Vehicle finance!

Right, Ive been given the task of finding out about vehicle finance.

My inlaws are going to be buying a pick up very soon, I know some cheapish new trucks are available nowadays, but I would like to know more about getting one on finance.

Can anybody point me in the right direction to find out what kind of monthly repayments to expect on let's say a 700k baht loan.

Thanks in advance

Sorry, can't even guess, also I think the interest rates have gone up in the last few months.

Think if you send them to a car/truck dealer here, you can get the info you need, but might want to check at a couple of places for diff rates.

Thanks Dakoda, that certainly sounds like it's going to be the best option at this stage.

I'll give you ours on a New Chevorlet Colorodo 4 door, about 18 months ago. Price 770K down payment 160K monthy 10K. Finacing will probably be better on a new one then a used one, usually is.

You can get a Colorodo for less, that with a automatic trans and all the bells and whistles. GM corp shoud be good on diesel engines they have a lot of experience at that going back 50 years or more. I've only got 8K on mind so I can't tell you much.

BKB, the Toyota garage in Udon has a finance sheet which has all the models (Fortuner, Vigo etc) with their prices.

From memory, it shows the deposit amount (25%) and the amount payable monthly depending on whether you want 3, 4, 5, 6, or 7 year payment plan, it also shows you the rate of interest payable for each of the payment plans.

I am pretty sure that they charge a higher rate of interest on the 5, 6 & 7 year plans.

Most of the dealers will have a promotion in Udon at some time during the year where they will offer some incentive to buy, but it will only amount to a couple of thousand baht or so - Toyota had one on the empty ground near the night market / railway station last year.

One thing to be wary of is that if you do go the finance route you may think you have made a contract (for example) with Toyota Finance who will tell you that they can take payments by direct debit, but they then sell the contract to another outfit such as Tisco Bank who do not do direct debit unless you open a bank account with them.

Ours is financied with Tanasha bank I never pay on line they have some of the prettiest girls working in there that I have ever seen in Udon, I think I will be disappointed when we pay ours off. Might just I'll buy another

ray23 wrote:Ours is financied with Tanasha bank I never pay on line they have some of the prettiest girls working in there that I have ever seen in Udon, I think I will be disappointed when we pay ours off. Might just I'll buy another

ok.. so you can pay off each month in cash over the counter or debit/credit card, even for 3-6 year finance plan .?
do the finance houses in thailand have PPP, personal payment protection?

JimboPSM wrote:
Most of the dealers will have a promotion in Udon at some time during the year where they will offer some incentive to buy, but it will only amount to a couple of thousand baht or so - Toyota had one on the empty ground near the night market / railway station last year.

and thats 1 of the answers that i was looking for a few days ago on a topic regarding discounts.
thanks Jpsm

I'm surprised that they go as far as 7 years but I guess the usual applies (TIT ) .

Anyway thanks for the replies chaps, puts a few more needles in the haystack lol.

And Ray, good luck with picking you'r next pick up

Also Jimbo, thanks for the insight on the small print

Our new Toyota Vigo was taken out on finance. 600k, 150k down and 10,232 pm. Finance with Toyota finance, they never sold the contract to another vendor and we pay over the counter at the bank.

We chose to put 150k down, Toyota finance figures were 85k down and 12k pm as I remember for a 4 yr term, they only went as far as a 60 month contract (5 yrs), of course this was over a year ago so may have changed by now.

Reason for taking finance, well over a 4 year period they're only charging 40,000 ish bht interest.....

Finance charges have been rising over the last couple of years as they are linked to the Bank of Thailand interest rate.

BoT rate has been rising consistently (roughly in line with Fed increases) since August 2004 as you can see below and finance rates will generally move in line with them:

Jun 03 - 1.25%
Aug04 - 1.50%
Oct 04 - 1.75%
Dec 04 - 2.00%
Mar 05 - 2.25%
Jun 05 - 2.50%
Jul 05 - 2.75%
Sep 05 - 3.25%
Oct 05 - 3.75%
Dec 05 - 4.00%
Jan 06 - 4.25%
Mar 06 - 4.50%
Apr 06 - 4.75%

There is a possibility that rates may rise on Wednesday when the Monetary Policy Committee of the Bank of Thailand next meets.

Remember as well that if you are going into a finance deal and are financing the payments from overseas you will incur a cost transferring the money plus you will also have an exchange rate risk to assess which may add quite a chunk to the total cost if the rate happens to go against you.

I bought a Honda Jazz about 18 months ago.

In terms of discounts/promotions, Beer Monkey, they throw in various goodies free, but they didn't discount the purchase price (-Tinted glass, Alarm system, carpet mats, chrome exhaust tail pipe! etc).

I put down about 35% deposit and am repaying over 3 years, that got me a lower interest rate of 2.70%. Repayments about 11.7K per month. It was through National Finance, who have since become a bank - Thanachart, sounds like same as Ray. They also do the insurance.

I note they now have a nice new branch on the Khon Kaen road, (Tahan road), in addition to the older small one on Phosi road. And they do seem to have exclusive rights on pretty young girl cashiers. Needless to say, I always pay early!

Just an observation.A few months ago my wife wanted to get a small Toyota car. I looked at finance terms and couldn't see anywhere on offer the Hire Purchase we have in the Uk, only a leasing contract. The big difference between these two is HP has a residual value at any time during the contract which you can realise if for any reason you want to dispose of the vehicle.On the other hand a lease contract, the vehicle stays the property of the leasor, in this case Toyota finance and only becomes yours at the completion of the contract term upon paying an option to purchase fee.If for any reason you default on payments its reposessed without anything back to you, deposits, payments , everything bye bye.You can of course settle the contract in full and then transfer the vehicle to you., but if you can't pay the repayments you are unlikely to be able to settle in full, so you lose everything.Of course you could contact your friendly? used car dealer who could settle for you, but remember he knows your predictament and will pay an accordingly low price.

ok thanks so no real discounts then.
also can you also get a settlement figure and pay up early. ?