flyingsaucersarereal Posted January 26, 2015 Share Posted January 26, 2015 Ok just curious if anyone knows. Since a farang can't get a car loan easily I was wondering if I could buy a Toyota Vios with 7000 dollars in credit and the rest in cash. This would be from my American credit card. Is this something the car dealer will accept? Are there other better financing options for a farang? Thanks Link to comment Share on other sites More sharing options...
marko kok prong Posted January 26, 2015 Share Posted January 26, 2015 Stick too the saucers if i were you mate. 2 Link to comment Share on other sites More sharing options...
Popular Post CharlieH Posted January 26, 2015 Popular Post Share Posted January 26, 2015 I would of thought the best person/place to ask was at the dealer. 5 Link to comment Share on other sites More sharing options...
konying Posted January 26, 2015 Share Posted January 26, 2015 You can but they will apply credit card surcharge of 2-3% on top of the price 1 Link to comment Share on other sites More sharing options...
Stradavarius37 Posted January 26, 2015 Share Posted January 26, 2015 Buying a car with a credit card..... Save up your money and pay cash, or buy a car you can afford now. Idiotic to do anything else. Link to comment Share on other sites More sharing options...
metisdead Posted January 26, 2015 Share Posted January 26, 2015 Maybe more knowledge on this issue will be found in the motoring forum. Link to comment Share on other sites More sharing options...
Popular Post krisb Posted January 26, 2015 Popular Post Share Posted January 26, 2015 Credit cards good as cash so why not? 3 Link to comment Share on other sites More sharing options...
Swiss1960 Posted January 26, 2015 Share Posted January 26, 2015 either troll or stupid... can't say which... Stupid 1 because your question is so obvious to be answered: first it takes the car dealer who accepts card payments and second it takes your card issuing bank who accepts your single 7'000$ transaction against your credit score... then you are stupid 2 since you will face a 3% price increase from the car dealer because he wants to cover the credit card charges that HE will face, then your card issuing bank will hit you with the exanche rate which will NOT be in your favour, then they will charge you with other foreign currency fees at their will and they will charge you with their APR as you will use recurring credit on the card since obviously you do not have those 7'000$ to pay directly and they will charge even more, if you do not repay the credit within a certain amount of time... so overall, your car will get some 5-10% more expensive with your payment scheme... 1 Link to comment Share on other sites More sharing options...
Popular Post konying Posted January 26, 2015 Popular Post Share Posted January 26, 2015 (edited) either troll or stupid... can't say which... Stupid 1 because your question is so obvious to be answered: first it takes the car dealer who accepts card payments and second it takes your card issuing bank who accepts your single 7'000$ transaction against your credit score... then you are stupid 2 since you will face a 3% price increase from the car dealer because he wants to cover the credit card charges that HE will face, then your card issuing bank will hit you with the exanche rate which will NOT be in your favour, then they will charge you with other foreign currency fees at their will and they will charge you with their APR as you will use recurring credit on the card since obviously you do not have those 7'000$ to pay directly and they will charge even more, if you do not repay the credit within a certain amount of time... so overall, your car will get some 5-10% more expensive with your payment scheme... It's not really as idiotic as you think.I bought car with credit card before , $17000 The extra charge was covered by points I earned. I then did a balance transfer to another card at 1.9% interest till paid off. Worked out well for me. On top of that I got extra 1 year warranty from master card and 1 year loss cover, ie if car was stolen I would be refunded 100% Edited January 26, 2015 by konying 6 Link to comment Share on other sites More sharing options...
IMHO Posted January 26, 2015 Share Posted January 26, 2015 (edited) It's going to be more than just 2-3% surcharge if it's Amex. @OP: Talk to your Thai bank (doesn't need to be the card issuer) about doing a credit card cash advance. I've heard that the exchange rates are even negotiable for larger dollar amounts when doing this. Edited January 26, 2015 by IMHO Link to comment Share on other sites More sharing options...
gerry123 Posted January 26, 2015 Share Posted January 26, 2015 You can but they will apply credit card surcharge of 2-3% on top of the price at least 3% plus the exchange rate that AE take just for the privilege Link to comment Share on other sites More sharing options...
BSJ Posted January 26, 2015 Share Posted January 26, 2015 I guess I haven't seen the stupidist post yet.....but I think it's getting closer! 2 Link to comment Share on other sites More sharing options...
