Car loan in Thailand for foreigners

[kraxlhuber]

My wife told me that it is impossible in Thailand for  a foreigner to get  a loan on his  car in Thailand from a financing company? Any experience? I need  some money for my upcoming visa requirement.

[Anthony5]

If I would get 100 Baht for every foreigner that has his car financed in Thailand in his name, I would be a rich man.

 

But I now see your last line.

 

I think that mean you already have a car, and want to borrow on it? That's another story of course

Edited November 27, 2016 by Anthony5

[MikeyIdea]

Should be no problem at all if the car really is in your name = no loans. Just bring the book and go to "money stuck to the wheels" they will be happy to rip you off by giving you money, after they have transferred the car to their company name. Interests are at max of what is legally allowed of course and fixed costs are not low as they don't want people who just borrow little

 

Borrow money to buy a car: No problems at all if you have history. I was offered loans at both Toyota and Ford without Thai guarantee within the same day.

 

Anthony: Does that count for one hundred or two hundred baht? :)   Several consecutive work permits and decent salary is what is needed, emphasis on the several rather than good salary

 

Mikey

 

Edited November 27, 2016 by MikeyIdea

[Anthony5]

3 minutes ago, MikeyIdea said:

Should be no problem at all if the car really is in your name = no loans. Just bring the book and go to "money stuck to the wheels" they will be happy to rip you off by giving you money, after they have transferred the car to their company name. Interests are at max of what is legally allowed of course and fixed costs are not low as they don't want people who just borrow little

 

Borrow money to buy a car: No problems at all if you have history. I was offered loans at both Toyota and Ford without Thai guarantee within the same day.

 

Anthony: Does that count for one hundred or two hundred baht? :)   Several consecutive work permits and decent salary is what is needed, emphasis on the several rather than good salary

 

Mikey

 

 

I never worked a day in my life in Thailand, actually not much more in the west either :-), but I have had 3 car finances in the past.

 

All issued within 24 hours after applying and Thai guarantee was always one or another BG that just happened to be around.

[maoro2013]

Isuzu refused to register a vehicle in my name even when I paid cash. I believe this was total BS, but I was a bit new at the time. The sales person said I had to have lived here for five years.

[Pib]

I read the OP  as he wants wants to use his car (that he already owns) as collateral to get a loan for an upcoming Visa requirement.....and not get a loan to buy/finance a car.

 

I would think a finance company would indeed accept his car as collateral on a personal loan.   Probably a half dozen loan sharks in his area would do the same except the interest rate would be HIGH and failure to pay on time can incur frequent, unpleasant visits by angry people. 

[Grubster]

3 hours ago, maoro2013 said:

Isuzu refused to register a vehicle in my name even when I paid cash. I believe this was total BS, but I was a bit new at the time. The sales person said I had to have lived here for five years.

Yes that was BS and could have been influenced by somebody.

[bark]

24 minutes ago, Grubster said:

Yes that was BS and could have been influenced by somebody.

The Hand of God ?

[bushdoctor]

I use a visa company to help me with the monetary requirements for my retirement visa. I haven't had a problem. 

Edited November 28, 2016 by bushdoctor

[Mansell]

From what I have heard from friends you can get the visa company to front you the money you need while they get you a visa. I am sure there are folks on here who would know the specifics.

[smccolley]

Since living in Thailand I have gotten a loan from Thanachart bank to both purchase a used truck and get a loan on a used truck. The truck was in my name and at the time I did not have a work permit. Interest rates were fine and no hassle on the paperwork. I'd ask a few banks before thinking it was impossible.

[saakura]

7 hours ago, Mansell said:

From what I have heard from friends you can get the visa company to front you the money you need while they get you a visa. I am sure there are folks on here who would know the specifics.

Is it legally allowed and also, the visa company will put money in your name without any collateral, for just a fat fee, and i presume they take back the money the instant visa is issued?

[MikeyIdea]

12 hours ago, smccolley said:

Since living in Thailand I have gotten a loan from Thanachart bank to both purchase a used truck and get a loan on a used truck. The truck was in my name and at the time I did not have a work permit. Interest rates were fine and no hassle on the paperwork. I'd ask a few banks before thinking it was impossible.

