Car Loan - My Experience Thanachart vs K-Bank

[Barontt]

I bought a new 4WD SUV at the Motor Show, and applied for a loan with Thanachart, as that seemed to be the car dealer's preferred bank.

My background: Lived in Thailand for 15-20 years already, continuously on a work permit. Have Permanent Residence. 25% down, loan amount is between 1-2 months of my monthly base salary. I have no debts, but many bank acocunts in Thailand, including Citigold which is for high wealth customers. I have cash in Thai banks which cover the loan many times over. Wife (Thai) is a very wealthy business woman, owning many properties and steady profits from her primary business. She pays a lot of monthly income/business taxes and has some special Thai government tax department papers given only to high income tax payers. (In fact, when the US Embassy saw this particular paper, they said that was enough to support them issuing a 10-year visa to her.)

From the beginning, Tanachart was a pain in the butt. We had to call them many times to make appointments for signing papers. Finally, after about 2 weeks, they showed up. My wife overheard the Tanachart rep talking on the phone, about this being a 'problem case'. They required many documents, constantly asking for additional ones a couple of days after we submitted what they requested. In the end, they wanted 40% down, with my wife co-signing, and contingent on her having to present even more evidence of her financial condition. We then told Tanachart to forget it as they clearly do not want our business.

So the dealer passed this over to K-Bank, who immediately set up an appointment with me. They clearly told me what documents were needed, and these were far fewer than Thanachart. In a couple of days they approved the loan, with 25% down, and with my wife not needing to guarantee the loan. Such a huge difference between the two banks.

I will never deal with Thanachart again.

[realfunster]

Do you need some help understanding the point of the story ? OP is sharing a useful personal experience which might benefit others - which is kind of the point of an expat forum like TV right ?

Edited April 27, 2015 by seedy
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[seedy]

Two Post Deleted - one Nonsense and one Troll / Flaming

Want to contribute ? Please do so.

Have questions ? Please ask them.

[Ace of Pop]

Ive found Credit tempting i must admit, i could have had a B.M/ Volvo, instead of what i can afford, but get miserly when i figure out the True Interest Rate and add on say 4 years depreciation. That loss is enough without interest on top. Now im rather depressed. id like a Volvo.

[NanLaew]

The wife's first car was a Honda financed through Thanachart. No issues during the original 2-year car note. She refinanced through Thanachart some time later and although the terms and setup were initially good, the service towards the end was appalling and when it was finally paid off, it took them forever to get the blue book back to her.

With regard to the OP, maybe Thanachart have lost their focus? I think they started as PRIMARILY an auto loan finance company and grew the bank from that. Maybe they are suffering the blow-back from the 'First Time Buyer' debacle since the bulk of their business was in that market? Kasikorn have a broader back so to speak.

[konying]

I think its down to the finance guy/girl who comes out.

In my experience, sometimes they can make it easy and painless and sometimes turn it into a living nightmare, either due to total incompetence or just plane laziness.

I remember wanting to buy big bike, finance went through Krungsi.

The first rep did all very easy, however quit half way through the process and the whole thing turned into a nightmare.

Used Tanachart for my car and it was pretty painless. Kept the number of that rep and now whenever want to finance something call him to find out where he works and go through them.

Funny enough, he changes jobs every 5-6 months

[Barontt]

I think its down to the finance guy/girl who comes out.

...

It could well have been the issue in our case. The rep was young and pretty, and seemed to have an attitude about how 'special' she is. That was my wife's impression of her.

But it seemed like the back-office may have had service issues as well. I guess we'll never know exactly the reasons which caused the problems.

[ben2203]

I kinda like Asia Sermkij, for one, they put the book in your name and then just keep the book until you've paid everything and then they just call you and say, you've paid, come and collect the book.

Thannachart in my experience is ok, they probably think that as a farang you are incapable of paying debts because that's a Thai thing.

As people have said though, it's probably just the person who came to visit you.

[laocowboy2]

For (up market) retail credit business, KBank and SCB are by far the best. TBank is a car loan factory - and designed purely for Thai borrowers (and expensive with it).