BudRight Posted January 26, 2015 Share Posted January 26, 2015 I'm pretty sure the OP wants to know WHICH DEALERS accepts credit cards. American Express has an app for this called 'TrueCar' but it is only for dealers in the US so you'll probably have to call your concierge. Many cards do not have a foreign exchange fee. Since the OP is going to negotiate the price of the car anyway the 2-3% can be included in this. Link to comment Share on other sites More sharing options...
konying Posted January 26, 2015 Share Posted January 26, 2015 I'm pretty sure the OP wants to know WHICH DEALERS accepts credit cards. American Express has an app for this called 'TrueCar' but it is only for dealers in the US so you'll probably have to call your concierge. Many cards do not have a foreign exchange fee. Since the OP is going to negotiate the price of the car anyway the 2-3% can be included in this. All dealers have credit card facilities, however not all accept Amex. There are hardly any negotiations when buying a car in Thailand and 2-3% will never be included but always added on top of the final price. Link to comment Share on other sites More sharing options...
WarpSpeed Posted January 26, 2015 Share Posted January 26, 2015 (edited) Buying a car with a credit card..... Save up your money and pay cash, or buy a car you can afford now. Idiotic to do anything else. Rather rude and judgmental of you.. Op don't see any reason why not? If your credit is good and you have a very low interest rate it may even save you some money as the interest calculated on Thai loans is a bit strange, also you'd get a bonus points boost as well to your credit card. I read recently where a wealthy Chinese businessman just bought a 500 hundred year old Ming dynasty tea cup for 36 million dollars and paid with his American Express black card now he has enough bonus miles to fly around the planet a few times etc. though he had no consideration to that aspect of his purchase when he made it he discovered it later . Took 24 skims through the card reader though . http://www.newsmax.com/TheWire/liu-yiqian-sips-ancient-cup/2014/07/25/id/584832/ It may have definite advantages. Edited January 26, 2015 by WarpSpeed 1 Link to comment Share on other sites More sharing options...
jjablonsky Posted January 27, 2015 Share Posted January 27, 2015 Depending on your American bank and credit card terms, you may be better off getting a cash advance of 7000 dollars rather than the dealer surcharge Link to comment Share on other sites More sharing options...
Pib Posted January 27, 2015 Share Posted January 27, 2015 Is it possible to buy a car using a credit card? Sure you can...all depends on whether the car dealer will accept payment via credit card because he will have transaction fee costs and possible "charge-back" to contend with. Read this article for more info. Link. Plus, since a farang could easily leave Thailand and/or submit a charge-back request after taking possession of the car it can put a lot of risk on the car dealer, especially a foreign car dealer. I expect a dealer in a person's home country would be more apt to accept credit card payment since they have more legal means and protection against a credit card payment gone bad...and could actually run a credit check on you in advance. Only way to find out is ask the dealer. Will depend on how much they want to make the sale and if they trust you. If they do accept payment I expect they may want to add a few percentage points to cover the card transaction fee to them...just like quite a few shops/stores in Thailand currently do. Link to comment Share on other sites More sharing options...
kbelyeu Posted January 27, 2015 Share Posted January 27, 2015 The answer is YES but you will incur other fees depending upon your credit card company and the dealer. To add.. I just purchased a new pickup truck in NaJomtien Toyota dealer with 50 percent down using my Visa which incurs NO foreign transaction fees and ZERO percent interest for 28 months on this card. My particular details concerning the financing I just had to show them proof of residence (residence certificate), my visa which is a 30 day visa exempt type, a recently updated bank book showing history (they didn't specify how much but mine was just over 3 years) and a print out of my Bank statement where my salary is paid into (Citibank Singapore). They shopped this around to finance companies and I was approved within about 24 hours for 48 months at 3.6 percent interest. Truck is in the drive way... top model Hilux. Kurt Link to comment Share on other sites More sharing options...
maderaroja Posted January 27, 2015 Share Posted January 27, 2015 Why not take a "cash advance" from the credit card, deposited to your bank account and then transfer the money to Thailand? Then, you can pay "cash" for the car and attain a price advantage that may make up for the credit card charge for the advance. Link to comment Share on other sites More sharing options...
WarpSpeed Posted January 27, 2015 Share Posted January 27, 2015 Cash advances charge higher interest and you get no bonus points from it, plus the exchange rate, a lot of reasons not to do it that way. Link to comment Share on other sites More sharing options...
advancebooking Posted January 27, 2015 Share Posted January 27, 2015 good idea not. whack it on your credit card and pay it back at 23% interest for the next 15 yrs every month Link to comment Share on other sites More sharing options...
billphillips Posted January 27, 2015 Share Posted January 27, 2015 High finance indeed. Link to comment Share on other sites More sharing options...
