Car Finance - Downpayment Required?

[Forethat]

I am on the verge of buying a car. I am not to sure I want to cough up the +1.3M for a new Camry. I was thinking more in terms of making a 300K downpayment and finance the rest. After reading some of the threads on this forum it appears that downpayments are "refreshingly" low in Thailand, but in my case it seems like 35% is the minimum. This is just not the Toyota dealer, Honda appears to have the same policy for the Accord.

Is this just a hoax or is this the usual farang terms I simply have to settle for?

I should mention that I dont have a Thai national as guarantor.

[katabeachbum]

If you dont have any previous finance or thai creditcard, 35% down on passanger car seems normal without thai guarantor. 10% is doable if creditrating is excellent.

[Forethat]

If you dont have any previous finance or thai creditcard, 35% down on passanger car seems normal without thai guarantor. 10% is doable if creditrating is excellent.

Ok, thanks, that pretty much makes sense.

I guess a Thai Amex Corporate card doesn't give me any credit rating even though I recently received notice that they have shared my credit information with the appropriate credit rating agencies in Thailand?

[fangtonn]

Is there anyway to get financing on a marriage visa? If say you have 3 years of history on your bank book showing substantial monthly income from the USA. I have currently been on Marriage visa for 3 years now, but find the no credit in thailand thing starting to be a pain as I get more cozy here.

[Forethat]

Is there anyway to get financing on a marriage visa? If say you have 3 years of history on your bank book showing substantial monthly income from the USA. I have currently been on Marriage visa for 3 years now, but find the no credit in thailand thing starting to be a pain as I get more cozy here.

I called my bank and had NO problems getting credit. My Amex Corporate Card gave me enough credit history and together with my bank statement and employment in Thailand it was a done deal in 10 mins. No clue about the marriage visa though, but my advice is: call your Thai bank.

[katabeachbum]

Is there anyway to get financing on a marriage visa? If say you have 3 years of history on your bank book showing substantial monthly income from the USA. I have currently been on Marriage visa for 3 years now, but find the no credit in thailand thing starting to be a pain as I get more cozy here.

go see a car dealer and they call in the finance guys. you will get a car financed, question is how much down. pending your cashflow. also go to the yellow bank (Ayuduha) and apply for a creditcard backed by security deposit. creditcard limit 80% of deposit, done in 2 weeks.

[Forethat]

Is there anyway to get financing on a marriage visa? If say you have 3 years of history on your bank book showing substantial monthly income from the USA. I have currently been on Marriage visa for 3 years now, but find the no credit in thailand thing starting to be a pain as I get more cozy here.

I called my bank and had NO problems getting credit. My Amex Corporate Card gave me enough credit history and together with my bank statement and employment in Thailand it was a done deal in 10 mins. No clue about the marriage visa though, but my advice is: call your Thai bank.

Well, sadly enough the initial credit approval was rejected once they Bank realised I had only carried a WP for one year.

A Thai guarantor is now required, despite I am willing to make a 50% downpayment. The same message has been cimmunicated by all major institutes, regardless of the 50% downpayment and an existing flawless credit history (despite only 1 year in Thailand) a healthy salary + savings in the bank.

It now appears as if a minimum requirement to finance a car is that you have carried a WP for a minimum of 2 years.

[katabeachbum]

Is there anyway to get financing on a marriage visa? If say you have 3 years of history on your bank book showing substantial monthly income from the USA. I have currently been on Marriage visa for 3 years now, but find the no credit in thailand thing starting to be a pain as I get more cozy here.

I called my bank and had NO problems getting credit. My Amex Corporate Card gave me enough credit history and together with my bank statement and employment in Thailand it was a done deal in 10 mins. No clue about the marriage visa though, but my advice is: call your Thai bank.

Well, sadly enough the initial credit approval was rejected once they Bank realised I had only carried a WP for one year.

A Thai guarantor is now required, despite I am willing to make a 50% downpayment. The same message has been cimmunicated by all major institutes, regardless of the 50% downpayment and an existing flawless credit history (despite only 1 year in Thailand) a healthy salary + savings in the bank.

It now appears as if a minimum requirement to finance a car is that you have carried a WP for a minimum of 2 years.

Took delivery on a 950k Vigo 4 months ago. 25% down, 2,75% interest on 48 months. Never had a workpermit. GF had to co sign, because its a 4x4. Choosing a Civic at 1 mill baht would be less down and no guarantor.

Have thai credit card, financed 2 previous cars in my name, 5-20 mill baht cashflow a year for 7 years here.

I would try another dealer approaching another financecompany. I find Tisco and Tanachart easy to deal with

[Forethat]

I would try another dealer approaching another financecompany. I find Tisco and Tanachart easy to deal with

Tisco and Thanachart are amongst the companies that declined 50% down due to me only carrying a WP for 1 year.

In fact, there are 4 companies that declined for exactly the same reason.

[katabeachbum]

I would try another dealer approaching another financecompany. I find Tisco and Tanachart easy to deal with

Tisco and Thanachart are amongst the companies that declined 50% down due to me only carrying a WP for 1 year.

In fact, there are 4 companies that declined for exactly the same reason.