[howzat]

I had no problem with Thanachart and they gave me a very competitive interest rate. The guy came to see me with the forms and it was done and dusted in less than 1 hour. Loan was for three years and it finished last year. Happy to use them again.

[laocowboy2]

The wife's first car was a Honda financed through Thanachart. No issues during the original 2-year car note. She refinanced through Thanachart some time later and although the terms and setup were initially good, the service towards the end was appalling and when it was finally paid off, it took them forever to get the blue book back to her.

With regard to the OP, maybe Thanachart have lost their focus? I think they started as PRIMARILY an auto loan finance company and grew the bank from that. Maybe they are suffering the blow-back from the 'First Time Buyer' debacle since the bulk of their business was in that market? Kasikorn have a broader back so to speak.

T-Bank indeed started as a (auto) finance company - National Finance. Although it did get a banking license (to lower its cost of funds) and brought in Bank of Nova Scotia as a shareholder, it remained mainly auto loans with a few mortgages. After it bought Siam City Bank from the government, the business model widened a bit but over recent years auto loans have again predominated.

[konying]

I think its down to the finance guy/girl who comes out.

...

It could well have been the issue in our case. The rep was young and pretty, and seemed to have an attitude about how 'special' she is. That was my wife's impression of her.

But it seemed like the back-office may have had service issues as well. I guess we'll never know exactly the reasons which caused the problems.

Its down how loans people submit your application, then the back office acts on it.

In my case, about the salary, guy told me how much i need to earn, instead of asking me

Few other questions, he also advised what answers should be.

But when paperwork is incomplete or filled out with errors, is when back office starts to runs checks etc etc.

I can not say 100% this is how they work, but from what i seen i figured it must be.

[yankee99]

If im reading this correctly your salary is about 100,000 a month. In my experience with loans one with krungsri and one with scb their main interest was monthly deposits in my accounts about 200k in and out. Balance, work and length of stay seemed unimportant. btw each time the rep came to my house with papers in hand.

[ktm jeff]

^ If the OP,s salary was good enougth to begin with , i doubht he would need to pay through the nose with finance in the first place . First attempt at finance was not succesfull , so he keep shopping around . Doesnt make the first bank poor , just more " selective " in whom it chooses to loan money too .I can also see how the person dealing with you makes the crutial difference .

[Barontt]

If im reading this correctly your salary is about 100,000 a month. In my experience with loans one with krungsri and one with scb their main interest was monthly deposits in my accounts about 200k in and out. Balance, work and length of stay seemed unimportant. btw each time the rep came to my house with papers in hand.

If you are replying to me, you are way off base and I don't know how you got that impression. I was trying to describe that I am an excellent credit risk and have enough cash on hand to buy several cars, in cash, even Porsches or the like. Geez, each of my credit card (which all have 0 balance) could have purchased the car. Sorry if it seems like I am bragging, but I am trying to describe the situation as accurately as possible without giving away my identity. You can look up the requirements for having a Citigold account and that would give you an indication.

I always try to maximize cash on hand and that is why I wanted to take out the loan.

[Barontt]

^ If the OP,s salary was good enougth to begin with , i doubht he would need to pay through the nose with finance in the first place . First attempt at finance was not succesfull , so he keep shopping around . Doesnt make the first bank poor , just more " selective " in whom it chooses to loan money too .I can also see how the person dealing with you makes the crutial difference .

I don't think that I was clear in my original post. One month's total salary covers more than the total loan amount. (Base salary is less than total salary.) I have excelelnt credit, and have enough cash in THAI banks to buy several cars, in cash, in one day.

To reiterate, it is not a creidit issue, K-Bank from the get go would have given me a much larger loan, and with no Thai co-signer.

[Barontt]

No, just trying to correct some people that are making erroneous assumptions.

I did not talk with teh Thanachart rep, as she spoke 0 English. Wife did the talking.

I don't know how else to explain the facts. What do you suggest?

Edited April 28, 2015 by seedy
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[carter1882]

What do i suggest?

1. Learn how to speak Thai - you will make even more money then and wont need to waste your wife's clearly valuable time.