Popular Post richard_smith237 Posted January 27, 2015 Popular Post Share Posted January 27, 2015 A few months ago I looked to do the same... The difference being I didn't ask the opinions of those on ThaiVisa.com and open myself up to some of the bitter, twisted and downright insulting responses exampled by some of the unnecessary replies... My thoughts: Using my Citibank card (thai) which builds Thai Airways ROP points... I paid the THB 100,000 baht deposit with the card (they preferred that to cash). When I asked if I could use the card to pay up to 1.3 MB I was told I'd incur a 3% charge (about THB 39,000). The idea was to build award points on my Credit Card which could be turned into flights or holidays with ROP. The points incurred would not have equated to the cost of simply paying for the same flight / hotel award... So to answer the Ops Question: Check if the dealer will apply a 3% charge - IF so, work out whether or not the economics are in your favour. 3 Link to comment Share on other sites More sharing options...
Evolare Posted January 27, 2015 Share Posted January 27, 2015 (edited) Actually I have bought one car with credit card and got a 5% Cashback no added fee. Terms depends on the dealers relationship with the bank. But farang can get car loans. Besides I have creditcards from 3 different Thai banks. But what is your visa status? I had the money in the account to cover it. The car was 800.000 and i have 1.000.000 baht credit limit on that card. that was a secondhand car from a mercedes dealer. The card is The Premier from SCB Bank Edited January 27, 2015 by Evolare Link to comment Share on other sites More sharing options...
Nemesis7 Posted January 27, 2015 Share Posted January 27, 2015 I suppose that's possible as many accepts cards. Link to comment Share on other sites More sharing options...
eastbay Posted January 27, 2015 Share Posted January 27, 2015 I just bought a motorcycle this way and had to pay the 3% surcharge. I was withdrawing the cash out of ATM's until I figured out that with the fee on both ends at the limits I was able to use, it would cost me just about the same 3%. The cost was about $125 USD. I could have wired it but without a Thai bank account (and with the time difference) my options were a bit limited so I just took the best way- easiest, with instant gratification, and #*&^ the money! Link to comment Share on other sites More sharing options...
colinneil Posted January 27, 2015 Share Posted January 27, 2015 Some dealers will accept credit cards, then they ask for 5% on top for you using a credit card . Expensive way to buy in Thailand. Link to comment Share on other sites More sharing options...
Evolare Posted January 27, 2015 Share Posted January 27, 2015 Some dealers will accept credit cards, then they ask for 5% on top for you using a credit card . Expensive way to buy in Thailand. Depends on the dealers connections with the bank as I said I paid no extra fees but it's possible they had somekind of special promotion or deal with the bank...maybe the cAR was owned by the bank because the discount was only offered with a card from SCB not KBANK nor Bangkokbank Link to comment Share on other sites More sharing options...
eppic Posted January 27, 2015 Share Posted January 27, 2015 Quite a few obnoxious responses here, as usual. No real surprise since my very first posts here were met with the same. I will just comment on the economics, assuming a willing dealer and a 3% surcharge. There are many, many U.S. credit cards that have no fx fees and in fact you get essentially wholesale rates, much better than moving cash to Thailand. There are also many cards that have cash-back schemes, and 2% can be achieved on some no-fx cards. Add back the better exchange rate on the card transaction (vs moving cash), and you end up with a similar price and greater convenience. There are also rewards programs worth more than 2%. In fact, I value some of my credit card points at over 5% since they can be used to book business class tickets that would need to pay cash for otherwise (yes, I have done the math). Some U.S. cards also have free interest periods or very low rates. Personally, I hadn't really considered the idea before, but I may actually check into purchasing my upcoming car delivery on a credit card, then simply pay off the balance immediately (don't want/need the financing). So, despite all the vitriol in many responses, there are cases where purchasing with a credit card is actually financially prudent. As a pure financing scheme, using a card that has fx-fees, high interest rate, and no rewards? That's a different matter, but certainly a credit card would be my choice rather than going through the inconvenience, invasion-of-privacy (really humiliation) of applying for a loan from a Thai bank. Try to think outside the box, people. 1 Link to comment Share on other sites More sharing options...
Lorithai Posted January 28, 2015 Share Posted January 28, 2015 Buying a car with a credit card..... Save up your money and pay cash, or buy a car you can afford now. Idiotic to do anything else. I would agree with this. Link to comment Share on other sites More sharing options...
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