The Stupid Credit Laws for Foreigners Here

[theguyfromanotherforum]

 
What nonsense. Simply because you can't understand something doesn't make it illogical.
 
If you think he's such an overwhelming candidate for a loan, why not offer to lend him the money yourself. Oops, suddenly the thought of doing that raises some red flags, yes??

Good idea. I am willing to lend I'd at 100% a month.

[KarenBravo]

Car dealers really don't like you paying cash for a car. Like most car dealers all over the world, they make more money on interest payments than actually selling cars.

When we said we would pay cash for our Honda Civic, the salesman's expression looked like he'd just sucked on a lemon.......

[Savilesghost]

4 hours ago, chiang mai said:

 

I'm guessing you either had a Thai co-signer or you put up collateral to secure the loan, which was it - either those things or you pay near loan shark interest rates?

I had a co-signer on my first car 15 years ago, and now i have a credit history in Thailand and a WP and these dats  getting credit is no problem, the obvious limitation is getting a mortgage in ones own name on a landed property, which has nothing to do with getting a mortage per se, but quite obviously a bank will not lend you money for something you cant legally own ie the land 

Edited January 12, 2017 by Savilesghost

[bermannor]

A few too many "stupids' in OT's post.

Cash is King!

You have obviously nothing in Thailand, so you get nothing in Thailand.

The word Thailand, you can simply exchange to any other country name.

[Savilesghost]

"I certainly make enough to qualify. I have my own business that isn't here."

So take a loan where your business is then and transfer the cash into Thailand 

 

[Savilesghost]

The OP is whinging for whingings sake, all he needs is a Thai national to stand for the loan for his wife and they will get a loan easy

All this OP  smacks of is trollish Thai bashing 

[watcharacters]

15 hours ago, beachproperty said:

I didn't have a problem .....I don't have a work permit and am retired ...The car is in my name and the loan is in my name.

 

I got a loan from Kiatnakin Bank ....Just told the Auto dealer if you want to sell me a car/truck... get me a loan. And they did!

 

 

I'm also impressed and have the impression the sales people and dealership you went to  actually wanted you to buy the car.   

That was different than my experience even when I was planning to pay full cash for the car.

 

WEll done.

[Savilesghost]

21 minutes ago, KarenBravo said:

Car dealers really don't like you paying cash for a car. Like most car dealers all over the world, they make more money on interest payments than actually selling cars.

When we said we would pay cash for our Honda Civic, the salesman's expression looked like he'd just sucked on a lemon.......

Do they really ? In my experience its usually the finance company who gets the interest not the dealer, unless its the likes of BMW and mercedes who have their own finance companies who will loan you the money, but even then the dealer doesnt get the interest...so belive your mistaken in your remarks,  irrespective of whether cash or finance all the dealer gets is the purchase price 

[MaxiMaxi]

When you buy a car or a property, those goods are the garanty, if you don't pay even the last month they can take back the property and the bank get a big advantage.

Specialy if having account with cash in same bank they can grow their business and including an insurance in case of problems and each bank has own insurance company. So double business.....

Sometimes not so business oriented

[MaxiMaxi]

12 minutes ago, Savilesghost said:

Do they really ? In my experience its usually the finance company who gets the interest not the dealer, unless its the likes of BMW and mercedes who have their own finance companies who will loan you the money, but even then the dealer doesnt get the interest...so belive your mistaken in your remarks,  irrespective of whether cash or finance all the dealer gets is the purchase price 

Dealers get something for the service they do. Maybe not monyhly comission but a fix s amount

[Savilesghost]

Just now, MaxiMaxi said:

Dealers get something for the service they do. Maybe not monyhly comission but a fix s amount

So its not interest then on the finance is it ? As i said 

[MaxiMaxi]

3 minutes ago, Savilesghost said:

So its not interest then on the finance is it ? As i said 

In Europe I saw a fix amount...but never know, things can change or be In many ways....up to local constructor to enter market or to branch director.

