Raise cash using your vehicle

[AA Ins Broker]

Thanachart Insurance (one of our insurance providers) has introduced a loan product secured against one’s Vehicle should you need to raise cash.
However, as we are purely an Insurance Broker (and not a Bank!) we would be happy to pass on anyone interested to Thanachart in order for you to deal with them direct.

Peter
[email protected]

[tamada]

Thanachart Insurance (one of our insurance providers) has introduced a loan product secured against one’s Vehicle should you need to raise cash.
However, as we are purely an Insurance Broker (and not a Bank!) we would be happy to pass on anyone interested to Thanachart in order for you to deal with them direct.

Peter
[email protected]

Do you know if they have restrictions on foreigners with a Thai alien ID refinancing or getting a loan despite having the car title in their name? My understanding that Thai national ID's are prefixed with certain numbers and have no restrictions whereas a foreigner's alien ID (yellow book/pink ID card) are prefixed with another digit and thus ineligible for this. It was explained to me a few years back that if the foreign-owned title was transferred to a Thai person, a refinance or loan application could be made by the Thai person.

[stattointhailand]

When I tried to get a short term emergency loan using my car as collateral I was told that "Foreigners not allowed" even though there were 8 consecutive yearly extensions in my passport and several others in a previous passport and I've had the same Thai Bank account for about 15 years. Only way possible was for transfer of ownership to Thai National and even then it needs two months before loan can be arranged.

Perhaps Peter, you could contact these people and confirm that they have found a way to circumnavigate this law.

[AA Ins Broker]

Hi Chaps

We were told by the Thanachart team that Foreigners who own the vehicle can now get loans against it.

Peter
[email protected]

[stattointhailand]

Must have changed in the last couple of months then

2 different companies told my Mrs on the phone that there was "NO PROBLEM" but as soon as we got to the office they changed their story and tried to get the wife to put the car in her name before they could do anything

[tamada]

Hi Chaps

We were told by the Thanachart team that Foreigners who own the vehicle can now get loans against it.

Peter
[email protected]

Good to know Peter, thanks for the clarification. I may be wrong but outside of the regular banks car finance departments, there's only maybe 3 or 4 major car finance companies/banks including Thanachart, Tisco and Kiatnakin so it will be interesting to see if these others have a similar policy.