I know having a workpermit salary should be 3-4 times monthly payments, and a minimum of 50k left after carpayments

I guess then I would look at a 650k car

[Forethat]

I know having a workpermit salary should be 3-4 times monthly payments, and a minimum of 50k left after carpayments

In my case, what would be left after monthly payment is CONSIDERABLY more than 3-4 times the payment itself.

[soundman]

Usual minimum down payments are different for different models.

Pick-ups, vios etc. 10% - 15% down.

Camry's, SUV's (insert more expensive cars here) 25% - 35% down.

[stingray]

Usual minimum down payments are different for different models.

Pick-ups, vios etc. 10% - 15% down.

Camry's, SUV's (insert more expensive cars here) 25% - 35% down.

Yes, they say so, but actually you never get it for the 10% option. We try this (car rent business with good cashflow in the bank) and they wining around for weeks and finally they recomendet us, we should make a higher downpayment.

Basivly 25% is the option.

Edited March 5, 2010 by stingray

[Forethat]

Usual minimum down payments are different for different models.

Pick-ups, vios etc. 10% - 15% down.

Camry's, SUV's (insert more expensive cars here) 25% - 35% down.

Yes, they say so, but actually you never get it for the 10% option. We try this (car rent business with good cashflow in the bank) and they wining around for weeks and finally they recomendet us, we should make a higher downpayment.

Basivly 25% is the option.

Have you been carrying a WP for more than 2 years?

[campbells12345]

Is there anyway to get financing on a marriage visa? If say you have 3 years of history on your bank book showing substantial monthly income from the USA. I have currently been on Marriage visa for 3 years now, but find the no credit in thailand thing starting to be a pain as I get more cozy here.

I called my bank and had NO problems getting credit. My Amex Corporate Card gave me enough credit history and together with my bank statement and employment in Thailand it was a done deal in 10 mins. No clue about the marriage visa though, but my advice is: call your Thai bank.

Well, sadly enough the initial credit approval was rejected once they Bank realised I had only carried a WP for one year.

A Thai guarantor is now required, despite I am willing to make a 50% downpayment. The same message has been cimmunicated by all major institutes, regardless of the 50% downpayment and an existing flawless credit history (despite only 1 year in Thailand) a healthy salary + savings in the bank.

It now appears as if a minimum requirement to finance a car is that you have carried a WP for a minimum of 2 years.

i have just brought a bmw on finance...i was in the same position as you -been working in thailand for 15 months now and have a work permit for a year that was renewed for another year 2 months ago. I went everywhere trying to get finance putting down 30% - was told it was not possible for a foreigner even though i have a Thai TMB credit card without Thai guarantor. In the end i suggested to the dealer I could put down 50% but was not going to ask anybody to guantee it for me as i would feel embarassed having to ask!! absolutely no problem...finance was agreed with thanachart bank - i put down 1m thb and they financed the rest at 3.6% over 3 years - the log book is in mine and the banks name until i make the last payment...I spent hours searching forums on how to get finance putting down the minimum deposit without guarantor...i had to provide loads of documents as you would expect but I have no guarantor and the car is parked outside my house now!! believe me my story is 100% fact..if you have a work permit and local salary paid into Thailand you can get 50% finance quite easily with tanachart...the guy from the bank even came to my house and went through all the documents..the only catch I thought there would be is that you have to buy their insurance...i was pleasantly surprised when the policy for the year was 36,000 thb for a 2m car!! great result....hope you get your car!

[Forethat]

i have just brought a bmw on finance...i was in the same position as you -been working in thailand for 15 months now and have a work permit for a year that was renewed for another year 2 months ago. I went everywhere trying to get finance putting down 30% - was told it was not possible for a foreigner even though i have a Thai TMB credit card without Thai guarantor. In the end i suggested to the dealer I could put down 50% but was not going to ask anybody to guantee it for me as i would feel embarassed having to ask!! absolutely no problem...finance was agreed with thanachart bank - i put down 1m thb and they financed the rest at 3.6% over 3 years - the log book is in mine and the banks name until i make the last payment...I spent hours searching forums on how to get finance putting down the minimum deposit without guarantor...i had to provide loads of documents as you would expect but I have no guarantor and the car is parked outside my house now!! believe me my story is 100% fact..if you have a work permit and local salary paid into Thailand you can get 50% finance quite easily with tanachart...the guy from the bank even came to my house and went through all the documents..the only catch I thought there would be is that you have to buy their insurance...i was pleasantly surprised when the policy for the year was 36,000 thb for a 2m car!! great result....hope you get your car!

Funny you should mention BMW... I have a 2007 530 M-series with 1409 miles on the clock parked in Brentford. When I relocated here I considered shipping it to BKK, but the rediculously high taxes and fees (not to mention the need to re-spec the cars radiator and AC) talked me out of it.

With the events of this week in mind I'm seriously thinking about reconsider, if not not only to prevent one single satang of my hard earned cash ending up in the pockets of any of these people. Today I called them and upped my bid to 60% down, and the answer was.....noo, mutte hap 2 yeel wukpumit.