If a branch director approves then can give any loan.

In bank's rules any bank's employee can be usefull

[KarenBravo]

29 minutes ago, Savilesghost said:

Do they really ? In my experience its usually the finance company who gets the interest not the dealer, unless its the likes of BMW and mercedes who have their own finance companies who will loan you the money, but even then the dealer doesnt get the interest...so belive your mistaken in your remarks,  irrespective of whether cash or finance all the dealer gets is the purchase price 

 

I stand corrected.

The likes of Ford and GM in the US certainly do make more profit from their financing arms than their manufacturing.

I think here, the lending bank do give the dealer some kind of finder's fee, but, it would be a one off payment.

Edited January 12, 2017 by KarenBravo

[chilli42]

16 hours ago, beachproperty said:

I didn't have a problem .....I don't have a work permit and am retired ...The car is in my name and the loan is in my name.

 

I got a loan from Kiatnakin Bank ....Just told the Auto dealer if you want to sell me a car/truck... get me a loan. And they did!

 

Without a gaurantor? 

[Savilesghost]

Just now, chilli42 said:

 

Without a gaurantor? 

Its possible, i am on my 4 car in 15 years and only ever needed a cosign for the first one after that no...because i have a Thai credit historyn

[brucegoniners]

1 hour ago, Thainess said:

You say you "make enough to qualify" for a car loan, but you can't afford to buy a car without a loan. Therefore, you're living beyond your means and I doubt you earn much, just like 95% of the "falangs" in BKK. Don't you have savings that you can dip into to buy a car? If you don't even have enough savings to buy a car easily, you're living in a very precarious life situation indeed. Grow up and start saving money every month.

No, actually that's not it at all.  I could pay cash.  I just don't want to part with it man.  Don't ass u me or you make an ass out of you and me...

[brucegoniners]

17 hours ago, beachproperty said:

I didn't have a problem .....I don't have a work permit and am retired ...The car is in my name and the loan is in my name.

 

I got a loan from Kiatnakin Bank ....Just told the Auto dealer if you want to sell me a car/truck... get me a loan. And they did!

Thanks for the constructive comment.  Most people here are unable to do so.

[brucegoniners]

2 hours ago, Mansell said:

Just bought an 850,000 baht car last month from Toyota. My wife and I are both retired and she has no income besides me. She does own a house, but they weren't very interested in that. Originally they wanted 25% down, but because of our ages the finance company suddenly decided they wanted 40% down, which we did, of course this made our payments lower over the four years. Everybody seems to be happy.

I think it depends on what dealership you go to.

 

Thanks.

[brucegoniners]

18 hours ago, theguyfromanotherforum said:

Certainly if you were living here and paying taxes, you would be able to get a loan just like in any other country.

 

Your creditors don't have access to your business that is not in Thailand if you decide to default.

 

This is basic 101 economy which as a poor immigrant to Canada I learned on the 2nd day.

 

Your rant is completely unjustified.

So basically I can be a guy who makes just enough to make the payments here, but I get the loan because I have a work permit, right?

 

Let's say tomorrow I lose my job.

 

How secure is that loan?

[geriatrickid]

Perhaps one should not borrow money.

I do not. It makes for a restful sleep.

[brucegoniners]

16 hours ago, muffy said:

I have a retirement visa for many moons , the banks tell me I need a work permit to do some things , a retirement visa is better than any work permit .

I have one as well.  They didn't seem to care.

[brucegoniners]

6 hours ago, rott said:

OP if you expect logic you are in the wrong country. And think about it, if you COULD see the logic it would not make any difference - you still would not have the loan. I hope the comments from the other posters are of some value.

Amen to that brother!

 

Sometimes it just gets to me, that's all.

 

T I T

[brucegoniners]

6 hours ago, Crossy said:

If the roles were reversed and you were a Thai in your home country with no provable income and no local job.

