car finance

[bangladiver]

looking for some pointers on car finance before i go shopping and sign anything i shouldn't

heard rates may be so cheap that no point using cash from abroad

also heard can get car in own name using passport (12mth multiple non-imm B visa) with a 500baht form from immigration 'proving address' rather than putting it in my company name???

any clues / experiences would be appreciated

also not sure whether garage or private sale - seen some more specialist cars on thaicar.com - but doubting servicing abilities on these in phuket

[ATMwalking]

With a proper work permit, you can walk into any car dealership and finance a new car with 30% down.

[LivinLOS]

Yeam money down and WP and your good to go at 30 - 40 %.. And yeah rates are very cheap.. I think Mitsu were offering 3% on thier triton pickups. Note this is only on new cars.. Second hand cars have awful payment rates.

Getting a car in your name is a simple process.. Let the dealership do it all for you.

[bangladiver]

thanks for that

i do have a proper work permit - as opposed to an improper one??

thought may become asset of company if in company name

actually got a partnership (me and gf) no 7 thai requirement though suppose it raises its own potential problems!

[LivinLOS]

However a (vanilla) partnership doesnt have the same options open to it or protections of a LTD company.

I had a buddy who went partnership route for a sole trading type enterprise (sleeping partner) he explained there was a lot more personal liability.

[bangladiver]

used it purely to obtain wp to work as diving instructor at the time

no assets and registration papers and stamp etc under my sole lock and key

my lawyer obviously didn't explain the full implications but aware from uk law unlimited split and several liability on partnerships there (pretty much unlimited liability)

so with this and FBA directives / possible future changes just took a view on it

if anything involving assets or uninsured risks would likely go the company route

[bangladiver]

been having a look round

seems need a thai guarantor (some want only phuket resident also) for car finance

anyone know anywhere where this not needed (i know unlikely) as otherwise will have to be cash

[LivinLOS]

Are you talking new car main dealer ??

Because I know many who have done this on simply a WP and 30 - 40%.

As said before buying second hand cars on finance is a hassle and a much worse deal.

[bangladiver]

nissan and chevrolet new dealers want guarantors

if you know of who doesn't i would appreciate names!!!

[LivinLOS]

Not sure.. Will ask my buddy if he weighed the fortuna in cash last month ?? Might have done actually.

Another mate has had a D-Max pickup on credit and currently a Mitsu pickup.. His name but perhaps he used the wife as guarantee ??

I always heard it was fairly trivial if you had the first chunk !!

[Spector]

So I have to ask the question. Let’s say you’re on a retirement visa and put down 30%, but have a fixed monthly income. Would a new car dealer finance?

[LivinLOS]

Much harder without a WP. How do they have any faith in your credit worthyness ?? How can they verify your income or assets ??

I would never use credit anyway.. Buy what you can afford. If your retirement stage then your holding assets anyway.

[Geir]

Originally Posted by bangladiver

been having a look round

seems need a thai guarantor (some want only phuket resident also) for car finance

anyone know anywhere where this not needed (i know unlikely) as otherwise will have to be cash

I just bought a second-hand car and payed cash......The salesman still needed a
phuket resident thai guarantor, but it had nothing to do with the ownership.
They just want a phuket resident to sign the contract as a witness ( someone with a more settled address than farangs living in e.g. in guesthouses or thai's still having their proper address somewhere else.

Geir

[LivinLOS]

I fail to understand you.. Thai resident guarantor ??

If you mean the witness for the transfer of ownership papers then any body at all can do it.. Any old sig from any person even one here for a day.

I have even had the woman in the motor vehicles / transport office, sign my forms as the witness as they were done without one.. She just retrospectively witnessed it for me.

[Dodger]

Think that was a bit of second language english thing there for Geir, Lil, it would have been for the witness bit and as you say it can be anyone (unless of course he didn't use your little darlin at the car office place).

[Geir]

Originally Posted by LivinLOS

I fail to understand you.. Thai resident guarantor ??

I've done it twice, but both times they wanted a phuket resident as a witness.....
He just had to write down his address, but they didnt even bother to look at his ID-card.....Also their English was crap, so by saying guarantor they may have meant witness....I really dont know, but they coldnt use my gf as witness as her address is still up north

Geir

[LivinLOS]

Yeah presume witness to signature which also means that both current and past owners can avoid going to the transport office.

Guarantor implies someone responsible for the payment..