Thread: Bank Financing A New Motorcycle

What has happened to the bank financing process for new motorcycles? It used to be a strait forward process with minimal amount of personal paperwork needed. I have lived here 10 years and own three vehicles and two motorcy of which two I am still paying Toyota for.

About 3 months ago, I thought about buying a new Vespa for my wife and they asked for volumes of personal information, took pictures of our house, saw that our monthy income was more than adequate even though neither my wife or I do not currently work. We live a comfortable life and have enough money to easily pay a small motorcy payment each month. Vespa wound up asking for 10,000 baht more for a down after we already agreed to a previous deal and they said it was the bank asking, not them. I got up and walked out.

Now we are working on a purchase of a new Kawasaki ER6N and the bank has called my wife several times asking for more information. WTF, can they not see we are not a credit risk. Our 200+ square meter house on 4 rai is paid for with no bank loans. What is wrong with the bank loan officers?

I think the banks are getting very worried. Thailand is about to collapse money wise. The banks want to play it safe.

I think the banks have been worried for quite some time about all the turned back vehicles due to lack of payments. The used car lots are chock full of stock and I would guess most are not trade ins.

Now we are working on a purchase of a new Kawasaki ER6N and the bank has called my wife several times asking for more information. WTF, can they not see we are not a credit risk. Our 200+ square meter house on 4 rai is paid for with no bank loans.

maybe they think that having four vehicles already is quite enough.

if you want a new bike, then go out and buy one.

if you cant afford it, which even though you say you live comfortably you obviously cant, seeing as you are going cap in hand to the bank, then perhaps you better start putting pennies in a jar until you can afford it and then just go out and buy it.

What is wrong with the bank loan officers?

what is wrong with people today who think it is their right to demand bank loans for frivolous purchases.

I think you are correct with post three.

The banks got shafted on vehicle loans due to that utterly stupid move by the last civilian government which resulted in every no hoper somchai, wombat and terdsak getting a loan.

And you know in Thailand generally people are not good at the 'case by case basis' thing: too much work.

Tax has a point too, btw.

A colleague of mine had a similar issue with Kawasaki and Honda dealers as at the time he was considering a Versys or 500x. Suzuki offerend him finance only requiring his work permit and bank statement. He bought a V-Strom instead.

Originally Posted by taxexile

Now we are working on a purchase of a new Kawasaki ER6N and the bank has called my wife several times asking for more information. WTF, can they not see we are not a credit risk. Our 200+ square meter house on 4 rai is paid for with no bank loans.

maybe they think that having four vehicles already is quite enough.

if you want a new bike, then go out and buy one.

if you cant afford it, which even though you say you live comfortably you obviously cant, seeing as you are going cap in hand to the bank, then perhaps you better start putting pennies in a jar until you can afford it and then just go out and buy it.

What is wrong with the bank loan officers?

what is wrong with people today who think it is their right to demand bank loans for frivolous purchases.

A bit of truth in what you say Tax, but my point was that it has been very easy in the past to leverage money at a very reasonable percentage rate in Thailand. I purchased three vehicles from Toyota with very little paperwork, partly because they have their own finance company as does Honda auto. We later found out that the bank said they do not have visibility of this type of financing and why they have asked for more down payment since they claim we have no credit. It was the banks who have now gotten gun shy, and for good reason, that I mentioned they are changing their toon.

It really doesn't matter how many vehicles I purchase and has little to do with the original topic, so I will bite my lip and not reply to that troll.

Originally Posted by Jesus Jones

A colleague of mine had a similar issue with Kawasaki and Honda dealers as at the time he was considering a Versys or 500x. Suzuki offerend him finance only requiring his work permit and bank statement. He bought a V-Strom instead.

I do think it depends a lot on which bank you are dealing with. The dealers have little to say about the bank financing approval process.

It really doesn't matter how many vehicles I purchase and has little to do with the original topic

that is true, but the banks will be aware of all your purchases on credit and that may have influenced their decision to make further enquiries.

Originally Posted by cyrille

I think you are correct with post three.

The banks got shafted on vehicle loans due to that utterly stupid move by the last civilian government which resulted in every no hoper somchai, wombat and terdsak getting a loan.

The banks can only blame their own greed for those loans to losers under the car scheme.

Ahhh, like I said, they have no visibility of how many cars I have financed through Toyota. At least that is what was told to us. This means they can not see if they are financed or paid for with cash. I could have 50 vehicles, all paid for with cash and the bank would still tell us we have no credit.

Unlike many, we have no credit cards and both our land plots and house have been paid for with cash. In other words, we have no visible revolving payments, only assets.

Can you even afford the deposit on the bike ?

Already paid and I will take delivery next week. The bank asked to increase the down from 15% to 30%, which I agreed to with a 1.99% finance charge.

sounds good to me, forget all the trolls saying save up, bollocks , enjoy now while you can. and at that interest a bargain.

With interest on loans being that low I would be using the Banks money instead of my Cash for sure.

Originally Posted by mykthemin

sounds good to me, forget all the trolls saying save up, bollocks , enjoy now while you can. and at that interest a bargain.

Mykthemin, I live every day as if it were my last.

Fondles, the Vulcan S has one of the most comfortable riding positions in Thailand right now and I looked at it long and hard. My wife had a hand in finally deciding on the ER6N and I have been looking seriously at them since 2012. I guess it was finally time to pull the trigger.

I do not think you can go wrong with the new Vulcan S at 285,000 baht..

Wow Rick that is a seriously good rate
I got 6% last time I financed and paid 30% down.
That was with Honda_ car and Kawasaki- motorbike
Good luck with the bike

Originally Posted by rickschoppers

Fondles, the Vulcan S has one of the most comfortable riding positions in Thailand right now and I looked at it long and hard. My wife had a hand in finally deciding on the ER6N and I have been looking seriously at them since 2012. I guess it was finally time to pull the trigger.

I do not think you can go wrong with the new Vulcan S at 285,000 baht..

Be careful on it, good luck to you.

Originally Posted by rickschoppers

Fondles, the Vulcan S has one of the most comfortable riding positions in Thailand right now and I looked at it long and hard. My wife had a hand in finally deciding on the ER6N and I have been looking seriously at them since 2012. I guess it was finally time to pull the trigger.

I do not think you can go wrong with the new Vulcan S at 285,000 baht..

yeah for me it is the pick of the kwaka's. still contemplating the yammy bolt though.

Might hold off until the work bonus comes in and just pay cash though. am a bit over making monthly payments.

Originally Posted by rickschoppers

Originally Posted by mykthemin

sounds good to me, forget all the trolls saying save up, bollocks , enjoy now while you can. and at that interest a bargain.

Mykthemin, I live every day as if it were my last.

Good for you same mentality as me, enjoy .

Thanks for all the well wishes. I must admit, my bike riding is much different here in Thailand than in my home country, for obvious reasons. Slower, much more defensive and watchful. My hope is to finally start doing some touring and see more of the country I picked to retire in now that the house build is winding down. I could have purchased many bikes with cash if I never built the house, but it is to be given to my son when he is old enough. I felt like leaving something a little more lasting than a motorcycle and hope he has many happy years in it.

My personal matters are all in order and I can now ride with a clear mind that my family will be taken care of when I am gone. Of course, I plan on being around awhile longer to enjoy the new bike.

Buying a bike is prolly not the best course of action for living a long life.

Maybe not, but we all have to go sometime and I refuse to live like a recluse or old grandmother by missing life. It is too short as it is. We all know the dangers of riding a motorcycle anywhere in the world, but they are just more prevalent here in Thailand.