 

Yes, with Thai guarantee should be no problem and I've been offered it without guarantee too

 

There is so much information floating around on TV that simply is not true...

 

[balo]

If you're that short of money that you can't even pay for a visa I would sell the car asap. 

 

[the donger]

Hi, I know several people that have got finance on cars and motorcycles in Thailand. They were all working full time for several years,  decent salary (70k/month appears to be minimum accepted), already had a good credit history (from credit cards), so if you are in a stable position it is definitely possible. I asked one friend and he said he provided payslips and bank book as proof of his financial situation. 

 

The time you have been here is very important, I was declined for even a basic Standard Chartered credit card because I only worked here 2 years.

Edited November 29, 2016 by the donger

[kraxlhuber]

On ‎11‎/‎27‎/‎2016 at 11:14 AM, Anthony5 said:

If I would get 100 Baht for every foreigner that has his car financed in Thailand in his name, I would be a rich man.

Yes I need the money to get  a extension of my retirement visa and also pay the University fee for  another  6 months, I hav.e  the  minmum for the married visa 40000 K Baht, maybe I can borrow from you? Tongue in Cheek

On ‎11‎/‎27‎/‎2016 at 11:14 AM, Anthony5 said:

But I now see your last line.

 

I think that mean you already have a car, and want to borrow on it? That's another story of course

 

[kraxlhuber]

Just now, kraxlhuber said:

Yes I need the money to get  a extension of my retirement visa and also pay the University fee for  another  6 months, I hav.e  the  minmum for the married visa 40000 K Baht, maybe I can borrow from you? Tongue in Cheek

 

 

On ‎11‎/‎27‎/‎2016 at 11:14 AM, Anthony5 said:

If I would get 100 Baht for every foreigner that has his car financed in Thailand in his name, I would be a rich man.

 

But I now see your last line.

 

I think that mean you already have a car, and want to borrow on it? That's another story of course

 

Just now, kraxlhuber said:

Yes I need the money to get  a extension of my retirement visa and also pay the University fee for  another  6 months, I hav.e  the  minmum for the married visa 40000 K Baht, maybe I can borrow from you? Tongue in Cheek

 

I need cash money for whatever reason,  I have a new owned and registered (3 year old Pajero SUV) as colleteral,  and the wife said I cannot as foreigner get a loan in Thailand  , unless she or another Thai person acts as  guarantor

I have now the new  ThaiID card  for foreigners and a Yellow Tabian Baan book, live  in Thailand for  30 years

 

[Anthony5]

5 minutes ago, kraxlhuber said:

Yes I need the money to get  a extension of my retirement visa and also pay the University fee for  another  6 months, I hav.e  the  minmum for the married visa 40000 K Baht, maybe I can borrow from you? Tongue in Cheek

 

 

Of course you can, my name is Mr Mueller.

 

 

[Anthony5]

2 minutes ago, kraxlhuber said:

 

 

I need cash money for whatever reason,  I have a new owned and registered (3 year old Pajero SUV) as colleteral,  and the wife said I cannot as foreigner get a loan in Thailand  , unless she or another Thai person acts as  guarantor

I have now the new  ThaiID card  for foreigners and a Yellow Tabian Baan book, live  in Thailand for  30 years

 

 

That is correct, you will always need a Thai guarantor.

 

Your Thai ID card and yellow book are both just a proof of address, nothing more.

[kraxlhuber]

1 hour ago, Anthony5 said:

 

That is correct, you will always need a Thai guarantor.

 

Your Thai ID card and yellow book are both just a proof of address, nothing more.

Wrong, the Thai ID card gets you Thai  rates of entry to public parks and venues and even at the local Hospitals they ask for the Campoo/ pink card and I get great discount on services and  ++=

and can be used  instead of your passport for ID purposes, Police etc.

[kraxlhuber]

On ‎11‎/‎27‎/‎2016 at 11:14 AM, Anthony5 said:

If I would get 100 Baht for every foreigner that has his car financed in Thailand in his name, I would be a rich man.

