Popular Post ChesneyHawkes Posted June 29, 2016 Popular Post Share Posted June 29, 2016 I'd read plenty of threads about getting a car as a foreigner in Thailand. The information ranged from useful to really weird. Anyway thought I'd share my experience, hopefully it's of some use to others. Firstly, I've purchased cars in Thailand and paid 100% in cash, but on this occasion decided to use financing. Checked my credit bureau file and it only shows my credit cards and nothing else. Thought I'd try and find out about getting a loan from a mainstream bank, turned into a nightmare. They only wanted to do it through the dealer, you had to discuss it with a sales rep and it had to be a rep that covered the area that the dealership was based in. Only bank that came out with any credit was SCB, but that could just be that this particular member of staff was clued up. Anyway, chose my car from the dealer and they offered to sort out financing for me and actually they have in house financing. The rate offered was fair and compared favourably with the mainstream banks. They wanted copies of my work permit, three months of banking statements, letter of income from my employer, passport and extension of stay. I had lined up the Thai guarantor, but they said I didn't need one. Not sure why, I only agreed to pay the standard 25% and to be honest I wasn't going to probe them about it. On this occasion I didn't have any issues getting the financing, so if you're considering buying a car it is possible for things to go smoothly. 4 Link to comment Share on other sites More sharing options...
vincent13 Posted June 30, 2016 Share Posted June 30, 2016 Mind telling us what the interest rate is, and is it fixed or variable. Link to comment Share on other sites More sharing options...
ChesneyHawkes Posted June 30, 2016 Author Share Posted June 30, 2016 Never heard of variable rate on a car loan in Thailand, they only do fixed here. Was 2.49% p/a over 48months. As with all Thai car loans the interest is combined at the full loan value over the 4 year period, so the real interest rate is 9.96%. They do accept early repayment with a 50% reduction of remaining interest. Btw different cars have different rates and I could not find one lender that would go lower than this rate for this car. 2 Link to comment Share on other sites More sharing options...
fleur3 Posted June 30, 2016 Share Posted June 30, 2016 ChesneyHawkes, on 30 Jun 2016 - 15:49, said:Never heard of variable rate on a car loan in Thailand, they only do fixed here. Was 2.49% p/a over 48months. As with all Thai car loans the interest is combined at the full loan value over the 4 year period, so the real interest rate is 9.96%. They do accept early repayment with a 50% reduction of remaining interest. Btw different cars have different rates and I could not find one lender that would go lower than this rate for this car. interesting. If the rate of interest is 2,49% during the 4 years and you will pay the full sum to the bank at the end then the rate is still 2,49%..,Rate is defined as what you pay as a percentage of the loan per year !! Link to comment Share on other sites More sharing options...
ChesneyHawkes Posted June 30, 2016 Author Share Posted June 30, 2016 ChesneyHawkes, on 30 Jun 2016 - 15:49, said:Never heard of variable rate on a car loan in Thailand, they only do fixed here. Was 2.49% p/a over 48months. As with all Thai car loans the interest is combined at the full loan value over the 4 year period, so the real interest rate is 9.96%. They do accept early repayment with a 50% reduction of remaining interest. Btw different cars have different rates and I could not find one lender that would go lower than this rate for this car. interesting. If the rate of interest is 2,49% during the 4 years and you will pay the full sum to the bank at the end then the rate is still 2,49%..,Rate is defined as what you pay as a percentage of the loan per year !! 2.49% p/a = per annum = per year. Link to comment Share on other sites More sharing options...
arithai12 Posted June 30, 2016 Share Posted June 30, 2016 Thank you for sharing, good to know. Link to comment Share on other sites More sharing options...
donbuie Posted June 30, 2016 Share Posted June 30, 2016 Sorry if I'm not up to speed on Thai car prices or credit procedures. Any information would be appreciated. I assume the 25% is a downpayment. Do you mind mentioning the car model and monthly payment amounts? Thanks. Link to comment Share on other sites More sharing options...
kbelyeu Posted June 30, 2016 Share Posted June 30, 2016 Sorry if I'm not up to speed on Thai car prices or credit procedures. Any information would be appreciated. I assume the 25% is a downpayment. Do you mind mentioning the car model and monthly payment amounts? Thanks. I purchased a Hilux 4x4 top model last year financed by Kiatnakin bank organized by the dealer. My interest is about 3% and my payment is 16525 as I paid half down due to my visa only being a 30 day visa exempt entry. Kurt Link to comment Share on other sites More sharing options...
