crowned Posted February 22, 2021 Share Posted February 22, 2021 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 1 Link to comment Share on other sites More sharing options...
CrunchWrapSupreme Posted February 22, 2021 Share Posted February 22, 2021 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. 1 Link to comment Share on other sites More sharing options...
Crossy Posted February 22, 2021 Share Posted February 22, 2021 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. 1 Link to comment Share on other sites More sharing options...
foreverlomsak Posted February 22, 2021 Share Posted February 22, 2021 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". 1 Link to comment Share on other sites More sharing options...
robblok Posted February 22, 2021 Share Posted February 22, 2021 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 comment Share on other sites More sharing options...
foreverlomsak Posted February 22, 2021 Share Posted February 22, 2021 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 comment Share on other sites More sharing options...
time2093 Posted February 22, 2021 Share Posted February 22, 2021 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 comment Share on other sites More sharing options...
crowned Posted February 22, 2021 Author Share Posted February 22, 2021 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 comment Share on other sites More sharing options...
Kwasaki Posted February 22, 2021 Share Posted February 22, 2021 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. 1 Link to comment Share on other sites More sharing options...
Aomelia Posted February 22, 2021 Share Posted February 22, 2021 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 comment Share on other sites More sharing options...
Aomelia Posted February 22, 2021 Share Posted February 22, 2021 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 comment Share on other sites More sharing options...
canthai55 Posted February 22, 2021 Share Posted February 22, 2021 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. 1 Link to comment Share on other sites More sharing options...
Kwasaki Posted February 22, 2021 Share Posted February 22, 2021 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 comment Share on other sites More sharing options...
scoupeo Posted February 22, 2021 Share Posted February 22, 2021 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 ? 2 Link to comment Share on other sites More sharing options...
paulbrow Posted February 23, 2021 Share Posted February 23, 2021 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 comment Share on other sites More sharing options...
Aomelia Posted February 23, 2021 Share Posted February 23, 2021 17 hours ago, canthai55 said: 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. I drive the truck , she doesn’t have license , we have 1st class insurance Link to comment Share on other sites More sharing options...
Aomelia Posted February 23, 2021 Share Posted February 23, 2021 17 hours ago, canthai55 said: 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. This is Life Insurance not Vehicle Insurance 1 Link to comment Share on other sites More sharing options...
Aomelia Posted February 23, 2021 Share Posted February 23, 2021 12 hours ago, scoupeo said: 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 ? It’s 1% interest why not use banks money 2 Link to comment Share on other sites More sharing options...
BritManToo Posted February 23, 2021 Share Posted February 23, 2021 13 hours ago, scoupeo said: 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 ? At 65 maybe he doesn't want to save up for the next 5-10 years ........ because he might not be here that long. My house mortgage won't be paid off until I'm 85 ........... I didn't want to wait 27 years before moving in either. 1 1 Link to comment Share on other sites More sharing options...
foreverlomsak Posted February 23, 2021 Share Posted February 23, 2021 14 hours ago, scoupeo said: 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 ? I could have paid mine outright with no problems, but I took just over half on finance because the interest on the finance was 2.5% PA simple and my savings were 6% PA compound, result the cost of the interest on the finance was less than I would get on the savings. So no contest. Apart from that it's often the only way some can get things like cars, we don't all have mega bucks sitting available in bank accounts. 1 Link to comment Share on other sites More sharing options...
canthai55 Posted February 23, 2021 Share Posted February 23, 2021 3 hours ago, Aomelia said: This is Life Insurance not Vehicle Insurance And you are the beneficiary ... The banks want something where THEY are the beneficiary - if you die of a heart attack, smash the truck, yada yada yada ... Not hard to figure out Link to comment Share on other sites More sharing options...
jomtienisgood Posted February 23, 2021 Share Posted February 23, 2021 On 2/22/2021 at 8:06 AM, 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 one is not even capable of subscribing a health insurance once over 65, how can you expect to get a loan?????? Link to comment Share on other sites More sharing options...
