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Vehicle Loan in Thailand - cosigner needed?

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  • Vehicle Loan in Thailand - cosigner needed?

    Due to the low gas prices, layoff has come my way. I am moving back to Thailand and want to get an SUV. I am planing on a 50% down payment as I don't want to spend every bit of the money I have saved. My wife says any loan we get for a vehicle in Thailand no matter what we put down that we need a cosigner. She said it cannot be a family member that cosigns. From what I understand, it can't be her mom or dad or even an aunt. save.

    Is this true? Will I need some other unrelated to her Thai to cosign if I put 50% down? It sounds weird. Why can't she get it in her name with big money like 50% down?

  • #2
    I would think that she would need a job to get the loan irregardless of the size of the down stroke.

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    • #3
      I would think that she would need a job to get the loan irregardless of the size of the down stroke.
      I don't think that's entirely true. I know a local American farang whose Thai wife hasn't worked in years, who financed (half) of his truck through the dealership, not a local bank. This is his second or third vehicle. Perhaps it's different with the chancers and posers with their heavy accents and wry smiles.

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      • #4
        Talk to the dealer. If no joy just use the 50% to buy a used one outright?

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        • #5
          A family member can be a cosigner even if out of work. I bought a Triton with 50% down in 2007 with the GF's mother being the cosigner. It may be they just don't want to be liable if you don't keep up the payments. Things may have changed since then of course .

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          • #6
            Originally posted by Voɔɒlnɘɒl View Post
            Talk to the dealer. If no joy just use the 50% to buy a used one outright?
            This makes the most sense. Why would ya want get into a monthly payment situation when your job is about to go away.
            There are many deals out there on corporate lease returns and bank repossessions.
            Also insurance is much less slightly used vehicles.

            10 years ago I bought a 4 year old Corrolla lease return with 130k kms. Today it's got close to 350k kms and still runs perfect. Had to change out brakes, tires, belts, cv joints, shocks, fluid changes. But all vehicles require such maintenance eventually.
            Toyota's routinely go 400 or 500k kms without a major component failure.

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            • #7
              Originally posted by Dr Earl View Post
              This makes the most sense. Why would ya want get into a monthly payment situation when your job is about to go away.
              There are many deals out there on corporate lease returns and bank repossessions.
              Also insurance is much less slightly used vehicles.

              10 years ago I bought a 4 year old Corrolla lease return with 130k kms. Today it's got close to 350k kms and still runs perfect. Had to change out brakes, tires, belts, cv joints, shocks, fluid changes. But all vehicles require such maintenance eventually.
              Toyota's routinely go 400 or 500k kms without a major component failure.
              My job is going away, but I still have money coming in. I want to help build her credit up in Thailand for her future.

              Thanks for all the advice everyone.

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              • #8
                Good Luck man.

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                • #9
                  Originally posted by Cooter View Post
                  My job is going away, but I still have money coming in. I want to help build her credit up in Thailand for her future.

                  Thanks for all the advice everyone.
                  Buy land and plant hardwood trees. Better than putting money in the bank and a whole lot better than making bank payments.
                  I know it is nice to have a new car once in a while. I've been guilty of that in the past.

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