rent or stick to the bus.

[billphillips]

Rent a bike if you don't have the cash to buy it. Virtually impossible to get finance in Thailand unless you are a local.

[callaway]

If you cannot afford to buy a motorcycle then what are you doing living in a foreign country. My bet is health insurance is a high priority in your life too. Soon we will see another post for sick farang who needs help

[steve187]

A 46,000 baht cash bike ends up at 90,000 baht. save up buy a snatch back, 15/20,000 baht off new price, why a tricity wanna stand out. would you get credit after 4 months in your own country

[Sabot]

Since most posters seem to not want to answer your question, I will try.

About three years ago my friend purchased a Honda from Sumet Cycle Honda (close to Chaeng Wattana) and financed some of the bike. He dealt with the owner named Brian (a foreigner). You may want to check with him and see if he's willing to still finance people.

http://www.hondasumetcycle.com/index.html

[bangkapi]

Another hand-to-mouther.

[colinneil]

You retire to Thailand and no money to bike a motorbike???

If you are that poor what the hell are you doing here!!!!

[Chwooly]

From most of the people I have talked to, The Tricity is not a very good scooter. You should rent 1 first for a week and see if you even like it, Also if your short on cash you should be looking at a cheaper bike, A Scoopy, Click, Nuovo or Vino will do you just as well as the Tricity and cost a whole lot less.

[whiteman]

Bloody walk and eat rice and chilly paste like the rest of the poor here Then save up your cash and buy one then

[Rimmer]

Be nice please guys

[mrshipper]

Always best to buy cash...as the above posters have stipulated. If your short of money check social media groups for buying and selling in patts. They often have folk selling decent second hand bikes

[mlmcleod]

I have enough money to avoid begging in the streets! I just prefer to not spend it all at one time!

[guzzi850m2]

Always best to buy cash...as the above posters have stipulated. If your short of money check social media groups for buying and selling in patts. They often have folk selling decent second hand bikes

Yes consider a used scooter if you don't want to spend app 45- 50.000 on a new.

You can get a good one for app 20.000.

There are 2 huge 2nd hand bike tent shops that I seen, one on 3rd road app on the mid section and there is one on south Pattaya road.

Try to bring a Thai friend or expat that knows bikes and what to look for.

These small Thai scooter are very cheap to fix so don't worry too much about repair bills.

Yes as mentioned, this Tricity is a somewhat odd fish in the pond and are bought by people either scared of riding or a fashion statement by young Thais.

Just make sure the bike you get (if buying used) has electric start and front disk brake and that the tires are in good condition.

I rode over 50.000 km (no shit) here in Pattaya on small bikes and never had an accident, the key is to flow with the traffic and know at all times what is going on around you. I never ride the scooters on Sukhumvit road after 2100 hours when drunk drivers/riders are out in great numbers and you risk being rear ended by a truck doing +150 km/h, which you don't want.

Oh, off topic now, sorry, got carried away.

[Travelman868]

You will need a thai sponsor

Who's name goes in the Green Book ???

If you have only recently moved to Thailand why can't you get a loan from your home bank. Scooters are not expensive (up to $3000)

[bigjules007]

I was in a honda dealers yesterday and just to give you an example, a honda wave 110cc cash price 38000 baht was being offered at 2500 baht down and 1590 baht per month for 39 months so thats aroind 65000 baht in total, as some have suggested unless you have money to throw away buy it cash.

Edited January 27, 2015 by bigjules007

[joepattaya1961]

"We" farangs may have The impression that Thailand is a cash country, but Thais like to but stuff on credit. Or maybe better.....they mostly have to.

Getting finance on a bike is not easy. With a work permit it can be done (the employer will be seen as guarantor).

In all other cases you need 1 or 2 Thai guarantors OR maybe just maybe........if you are able to pay at least 50% of the bike cash they may finance the bike under your (OP's) circumstances

Edited January 27, 2015 by joepattaya1961

[innerspace]

Joe just beat me.... put down a decent deposit and its much easier.

Jules before him is also spot on that many finance deals are ripoffs, but what do you expect when paying 2500 and riding away with a 38000 baht bike. They offset their risk by charging more.

Big (40-50%) deposit and you will get better rates and likely approval without a guarantor.

Also helps your preference of not spending everything at once.

[Tocquinio]

If you cannot afford to buy a motorcycle then what are you doing living in a foreign country. My bet is health insurance is a high priority in your life too. Soon we will see another post for sick farang who needs help

That's a bit strong mate, isn't it? He only asked a question

[Thailaw]

I assume that, having been in Thailand only 4 months, you have a credit card with a bank in your home country. Many motorcycle dealers will accept a credit card payment for all/most of the purchase price of the bike (some with add a 3% charge for use of a credit card). Assuming you look at a motorbike in the B45,000 range (not a Tricity) if you have a credit balance on your credit card of $1,400, you can purchase the bike with your credit card and "finance" the purchase with your home-country bank by making monthly payments on your credit card at the finance charge interest rate. The rate will likely be high, but as has been noted, no where near as high as the finance charge on a motorbike here in Thailand offered by the dealers, even if you could get financing for the purchase, which is unlikely. If you have a Thai g/f, you can purchase the bike in her name and make the monthly payments, which will be double the price of the m/b over the 2 or 3 year finance period.

If the purchase of a "cheap" motorbike requires financing, you really are living dangerously. You are not a credit risk that anyone here wants take. The theory for foreigners is that if you have the money, you don't need the credit, and if you don't have the money you can't afford the credit, full stop. There are a few exceptions, but not for motorbikes with prices of less than B100,000 ($3,000).