Pilotman Posted February 23, 2021 Share Posted February 23, 2021 5 hours ago, Aomelia said: It’s 1% interest why not use banks money 1%, I don't think so. Link to comment Share on other sites More sharing options...
Pilotman Posted February 23, 2021 Share Posted February 23, 2021 2 hours ago, foreverlomsak said: I could have paid mine outright with no problems, but I took just over half on finance because the interest on the finance was 2.5% PA simple and my savings were 6% PA compound, result the cost of the interest on the finance was less than I would get on the savings. So no contest. Apart from that it's often the only way some can get things like cars, we don't all have mega bucks sitting available in bank accounts. That doesn't make any sense? Link to comment Share on other sites More sharing options...
foreverlomsak Posted February 23, 2021 Share Posted February 23, 2021 11 minutes ago, Pilotman said: That doesn't make any sense? Finance was 400,000 loan @ 2.5% PA simple interest = 10,000 PA times 5 years total interest added 50,000 Savings year 1 was 400,000 @ 6% PA compound interest i.e. add to balance = 24,000 year 2 was 424,000 @ 6% PA = 25,440 add to balance and so on At the end of year 2 almost had back all the interest I was going to pay on the finance over 5 years Link to comment Share on other sites More sharing options...
Pilotman Posted February 23, 2021 Share Posted February 23, 2021 (edited) 1 hour ago, foreverlomsak said: Finance was 400,000 loan @ 2.5% PA simple interest = 10,000 PA times 5 years total interest added 50,000 Savings year 1 was 400,000 @ 6% PA compound interest i.e. add to balance = 24,000 year 2 was 424,000 @ 6% PA = 25,440 add to balance and so on At the end of year 2 almost had back all the interest I was going to pay on the finance over 5 years No, still don't get it. You are not taking into account the 'whole life cost' of that vehicle, a common error . If you had paid cash and banked the payments you would have made in a high interest account over 5 years. not withstanding inflation, which you appear to be ignoring, you would (a) have owned outright a fast depreciating asset, that you could then sell early, say year 3, to offset some of that depreciation. (be) bought a 2 year old car and avoided the large deprecation hit on leaving the showroom and still be in a better cash position in terms of the whole life cost of the vehicle, or be leased the car. Paying finance for a depreciating asset like a vehicle hardly ever makes sense, here or anywhere else, unless its a lack of ready cash issue. In Thailand, this is also true of most property purchases, due to the , one could say, unique structure and properties of the market over here. Edited February 23, 2021 by Pilotman Link to comment Share on other sites More sharing options...
foreverlomsak Posted February 23, 2021 Share Posted February 23, 2021 19 minutes ago, Pilotman said: No, still don't get it. You are not taking into account the 'whole life cost' of that vehicle, a common error . If you had paid cash and banked the payments you would have made in a high interest account over 5 years. not withstanding inflation, which you appear to be ignoring, you would (a) have owned outright a fast depreciating asset, that you could then sell early, say year 3, to offset some of that depreciation. (be) bought a 2 year old car and avoided the large deprecation hit on leaving the showroom and still be in a better cash position in terms of the whole life cost of the vehicle, or be leased the car. Paying finance for a depreciating asset like a vehicle hardly ever makes sense, here or anywhere else, unless its a lack of ready cash issue. In Thailand, this is also true of most property purchases, due to the , one could say, unique structure and properties of the market over here. The vehicle depreciates at the same rate irrespective of whether you bought it outright or on finance. Vehicles after a few years old tend not to change in second hand values irrespective of age, when we arrived here, many moons ago, a second hand 2 year old pickup was basically the same price as a 5 year old, and I don't think it has changed too much based on what people tell me. 1 Link to comment Share on other sites More sharing options...
Recommended Posts
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 accountSign in
Already have an account? Sign in here.
Sign In Now