 

Would you be able to get a car loan?

 

 

If I could prove income and had money in the bank, then yes I could.

[brucegoniners]

5 hours ago, Jeffrey346 said:

That's awesome. Can you share witch dealer and what bank branch did the load..  PM if you wish...

Yes, that would be helpful.

[theguyfromanotherforum]

No, actually that's not it at all.  I could pay cash.  I just don't want to part with it man.  Don't ass u me or you make an ass out of you and me...

I am the same. I wanted to buy a condo in Thailand (cheap 2-3 mil), but didn't want to part with cash.

Turns out I can get a loan in Canada...It just wouldn't be traditional mortgage. So I'd be paying 5% interested rate instead of 2% that I'm currently paying on my condo in Canada. I passed on for reasons that are not related to this thread.

[brucegoniners]

4 hours ago, Pib said:

Farangs can just leave Thailand at anytime (tomorrow if desired) and go back to their home country leaving all their Thailand bills behind with little worry Thailand can reach-out to get the money.   Additionally, work/income from outside Thailand can be more easily "made-up" than in Thailand where the work/income info can be easier verified.   And apparently finance companies/banks feel the likelihood of the farang skipping country is significantly less if legally working in Thailand (i.e., has a work permit), paying taxes, etc.  

So again, if I have a work permit I can lose my job and leave Thailand today as well.

 

What's the difference?

 

With money in the bank it should suffice.

[brucegoniners]

4 hours ago, TSF said:

As you're so well off why don't you walk into the dealers and pay cash for your car. That's what I did 2.5 years ago when I bought my brand new Mitsubishi Triton. I didn't have a WP either as I'm retired, all I needed was the residency certificate from immigration.

I'd rather keep my money in the bank to be honest.  More security that way.

[brucegoniners]

4 hours ago, theoldgit said:

I do agree that a bank needs to protect their interests, and as has been pointed out this would be the same in most parts of the world. But what I don't understand, and it's a point the OP has made, if somebody in a fairly poorly paid job had a work permit they would be eligible to apply for credit, that doesn't mean they would be granted it of course, but what's to stop them upping sticks and leaving the country any more than a retiree with a multi million Baht house and a regular, provable, income spanning a number of years?

 

I also don't understand the inconsistent approach, I'm a retiree and have never been anything else here, when I applied for a car loan from a dealer, albeit nine years ago, it was granted fairly quickly via Tisco, there was no suggestion that I needed a Thai guarantor or a meaningless letter from my embassy. Likewise, as a retiree, I was issued with an Amex Credit Card on the back of an invitation from ROP, no holding deposit and no back up signatures from anybody. I suppose this is the old adage of TIT.

It's very inconsistent.

 

I'm glad somebody sees my point here!

[brucegoniners]

3 hours ago, AgMech Cowboy said:

Well, actually the op does have a good point. I am the sole provider for my family. I work outside Thailand, but my wife can get a 6 million baht loan for the house and all I had to do was sign as the guarantor.  Same with the 1.8 million baht car loan for which we only put down 200k baht. But I can't even have a master card or visa but she can have 6/7 cards for close to 1million baht total credit, but she has no job or income...  If I'm not there to pay how are they going to be paid.  He's completely correct. They have stupid rules. (not to mention, I have established a very good credit record with AMEX Thailand, but I can't have a bank card).

Thanks for being a logical person.

[brucegoniners]

3 hours ago, themerg said:

I was told, you are farang. here is Bank policy. If I want to borrow 100,00 Baht, I must secure 100,000 Baht with Bank for the duration of the loan.

Depending on the amount borrowed, this can add up to a lot of Baht.

This is a very high price secured loan.

If I have 100,000 Baht to secure loan, why would I want to borrow it ?

Toto, we're not in Kansas anymore.

We are in Thailand.

The rules are inconsistent.  And nobody suggested I secure the car with a certain amount of money by the way.