Anyone bought a big bike with a purchase-hire agreement so a Thai can finance it?

[TheRoadWarrior]

Assume I am going to finance a big bike.

Thais get much better financing deals than farangs, and with much easier requirements.

So I can give my Thai wife or friend or whomever the down payment, and I can make the payments for them, as long as they secure the financing in their name.

Then to make sure I get the bike in my name later, there is such a thing as a "hire-purchase contract", where they sign a contract agreeing to sign the bike over to me when the payments are finished.

Anyone have any experience with this?

As for trusting the thai person doing the financing for me, I do have a thai wife, and also a few thai friends that will be happy to put the financing in their name for me without charging me anything extra for it, but of course i want to make sure they are bound to sign the bike over to me after the final payment is made.

And in case anyone asks, the reason I dont co-finance it in my wifes name is because they will require a work permit from me, and I do not have one and do not want to spend time attaining one at this point.

[iBike]

If you;re going to a dealership IE Honda, Kawasaki etc the financing deals are the same for Thai and foreigner. Honda is something like 3.5%, pretty good deal to be honest

[robblok]

If you;re going to a dealership IE Honda, Kawasaki etc the financing deals are the same for Thai and foreigner. Honda is something like 3.5%, pretty good deal to be honest

Isn't that only if you have a work-permit and a job.. otherwise it could get hard.. at least that is what i have heard but I could be wrong.

[TheRoadWarrior]

If you;re going to a dealership IE Honda, Kawasaki etc the financing deals are the same for Thai and foreigner. Honda is something like 3.5%, pretty good deal to be honest

the interest rate is usually the same, but the other requirements are not the same.

Thai = as low as 15% down payment... only requires ID card and bank statements.

Farang = 25-30% down payment AND requires a work permit, bank statements, and thai guarantor to co-sign.

the big pain is the work permit.... i do not have one, and do not want to go through the hassle of getting one right now.

[iBike]

Sorry buddy, didn't catch the small print.

Yes you'll need a work permit. WIthout citizenship or a work permit you're a little stuck. Never made easy in LOS. Honda Rama 3 have been known to process finance deals without Thai counter signers however you'd need all the other relevent documents, permits etc and probably a 50%+ deposit.

Either way, your plan is sonding risky.

[BKKSnowBird]

Do you not trust your wife to sign it over after it is paid for?

[English_M_in_Bkk]

I looked into this recently was told by the finance company that you need

work permit

6 months of pay slips

Thai bank account

Proof of address

Thai co-signer

Then the finance can be in your name and not the Thai person

[Nickymaster]

I looked into this recently was told by the finance company that you need

work permit

6 months of pay slips

Thai bank account

Proof of address

Thai co-signer

Then the finance can be in your name and not the Thai person

Thai co signer not always needed. Depends on brand.

[iBike]

And showroom to showroom. You can walk into different dealerships of the same manufacturer and they will process in differnt ways.

Not sure if some of them 'bend the rules' a little or whether it's different finance critirea as the showroom is under a different franchise.....

[TheRoadWarrior]

Do you not trust your wife to sign it over after it is paid for?

lol... no... shes a woman.

they can get pissed at you for any little thing and wont hesitate to screw you over if they can justify it to themselves in their own twisted way

hope for the best.... but always try to have some backup plan to protect yourself

[TheRoadWarrior]

I looked into this recently was told by the finance company that you need

work permit

6 months of pay slips

Thai bank account

Proof of address

Thai co-signer

Then the finance can be in your name and not the Thai person

we know all that already... did you not read my post?

i am NOT getting a work permit, so i cannot finance in my own name.

also, the "proof of address" is actually a residency certificate that you get from immigration.

[Nebula]

Make the finance and after all is done get the documents needed for the transfer and u both parties sign. When after all is paid 3/5 years get the docs and go to the transport department for the transfer.

[TheRoadWarrior]

Make the finance and after all is done get the documents needed for the transfer and u both parties sign. When after all is paid 3/5 years get the docs and go to the transport department for the transfer.

is that possible?

i assumed the documents you need to prepare for transfer would be unavailable until after the bike is paid off?

[iBike]

I'm not sure that would work?

The only opportunity for a countersign is for a Thai citizen to act as guarantor for the finance.

If the bike is financed in the Thai persons name then the foreigner (particularly no citizenship or work permit) is unable to sign as they would effectively be guaranteeing the Thai person.... Who doesn't need the guarantor.....

I signed a finance agreement yesterday. They were pretty strict on all documentation other than the fact that the Thai shop staff volunteered their name to be my guarantor ...

[speedtripler]

I'm not sure that would work?

The only opportunity for a countersign is for a Thai citizen to act as guarantor for the finance.

If the bike is financed in the Thai persons name then the foreigner (particularly no citizenship or work permit) is unable to sign as they would effectively be guaranteeing the Thai person.... Who doesn't need the guarantor.....

I signed a finance agreement yesterday. They were pretty strict on all documentation other than the fact that the Thai shop staff volunteered their name to be my guarantor ...

So if you stop paying and keep the bike for free, in another province etc..... The shop staff are responsible for paying back your loan? lol

That wasn't very smart of them

[iBike]

By the sounds of it it's not the first time they've done it!

I should receive an approval call from the bank today.

[speedtripler]

By the sounds of it it's not the first time they've done it!

I should receive an approval call from the bank today.

From what I gather, salespeople in Thailand get a commission from every sale or hitting certain targets etc but it sounds very irresponsible signing the guarantee for random foreigners unless they have literally nothing to lose in terms of assets or property....

[iBike]

Extremely..... This is Thailand though.

He's happy as he got a sale with a 40% proportion on finance. He probably receives a larger commission over cash sale.

I'm happy as it works better for me from a money management apect, as per laying out 320'000 cash.

It's not approved yet though

P.S sorry to hijack your thread

[Nebula]

It should be possible and can sign the transfer documents but they won't be effective till the motorcycle has been fully paid.

About the employee signing as a guarantor , they know that the responsibility is shared so they can sue you if you stop paying and probably they r confident not to loose much since the buyer is a foreinger