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buying a car in korea

 
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wishfullthinkng



Joined: 05 Mar 2010

PostPosted: Fri Jan 17, 2014 12:31 am    Post subject: buying a car in korea Reply with quote

has anyone bought a new car here in korea?

if so, what kind of plans did they offer you in terms of money down, monthly rates (and for how many months), lease options, etc.
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giraffe



Joined: 07 Apr 2009

PostPosted: Sun Jan 19, 2014 4:26 pm    Post subject: Reply with quote

I bought a new 2013 kia sportage from a Kia dealer in dec 2012...

We paid cash 100% out of my bank account ....

If you can't get a bank loan here in Korea you'll most likely not be able to get any kind of financing on a new car .... Unless your wife/ husband is Korean and or you or your husband / wife have a proper job that fits into the requirements for car loans/ financing ....

Oh and you can also save a decent amount of money on a new Hyundai or Kia car if you have the right credit card ... Wife had a Hyundai m card and it took off an extra 1000$ or so ...
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byrddogs



Joined: 19 Jun 2009
Location: Shanghai

PostPosted: Sun Jan 19, 2014 4:39 pm    Post subject: Reply with quote

I did and was run into 4 times in 3 years. Have fun with driving there.
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cazzy3



Joined: 07 May 2008
Location: kangwon-do

PostPosted: Sun Jan 19, 2014 5:10 pm    Post subject: Reply with quote

5 years ago I bought a new Sportage and put down 5 million. The payment plan was for 3 years at around 400,000/month. I had to have a Korean drivers license and someone to co-sign for me. Also, I had to show income records and length of employment.

IMO, I recommend buying a used car. I did that when I first arrived. I lived in Gangwon-do and needed something to take my dog to the beach/mountains. Found a decent car for only 700,000. Got insurance, used car dealer dealt with the plates/registration and was done within an hour.
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wishfullthinkng



Joined: 05 Mar 2010

PostPosted: Sun Jan 19, 2014 9:01 pm    Post subject: Reply with quote

interesting. so we have one out right payment and another monthly payment.

unfortunately i can't buy used because the model i want isn't available used yet.

cazzy, who co-signed for you? did it have to be a korean and did it have to be a spouse?
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byrddogs



Joined: 19 Jun 2009
Location: Shanghai

PostPosted: Sun Jan 19, 2014 9:11 pm    Post subject: Reply with quote

wishfullthinkng wrote:
interesting. so we have one out right payment and another monthly payment.

unfortunately i can't buy used because the model i want isn't available used yet.

cazzy, who co-signed for you? did it have to be a korean and did it have to be a spouse?


Yep, interesting. Kind of like it is asking how to do this on this site after having been in the country for years.
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FMPJ



Joined: 03 Jun 2008

PostPosted: Sun Jan 19, 2014 9:28 pm    Post subject: Reply with quote

I did a couple months ago, but I just paid cash. First new car ever.
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giraffe



Joined: 07 Apr 2009

PostPosted: Sun Jan 19, 2014 9:51 pm    Post subject: Reply with quote

wishfullthinkng wrote:
interesting. so we have one out right payment and another monthly payment.

unfortunately i can't buy used because the model i want isn't available used yet.

cazzy, who co-signed for you? did it have to be a korean and did it have to be a spouse?


Well.. Like i said you need to fit the requirements for a loan... Most foreigners DO NOT meet the requirements for this. soo unless you have a korean SPOUSE or a KOREAN co signer ( your korean company , your korean in laws, a korean friend) ETC... your chances of getting a loan are next to NONE. Its not like any koreans can get a loan either. They need collateral and or a proper fulltime job... For example my wife who works part time wouldnt be able to get a car loan in her name without the collateral to back up the loan...

The only other way would be to provide somekind of collateral ie: Your apt jonsei, you own land , you own a business ETC under your name....

Which is basically what a cosigner is doing for you. they are putting up their collateral/bank credit so that you can get that car loan and do monthly payments. Whoever is cosigning for you needs to TRUST you that you can make the payments... if not they are the ones getting in trouble for it....
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wishfullthinkng



Joined: 05 Mar 2010

PostPosted: Sun Jan 19, 2014 10:50 pm    Post subject: Reply with quote

byrddogs wrote:
wishfullthinkng wrote:
interesting. so we have one out right payment and another monthly payment.

unfortunately i can't buy used because the model i want isn't available used yet.

cazzy, who co-signed for you? did it have to be a korean and did it have to be a spouse?


Yep, interesting. Kind of like it is asking how to do this on this site after having been in the country for years.


oh i forgot, all foreigners want to buy a car within their first few years here.

what an asshat.
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byrddogs



Joined: 19 Jun 2009
Location: Shanghai

PostPosted: Mon Jan 20, 2014 2:53 pm    Post subject: Reply with quote

wishfullthinkng wrote:
oh i forgot, all foreigners want to buy a car within their first few years here.

what an asshat.


Laughing
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Coltronator



Joined: 04 Dec 2013

PostPosted: Mon Jan 20, 2014 3:23 pm    Post subject: Reply with quote

I am leasing mine. 2013 Chev Cruze, 410k a month, also covers insurance and I don need to pay an asset tax, because based on tax law here I don't own the car so I never bought anything to be taxable. Though at the end of the leasing agreement I can buy out the rest of the value but at that point the car is 2 years or so old and the tax value is 2/3rds.
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wishfullthinkng



Joined: 05 Mar 2010

PostPosted: Mon Jan 20, 2014 5:13 pm    Post subject: Reply with quote

thanks coltronator. that actually sounds like a slick deal. now time to do some shopping around...

edit: what was the down payment like or was there none? and how long is the lease for?
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Weigookin74



Joined: 26 Oct 2009

PostPosted: Wed Jan 22, 2014 9:36 am    Post subject: Reply with quote

SK Encar has used cars and can give you an idea of what prices are. Doesn't specifically answer your question, but can give you some ideas. Also, if an LPG car is more than 5 years old you can buy it and save on gas. It does burn quicker but I have still found it cheaper. Most Koreans want new cars, so used cars aren't bad. Three to five milion will get you something decent. Get an ajossi to go with you to a used car lot and negotiate like a mofo.

There is also the million won or less car that some foriegner is always looking to sell. (Thing is usually falling apart and will get some polite ridicule from Koreans. "Oh, foriegners can only drive those cars." Not that it should be your primary reason or anything like that. Just depends on long you plan to be here and to drive it.) If you are having to pay cash (saving or cash advance off a foriegn credit card), this is more attanible.
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wishfullthinkng



Joined: 05 Mar 2010

PostPosted: Wed Jan 22, 2014 6:22 pm    Post subject: Reply with quote

thanks weigookin but i'm actually looking to get one of two models that aren't out yet (will be released sometime later in 2014 in korea) so i was trying to scrounge up info from foreigners who have went either the buying or leasing route of a new vehicle.
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