2. When it comes to explaining facts try not to say things like you have been here 15-20 years. What us it 15 or 30. I know mine, it is 30 next month, on the 22nd.

3. If you have so much money and so many bank accounts then surely you must have developed a relationship with one of the managers who could sort this out for you. Even though i am quite poor i do have a good manager or two, a doctor i can rely on, that sort of thing.

4. Your wealth seems to have given you a sense of entitlement....try humility, it goes a long way here or anywhere else.

Regards,

[whatawonderfulday]

So why I ask, based on the ops story, does he need a car loan in the 1st place ? Clearly if they are all so good at business as he purports, something appears to be sadly distorted about this story.

[Barontt]

What do i suggest?

1. Learn how to speak Thai - you will make even more money then and wont need to waste your wife's clearly valuable time.

2. When it comes to explaining facts try not to say things like you have been here 15-20 years. What us it 15 or 30. I know mine, it is 30 next month, on the 22nd.

3. If you have so much money and so many bank accounts then surely you must have developed a relationship with one of the managers who could sort this out for you. Even though i am quite poor i do have a good manager or two, a doctor i can rely on, that sort of thing.

4. Your wealth seems to have given you a sense of entitlement....try humility, it goes a long way here or anywhere else.

Regards,

1. Can do. Prefer wife to handle relatiosnhips with Thais, as she has more experience and is more expert.

2. 15-20 gives the reader and idea without being too specific. Better if I want to remain anonomous.

3. Citibank does not do car loans. I could have done a couple of other banks, but Thanacahart was prefered by the car dealer and seemed to have good rates. I thought the dealer was the easiest route.

4. <deleted>? I do not have a sense of entitlement. If you knew me, then you would know that. I have been successful, mostly through luck. Although I do not know you, you seem to have an inferiority complex. However, I do not know you so cannot say.

[Barontt]

So why I ask, based on the ops story, does he need a car loan in the 1st place ? Clearly if they are all so good at business as he purports, something appears to be sadly distorted about this story.

This is funny.

I maximize cash on hand, for business reasons. With a lot of cash, I can act quickly, and do. There's a lot of money that can be earned in Thailand if you plan ahead and are prepared.

Edited April 28, 2015 by Barontt

[Happy Grumpy]

There's no shame in you needing a load to buy a car.

Happens in every country.

"I have enough cash on hand to buy several cars, in cash, even Porsches or the like."

"I have enough cash in THAI banks to buy several cars, in cash, in one day."

Who are you trying to convince?

I've always been a fan K-Bank. They're my favourite bank to deal with in Thailand.

Edited April 28, 2015 by Happy Grumpy

[Barontt]

There's no shame in you needing a load to buy a car.

Happens in every country.

"I have enough cash on hand to buy several cars, in cash, even Porsches or the like."

"I have enough cash in THAI banks to buy several cars, in cash, in one day."

Who are you trying to convince?

I've always been a fan K-Bank. They're my favourite bank to deal with in Thailand.

No, I am not ashamed, not in the least. I do not need a loan, not at all, but I would not be ashamed if I did. I THINK why some fourm members are sceptical is that I am trying to be discreet and at the same time explaining what happened to me, with the idea that it might help others.

I am not trying to convince anyone of anything. It would be great if there was an arbiter of truth who could see everything and yet keep confidences.

I understand that my situation is different from many members of this forum. I trust that forum members can understand that not everyone is the same as they are. We all have different perspectives. We are all in different situations.

To me, the issue is that Thanachart was very difficult to deal with, as a farang with ample means. In comparison, K-Bank was a breeze.

I've never used K-Bank until now. My accounts in Thailand are with Citi and SCB. But I was very impressed with K-Bank's service so probably will do more business with them in the future.

[stevenl]

You're trying to be discreet. Sure does not look that way.

[Barontt]

You're trying to be discreet. Sure does not look that way.

Point well taken. Thanks.

[asean]

Its interesting how most Thai Visa forums that start out sensibly usually ends up in Thai Visa Bitches. I shake my head at this one.

[seedy]

Run it's course - Bicker Fest

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