Jump to content

Car Purchase Finance for Over 65 y.o


Recommended Posts

I'm in the market for a new SUV (Fortuner or Pajero), here on Retirement visa. Plenty of funds for 30 or 40 % downpayment, and can easily manage the repayments,  but can't get finance approval. 

Just wondering if those with more wisdom than me can suggest a way to get finance approved. Dealership finance brokers...no luck, and Bangkok Bank personal loan guideline say max age 65.

Thanks for any ideas

  • Haha 1
Link to post
Share on other sites
8 minutes ago, crowned said:

no luck, and Bangkok Bank personal loan guideline say max age 65.

Yup, sorry mate. They’re worried about you checking out soon.

 

Me, the wife, and father-in-law went to buy our Yamaha motorbike. Wife wanted to finance. This required the house book and two ID cards from the family, wife and a co-signer. My 72 year old father-in-law took out his ID card. Saleslady looked at him, let out a sigh, and rolled her eyes. Haha. We had to go back and grab her sister.

  • Haha 1
Link to post
Share on other sites
24 minutes ago, crowned said:

I'm in the market for a new SUV (Fortuner or Pajero), here on Retirement visa. Plenty of funds for 30 or 40 % downpayment, and can easily manage the repayments,  but can't get finance approval. 

Just wondering if those with more wisdom than me can suggest a way to get finance approved. Dealership finance brokers...no luck, and Bangkok Bank personal loan guideline say max age 65.

Thanks for any ideas

 

If you are married your wife may be able to sort with you as guarantor. It does seem the wrong way round but that's how or Mu-X is arranged.

  • Like 1
Link to post
Share on other sites

A teacher friend of mine went to by a motorcycle on finance about 2 years ago, initial response was  "not Thai no can do", after being told that my friend had a work permit, "OK can do" then "only 5 months left on WP, no can do need at least 18 months on WP".

  • Like 1
Link to post
Share on other sites
13 minutes ago, foreverlomsak said:

A teacher friend of mine went to by a motorcycle on finance about 2 years ago, initial response was  "not Thai no can do", after being told that my friend had a work permit, "OK can do" then "only 5 months left on WP, no can do need at least 18 months on WP".

Just curious are WP not given for a max of 12 months (not sure just checking)

Link to post
Share on other sites
Just now, robblok said:

Just curious are WP not given for a max of 12 months (not sure just checking)

They are linked to your contract of employment, the first school I worked at would only give us contracts from May to February, the last school gave 12 months contiguous contracts.

My understanding is non BOI contracts WP's are limited to 12 months maximum, but BOI can be longer.

I wait to be corrected.

Link to post
Share on other sites
This is the response I got regarding financing through Thanachart Bank which seems the most popular bank to get financing. 
 
As a foreigner, there are two alternative ways to get a car loan:
1.If you have either work permit and regular income in Thailand (3-6 months income history, depending on such things as salary and how safe the bank considers your work), you are OK.
2. If you have regular pension from your home country, you are also OK.
Also, your age has to be no more than 72 when you pay the last installment.
Link to post
Share on other sites
1 minute ago, time2093 said:
This is the response I got regarding financing through Thanachart Bank which seems the most popular bank to get financing. 
 
As a foreigner, there are two alternative ways to get a car loan:
1.If you have either work permit and regular income in Thailand (3-6 months income history, depending on such things as salary and how safe the bank considers your work), you are OK.
2. If you have regular pension from your home country, you are also OK.
Also, your age has to be no more than 72 when you pay the last installment.

Thanks, I'll check them out

 

Link to post
Share on other sites
1 hour ago, crowned said:

Thanks for any ideas

It seems you'll need to pay cash or have a wife or partner.

We bought a new Isuzu on loan I was 70 and because my wife was 51 we had to get a life insurance as well.

  • Thanks 1
Link to post
Share on other sites
8 hours ago, crowned said:

I'm in the market for a new SUV (Fortuner or Pajero), here on Retirement visa. Plenty of funds for 30 or 40 % downpayment, and can easily manage the repayments,  but can't get finance approval. 

Just wondering if those with more wisdom than me can suggest a way to get finance approved. Dealership finance brokers...no luck, and Bangkok Bank personal loan guideline say max age 65.

Thanks for any ideas

50% Down  is Key to loan 

Link to post
Share on other sites
5 hours ago, Kwasaki said:

It seems you'll need to pay cash or have a wife or partner.

We bought a new Isuzu on loan I was 70 and because my wife was 51 we had to get a life insurance as well.

Biggest scam my gf is 32 they made her get life insurance, Rip-Off  Practice by finance companies 

Link to post
Share on other sites
5 minutes ago, Aomelia said:

Rip-Off  Practice by finance companies 

So ... the bank gives you credit to buy a new car, and you get drunk and smash it up, killing yourself.

And the banks should eat the loss ?

555 - nowhere in the world is it any different, save some dictatorial cesspit masquerading as a country.

 

  • Haha 1
Link to post
Share on other sites
2 hours ago, Aomelia said:

Biggest scam my gf is 32 they made her get life insurance, Rip-Off  Practice by finance companies 

I don't think so if she does not present security of the loan by her employment, unlike say working for Thai govt in some way, land ownership, or family guaranteeing her, I wouldn't lend her money either.

Link to post
Share on other sites
13 hours ago, crowned said:

I'm in the market for a new SUV (Fortuner or Pajero), here on Retirement visa. Plenty of funds for 30 or 40 % downpayment, and can easily manage the repayments,  but can't get finance approval. 

Just wondering if those with more wisdom than me can suggest a way to get finance approved. Dealership finance brokers...no luck, and Bangkok Bank personal loan guideline say max age 65.

Thanks for any ideas

 

why do you want to buy something that you cannot fully pay ? why do people have to live on debt ? don't they feel ridiculous sometimes ? even the old ones ?

 

 

  • Sad 2
Link to post
Share on other sites
23 hours ago, foreverlomsak said:

They are linked to your contract of employment, the first school I worked at would only give us contracts from May to February, the last school gave 12 months contiguous contracts.

My understanding is non BOI contracts WP's are limited to 12 months maximum, but BOI can be longer.

I wait to be corrected.

FWIW, my BOI WP and B visa extension are 2 year duration.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...