A car loan, sometimes called an auto loan or automobile loan, is a sum of money you borrow to buy a car. You agree to pay back the funds over a set period of time, usually in monthly instalments. The monthly payment depends on the amount of loan you take, the loan term, the amount of interest you accrue, and possibly other fees.
A car loan is ensured against the vehicle you are purchasing, meaning the car serves as collateral for the loan. This means that if you cannot pay back your loan, the bank can possess the car and sell it to get back the loan amount.
Feeling apprehensive about taking out a loan to buy a car in Thailand? Well, there’s nothing to worry about because car loans offer many benefits. Even if you do have enough money in the bank to afford the car, getting a car loan is still beneficial. Here are five benefits of getting a car loan.
A car loan is not really expensive. You can enjoy low-interest rates and choose your repayment tenure, making it easier to repay the loan. If your credit score is good, you may even be allowed to negotiate the interest rate!
Technically, you don’t need collateral to get a car loan. This is because the car would act as the collateral for the loan, so you don’t have to put up any of your assets as security.
You’re probably eligible to get a car loan, even though you have bad credit. The best thing about car loans is that as long as you keep on top of payment dates, they actually support your financial history and shoot up your credit score.
Car loan financers typically provide additional benefits, such as free road tax, free service and free petrol.
You get to decide how much money you spend per month when you make a deal on your car loan. This means that you won’t overspend or have to make adjustments to your monthly budgeting. You can even have enough money left over to save for other things with a reasonable car loan.
I’d like to express my gratitude to Marisa for her continued assistance; Her and the Thaiger’s team are greatly appreciated and helped me out a lot. This is my first time using this company, and and over all I was very impressed.
Being a foreigner in Thailand buying these products are not always so simple, I have been living here in Thailand for many years and never thought to get a car loan, so this will be the first attempt to get a car loan, I have already applied within their website, looking forwards to the next step.
It’s been a pleasure working with Thaiger; their customer service team has been extremely helpful in guiding us through the entire process of obtaining a car loan. But I’m still not sure if I’ll be approved for the loan.
After having issues with some of the other big names in the game, I couldn’t have asked for a smoother transaction. It was a pleasure to speak with the team and do business with you.
The Car Loan Warehouse provided excellent service, which was quick and simple. Marisa my advisor, kept me updated throughout the process. She also deserving of 5 stars.
I was hesitant to deal with a broker online, but I received excellent service from people who were helpful, genuine, and pleasant. I would not hesitate to use them again. Thank you the Thaiger.
There are various types of car loans available, but in Thailand, the main types are Car Loans for New Cars and Car Loans for Used Car. Both can be convenient and fast, with the instalment plan tailored to fit your needs.
This type of car loan is a convenient and affordable way to fulfil your wish of buying a new car. You can choose the payment term that suits you, with an attractive interest rate and a long loan tenor of up to seven years. In some cases, you may even transfer your hire-purchase.
Want to purchase a second-hand car? This type of car loan is the ideal choice for you. You can easily acquire a used car from either a private dealer or a seller. The down payment and interest rates are low, with a flexible payment term to suit your needs.
Because a car is such a large purchase for me, I needed a car loan to pay for it. The Thaiger made the process go as smoothly as possible; the first step is to fill out an application form, and checking wheather you will be liable for the loan.
Top tip: Getting a car loan can be a tricky process; make sure to do your research and determine how much you can afford to spend.
With access to market data, we can arm you with all the necessary information so you can make an informed decision at each stage. Our expert team can help you stay in control as well, from choosing a loan you can afford to repay to navigating the stressful process of getting a loan. We aim to make the procedure of getting a car loan easy, hassle-free, and time-efficient for you.
Looking for loan options in Thailand? Below are some of the loans we offer that you can choose according to your needs.
Small and medium enterprises Loan or SME Loan caters to small and medium businesses in Thailand. If you need help to expand or start your business in Thailand, SME Loan may be the answer.
A personal loan offers funds from a financial entity (usually a bank) to the borrower in a lump amount that the borrower can use at his discretion, such as for a holiday, funeral, or home renovation
Purchasing a car is not something to be taken lightly. Careful preparation and proper plannings are keys to getting a car and a car loan that fits your budget and needs.
Determine how much you can afford to spend before you begin looking at cars.
In your borrowing background, your credit variables reflect whether you lent from other lenders in the past and whether you repay those loans on time. It is necessary to check your credit records before applying for a car loan.
Shop Around for Lenders
Before you walk into a car dealership, speaking with several lenders of various styles will give you a sense of the car loan opportunities open to you.
Life is uncertain, meaning that you may need to fast pay off your car loan. When you don’t make the repayment until the loan period’s expiration, certain lenders enforce what is known as a prepayment charge.
Before shopping for a car loan, make sure to read the fine print before you sign off on the dotted line. Arming yourself with the right information will improve the odds of having a better deal on a car loan.
Do you want to buy a motorbike to help you get around easily, but can’t afford to pay in cash? Or do you want to feel the wind in your face while roaring down the open road? If yes, then taking out a motorbike loan might be the right move for you.
Motorbike loans in Thailand have often secured loans, meaning no collateral is needed to back them up. In this case, the collateral is typically the motorbike you’re buying.
Though it may sound simple and straightforward, getting a motorbike loan may not be easy for foreigners living in Thailand, but it’s not impossible! We can help you compare interest rates and loan terms to get the best deal.
In Thailand, yes it is possible for foreigners to get loans to buy a car, but there are tight restrictions. The foreigner must have a bank account
The lender/bank will give you a written notice of default telling you to pay the outstanding balance on your car loan or face repossession, based on the loan arrangement. If the warning is not fulfilled within the timeframe stated in it, the vehicle will be repossessed
For a motorcycle loan, there is no minimum credit score required, but the better your score is, the easier it may be to qualify for better rates.
-Service counters at KASIKORNBANK, Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Siam Commercial Bank or Bank -for Agriculture and Agricultural Cooperatives
-ATMs of KASIKORNBANK, Krungthai Bank, Bank of Ayudhya or Siam Commercial Bank
-Via K PLUS mobile app, K-Cyber Service or K-Contact Center at Tel. 02-8888888, press 885 (for registered users only)
-Account debiting via KASIKORNBANK, Bangkok Bank or Siam Commercial Bank
-Counter Service outlets at 7-ELEVEN, Tesco Lotus, SE-ED Book Center or Central Department Store
This applies to a fixed interest rate defined that does not differ with the expense of the financial institution involved, thereby remaining intact over the duration of the loan, or for a specified span, e.g. ‘7% for 4 years.’
-Age: 20-60 years old (no more than 65 years when combined with instalment period)
-Registered residence in Thailand
The more the terms are extended, the less your monthly cost is. But the sooner you pay off the loan, the less net interest you pay. The national average for car loans is 72 months or six years but suggests that anyone who can make payments work for no longer than five years.