Here's an opportunity for a sweepstake, how many percent do you think will make them accept me as a customer? 70% 80% AND, will they accept me as a customer if I drag in an unemployed homeless ragtag and tell them "here's my guarantor", but now I will only pay you 30% down? My money is on the ragtag.

[stingray]

Usual minimum down payments are different for different models.

Pick-ups, vios etc. 10% - 15% down.

Camry's, SUV's (insert more expensive cars here) 25% - 35% down.

Yes, they say so, but actually you never get it for the 10% option. We try this (car rent business with good cashflow in the bank) and they wining around for weeks and finally they recomendet us, we should make a higher downpayment.

Basivly 25% is the option.

Have you been carrying a WP for more than 2 years?

Yes i have WP since 10 years, and it's much more easy to do it in Thail Nationals. My wive has a few cars in downpamyent without any troubles, because she is Thai.

[katabeachbum]

i have just brought a bmw on finance...i was in the same position as you -been working in thailand for 15 months now and have a work permit for a year that was renewed for another year 2 months ago. I went everywhere trying to get finance putting down 30% - was told it was not possible for a foreigner even though i have a Thai TMB credit card without Thai guarantor. In the end i suggested to the dealer I could put down 50% but was not going to ask anybody to guantee it for me as i would feel embarassed having to ask!! absolutely no problem...finance was agreed with thanachart bank - i put down 1m thb and they financed the rest at 3.6% over 3 years - the log book is in mine and the banks name until i make the last payment...I spent hours searching forums on how to get finance putting down the minimum deposit without guarantor...i had to provide loads of documents as you would expect but I have no guarantor and the car is parked outside my house now!! believe me my story is 100% fact..if you have a work permit and local salary paid into Thailand you can get 50% finance quite easily with tanachart...the guy from the bank even came to my house and went through all the documents..the only catch I thought there would be is that you have to buy their insurance...i was pleasantly surprised when the policy for the year was 36,000 thb for a 2m car!! great result....hope you get your car!

Funny you should mention BMW... I have a 2007 530 M-series with 1409 miles on the clock parked in Brentford. When I relocated here I considered shipping it to BKK, but the rediculously high taxes and fees (not to mention the need to re-spec the cars radiator and AC) talked me out of it.

With the events of this week in mind I'm seriously thinking about reconsider, if not not only to prevent one single satang of my hard earned cash ending up in the pockets of any of these people. Today I called them and upped my bid to 60% down, and the answer was.....noo, mutte hap 2 yeel wukpumit.

Here's an opportunity for a sweepstake, how many percent do you think will make them accept me as a customer? 70% 80% AND, will they accept me as a customer if I drag in an unemployed homeless ragtag and tell them "here's my guarantor", but now I will only pay you 30% down? My money is on the ragtag.

friend taking delivery on 980k Vigo next week. offered 500k down, never had a workpermit, cashflow approx 1,5 mill baht/year from abroad , Tanachart ok at 2,3% interst, no guarantor. he s had a thai creditcard for a year, and owns a co ltd owning his 2 mill baht house

as said before, it can be done. I did 25% down with thai guarantor on same car in November

[MoonRiverOasis]

Is there anyway to get financing on a marriage visa? If say you have 3 years of history on your bank book showing substantial monthly income from the USA. I have currently been on Marriage visa for 3 years now, but find the no credit in thailand thing starting to be a pain as I get more cozy here.

If you're willing to put the new vehicle in your wife's name, you should have no problems attaining finance even if you're the sole breadwinner.

In this scenario, you'll need a minimum of 25% down payment to get finance without any additional guarantors (30-35% if you're looking at a 4WD). 20% (and in some cases, even 15%) can be had if you have a Thai guarantor OR if your wife/yourself has an established, impeccable Thai credit rating.

Of the cars I've financed in Thailand - all in the wife's name using my sole salary, the first required a 25% downpayment, the 2nd a 20% down payment, the 3rd (a 4WD) needed 25% - so as you continue to finalize finance you will get better deals - assuming your repayment records are in good standing of course.

Also while on the subject of finance, it appears that 1.4% is currently the best going interest rate, based on 25% down and 48 months. Starting rates are anywhere from ~2% to 3.5%, so make sure you negotiate!

Note that interest rates increase as the downpayment decreases, and also increase as the term increases. They also have a habit of increasing as you push for bigger discounts and/or more freebie accessories

[Forethat]

Usual minimum down payments are different for different models.

Pick-ups, vios etc. 10% - 15% down.

Camry's, SUV's (insert more expensive cars here) 25% - 35% down.

Yes, they say so, but actually you never get it for the 10% option. We try this (car rent business with good cashflow in the bank) and they wining around for weeks and finally they recomendet us, we should make a higher downpayment.

Basivly 25% is the option.

Have you been carrying a WP for more than 2 years?

Yes i have WP since 10 years, and it's much more easy to do it in Thail Nationals. My wive has a few cars in downpamyent without any troubles, because she is Thai.

Finally, the deal was made in cash. I simply got sick of arguing for finance despite having a perfect credit record and putting 70% down. The major hurdle was that I have only been carrying a WP for one year. I went to another dealer, paid full in cash and that's was the end of it.