ChesneyHawkes Posted June 30, 2016 Author Share Posted June 30, 2016 (edited) Sorry if I'm not up to speed on Thai car prices or credit procedures. Any information would be appreciated. I assume the 25% is a downpayment. Do you mind mentioning the car model and monthly payment amounts? Thanks. Yes, 25% is the downpayment, this % is pretty standard though I have seen various brands requiring less and one or two even offering 0% down. The % also varies by model not just brand. Tricky thing is when you book a car and it doesn't arrive until after the end of the promo. In this situation they usually won't honour the financing that was offered initially so you have to be careful. This is one reason why some people rush to buy at the big shows in Bangkok. For me, I took the financing out on the new BMW X1 that was due out as a CKD this July/August, but I've recently heard I'll have to wait until September for it to arrive. The price the car is 2.49m Deposit @25% is 624,750 Monthly payments of 42,935 x 48months made up of 39k principal and 3.9k interest. Edited June 30, 2016 by ChesneyHawkes 1 Link to comment Share on other sites More sharing options...
hml367 Posted June 30, 2016 Share Posted June 30, 2016 interesting. If the rate of interest is 2,49% during the 4 years and you will pay the full sum to the bank at the end then the rate is still 2,49%..,Rate is defined as what you pay as a percentage of the loan per year !! There is a big difference between add-on interest and simple interest, as indicated in the OP's post. Then within simple interest compounding periods also make a difference. When my wife was purchasing a car the interest that the person was quoting her was neither of the above. I ended up loaning her the money so they wouldn't take advantage of her on the loan. Also, there is surely a reason the banks want the dealers to arrange the financing. Link to comment Share on other sites More sharing options...
kiniyow Posted July 1, 2016 Share Posted July 1, 2016 Try financing a new Car of a Retirement Pension Link to comment Share on other sites More sharing options...
PomRakBKK Posted July 3, 2016 Share Posted July 3, 2016 Try financing a new Car of a Retirement Pension No work-permit no finance - it's that simple. Link to comment Share on other sites More sharing options...
ChesneyHawkes Posted July 5, 2016 Author Share Posted July 5, 2016 Try financing a new Car of a Retirement Pension No work-permit no finance - it's that simple. Not strictly true, if you have a Thai guarantor you should be able to and it seems quite common for foreigners to use a spouse to do so. Link to comment Share on other sites More sharing options...
musiclover Posted July 5, 2016 Share Posted July 5, 2016 Try financing a new Car of a Retirement Pension No work-permit no finance - it's that simple. NOT true! I had no work permit and am on retirement visa.....and got finance pretty easily though I put down 50% deposit.... Since then Ive Toyota phoning me up to buy a new model ...cold calling me, so biz must be down ! 1 Link to comment Share on other sites More sharing options...
musiclover Posted July 5, 2016 Share Posted July 5, 2016 Try financing a new Car of a Retirement Pension No work-permit no finance - it's that simple. NOT true! I had no work permit and am on retirement visa.....and got finance pretty easily though I put down 50% deposit....Since then Ive Toyota phoning me up to buy a new model ...cold calling me, so biz must be down ! Oh and no Guarantor or Thai spouse either !!!!! 1 Link to comment Share on other sites More sharing options...
ChesneyHawkes Posted July 7, 2016 Author Share Posted July 7, 2016 Try financing a new Car of a Retirement Pension No work-permit no finance - it's that simple. NOT true! I had no work permit and am on retirement visa.....and got finance pretty easily though I put down 50% deposit....Since then Ive Toyota phoning me up to buy a new model ...cold calling me, so biz must be down ! Oh and no Guarantor or Thai spouse either !!!!! I have read of people getting finance this way, but don't know anyone personally who has done it this way. Link to comment Share on other sites More sharing options...
South Posted July 7, 2016 Share Posted July 7, 2016 My last car, a Vigo 4 dr was bought by me with no WP and no long term visa (which I had had 3 years previous). It is not what you know, but who you know. BTW, am now on a long term visa (again) with 3 x WP to those who are wanting to disagree! All depends on where you are and who you know IMO. Link to comment Share on other sites More sharing options...
kraxlhuber Posted November 27, 2016 Share Posted November 27, 2016 All above is fine with me, what I need to know is: I bought a new car some 3 years ago and paid for that Pajero Sport 824k baht cash. I am married with a Thai lady, and now I need some 300 K baht for the Visa (400.K ) married visa Is it possible to get a loan on my car, The Missus say not for a foreigner, I am on a retirement visa here for some years but a bit short of cash, Daughter is studying, PLS elaborate Link to comment Share on other sites More sharing options...
genobkk Posted September 6, 2017 Share Posted September 6, 2017 I would like more info on car loans also. Even if anyone bought a condo with financiaing I am in retirement visa Link to comment Share on other sites More sharing options...
Jabe Gica Posted April 24, 2018 Share Posted April 24, 2018 Hi. Would it be possible for you to mention which car dealers you got your financing from? Thanks! Link to comment Share on other sites More sharing options...
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