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wishfullthinkng
Joined: 05 Mar 2010
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 Posted: Fri Jan 17, 2014 12:31 am Post subject: buying a car in korea |
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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
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| Posted: Sun Jan 19, 2014 4:26 pm Post subject: |
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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
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| Posted: Sun Jan 19, 2014 4:39 pm Post subject: |
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| 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
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| Posted: Sun Jan 19, 2014 5:10 pm Post subject: |
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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
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| Posted: Sun Jan 19, 2014 9:01 pm Post subject: |
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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
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| Posted: Sun Jan 19, 2014 9:11 pm Post subject: |
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| 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
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| Posted: Sun Jan 19, 2014 9:28 pm Post subject: |
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| I did a couple months ago, but I just paid cash. First new car ever. |
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giraffe
Joined: 07 Apr 2009
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| Posted: Sun Jan 19, 2014 9:51 pm Post subject: |
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| 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
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| Posted: Sun Jan 19, 2014 10:50 pm Post subject: |
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| 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
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| Posted: Mon Jan 20, 2014 2:53 pm Post subject: |
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| wishfullthinkng wrote: |
oh i forgot, all foreigners want to buy a car within their first few years here.
what an asshat. |
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Coltronator
Joined: 04 Dec 2013
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| Posted: Mon Jan 20, 2014 3:23 pm Post subject: |
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| 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
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