Bank of Thailand to Revise Joint Lending Criteria for Car Purchases

The Bank of Thailand is set to amend the announcement of “joint lending” for car purchases to address the issues of guarantors and insufficient income. This move aims to make it easier for individuals to secure car loans.

Current Challenges in Car Financing

Motorcycle dealers, such as JKH Chiamkimha, have pointed out that finance companies are not providing loans, instead asking for a lower down payment, resulting in plummeting sales.

Relaxing Joint Loan Criteria

Five major banks have accepted the Bank of Thailand’s decision to modify the criteria for “joint lending” for car loans. This revision will allow the combination of family income to meet the loan requirements, solving the problem of insufficient income.

Expected Completion

The National Bank is preparing to relax the ‘Joint loan to buy a car’ criteria to include family income. This change is expected to be completed by the end of the year, making it easier for individuals to purchase cars.

Benefits of the Revision

The revised joint lending criteria will enable more individuals to secure car loans, as the combined family income will be taken into account. This move is expected to boost car sales and stimulate economic growth.