 

But I now see your last line.

 

I think that mean you already have a car, and want to borrow on it? That's another story of course

 

Yes its my new car  bought and fully paid, please elaborate  about the "other story"

 

[Anthony5]

3 hours ago, kraxlhuber said:

Wrong, the Thai ID card gets you Thai  rates of entry to public parks and venues and even at the local Hospitals they ask for the Campoo/ pink card and I get great discount on services and  ++=

and can be used  instead of your passport for ID purposes, Police etc.

 

Ok, you know everything better, so why start a thread with a question?

 

No need to reply, you are on ignore already.

[MikeyIdea]

20 hours ago, Anthony5 said:

 

That is correct, you will always need a Thai guarantor.

 

Your Thai ID card and yellow book are both just a proof of address, nothing more.

 

No, you do no always have to provide a guarantor, I actually don't see a difference if it is Thai or westerner really. Most Thai's as well as westerners require guarantor but it is at the end of the day up to the evidence you provide.

 

I showed p.n.d.91 tax return for the last 5 years and 16 years consecutive work permits and was offered loan without guarantor at both Toyota and Ford

 

[Olik]

I like that Thanachart bank loan for foreigners. Any limit? 

[SchadeBoy]

On 05/12/2016 at 11:47 AM, Anthony5 said:

 

That is correct, you will always need a Thai guarantor.

 

Your Thai ID card and yellow book are both just a proof of address, nothing more.

No you dont always need a Thai guarantor

 

[SchadeBoy]

On 05/12/2016 at 11:43 AM, kraxlhuber said:

 

 

I need cash money for whatever reason,  I have a new owned and registered (3 year old Pajero SUV) as colleteral,  and the wife said I cannot as foreigner get a loan in Thailand  , unless she or another Thai person acts as  guarantor

I have now the new  ThaiID card  for foreigners and a Yellow Tabian Baan book, live  in Thailand for  30 years

 

And in 30 years you have never built up a credit history thereby negating the need for a Thai guarantor ? The ID card and Tabian have absolutely no bearing on what your trying to do and the vehicle is not new....its 3 years old 

[kraxlhuber]

On ‎11‎/‎27‎/‎2016 at 11:39 AM, MikeyIdea said:

Should be no problem at all if the car really is in your name = no loans. Just bring the book and go to "money stuck to the wheels" they will be happy to rip you off by giving you money, after they have transferred the car to their company name. Interests are at max of what is legally allowed of course and fixed costs are not low as they don't want people who just borrow little

 

Borrow money to buy a car: No problems at all if you have history. I was offered loans at both Toyota and Ford without Thai guarantee within the same day.

 

Anthony: Does that count for one hundred or two hundred baht? :)   Several consecutive work permits and decent salary is what is needed, emphasis on the several rather than good salary

 

Mikey

 

Yeah Ngern Tit Lor as the Thais  say, crooks, loan sharks and criminals are they, my wife had my car transferred to her name  after she reported the registration book lost to the police ( the book was locked up in my safe all the time0 until she had to pay tax  and  LOSTthe book and had  anew boom issued in her name  and  flocked the car, now she gave me back  a fake booklet  and the  registration office  says its a fake, how can you a fake  car registration book, beats me  must have some help from the  motor vehicles  office, the entrances of tax payment at the back of the registration booklet are  handwritten and the dates  of payment  topsy turfy all crockery in Thailand, I never knew about the  pages  for  paying taxes

now I get my own car reposessed by the loan shark= financing company Ngern Tit Lor money sticks to the wheel

I told them and my wife to BUGGER off

 I have now a lawyer  to find proof of the forgery( he  ask for  60. 000 baht for the job to report to the police tehe  criminal act of  a false  statement ( she has the new  reg, book in her name  as she reported to he police  SHE lost the  old booklet which is a blatent lie  as the original book was locked up in my safe  she gets the maximum penalty, divorce,  a fine  for the crime  and  some years ( suspended)  in jail or a nice stay at a hospital

Edited April 9, 2017 by kraxlhuber

[kraxlhuber]

On ‎12‎/‎16‎/‎2016 at 0:09 PM, SchadeBoy said:

And in 30 years you have never built up a credit history thereby negating the need for a Thai guarantor ? The ID card and Tabian have absolutely no bearing on what your trying to do and the vehicle is not new....its 3 years old 

nitpicking eh? have you got a better advise yet?

[kraxlhuber]

Just now, kraxlhuber said:

nitpicking eh? have you got a better advise yet?

the car is 3 years old  and  has only 40 000 klix on the odometer and the interior fabric, seats etc was  replenished as the rats got  at it

never park your car with a  rain/ sun cover on it and have   a  shop  make  asteel coaming around the car to prevent entry of vermins

NGERN TIT LOR, money stuck to the  wheels  are loansharks and money launderer but its legal in Thailand to ask for a financing of  a car loan  of 18 % interest and when the loan ( financing payout ) is made they transfer the car in their name  without  the real owner is  asked and get even  a new  registration book in their name with a false power of attorney and a faked  as it happened to me signature, Thailand - Fake land

go the police  and they say  go to court and  sue them but that costs  real money and  taked time by then the  finance company has  sold your car  already to  somebody unknown to you

[MikeyIdea]

6 hours ago, kraxlhuber said:

Yeah Ngern Tit Lor as the Thais  say, crooks, loan sharks and criminals are they, my wife had my car transferred to her name  after she reported the registration book lost to the police ( the book was locked up in my safe all the time0 until she had to pay tax  and  LOSTthe book and had  anew boom issued in her name  and  flocked the car, now she gave me back  a fake booklet  and the  registration office  says its a fake, how can you a fake  car registration book, beats me  must have some help from the  motor vehicles  office, the entrances of tax payment at the back of the registration booklet are  handwritten and the dates  of payment  topsy turfy all crockery in Thailand, I never knew about the  pages  for  paying taxes

now I get my own car reposessed by the loan shark= financing company Ngern Tit Lor money sticks to the wheel

I told them and my wife to BUGGER off

 I have now a lawyer  to find proof of the forgery( he  ask for  60. 000 baht for the job to report to the police tehe  criminal act of  a false  statement ( she has the new  reg, book in her name  as she reported to he police  SHE lost the  old booklet which is a blatent lie  as the original book was locked up in my safe  she gets the maximum penalty, divorce,  a fine  for the crime  and  some years ( suspended)  in jail or a nice stay at a hospital

The normal Money Stuck to the Wheels process is to get signatures on letter of attorney and book from owner, give money and then transfer car to their company name. Thai's just sign blank letter of attorney forms...

 

Not clear who the car is registered to right now (not in the book(s), in the computer, that's the deciding factor). Thai law recognise the "good/bad faith" concept = If the car still is in your name in the computers, then Money Stuck to the Wheels have no right to repossess and they must go after the wife. If it's in their name, then you have no legal right to stop them repossessing, they will take it one day and you must go after the wife  

 

On what you pay your lawyer for: Note that you also can pursue criminal charges in Thailand, not only the police. The police won't pursue criminal changes only because you provide them with evidence which leads us to the question: Are you paying for your court case or just for getting and handing over evidence to the police?

 

The criminal fraud sections applicable in this case are compoundable according to Thai law = agreement can be reached and case dropped. If you want to punish the wife or get anywhere even, then you want to control the case more = sue yourself

 

Legally married: You will find that assets indeed are shared 50/50 at a divorce trial. Question is what marital asset is. That car is yours only if it was in your name before you registered the marriage, otherwise it's only half yours. You can get the car included as asset at the divorce trial regardless of if she already sold it if you can prove criminal intent = you should start the criminal case first, then the divorce. A Thai lawyer will recommend the opposite but don't buy it. There will be no end to the haggling in family court without a criminal court case and most importantly, you'll probably never get any money without a criminal court case, possibly not with one either

 

There is no way Criminal court will order a maximum sentence, she could end up with just a penalty. The criminal case is more to clear the path for a civil court case

 

Good luck and don't trust your lawyer :)