What's needed to get a new car loan?

Has anyone purchased a car and gotten a car loan? Ford is offering 0% financing. Not sure what documentation is needed, since everything you do in Taiwan seems to require so much documentation.

Also does anyone know if it’s safe to test drive a car on an international license (we’ve been in Taiwan over a month, but don’t have Taiwanese driver’s license yet).

not sure about ford. But for us in the last year with Suzuki, Mitsubishi and Hyundai, they weren’t really leases. it was more like a quasi third party loan through car rental companies. ( This was with new cars and through actual dealerships) Which was far more complicated than it was worth because they really made everything extremely expensive and a pain in the ass. We decided to just get a loan from the bank, and buy the vehicles. example with Mitsubishi rental company loan (psuedo lease) would be 930k, it was 540k if we just bought it. One of the big differences is they get you on expensive insurance if leasing through them. You can save a ton of money not being forced to pay their near ransom prices.

The only advantage to the lease was they will give it to almost anyone. If one fails for a bank loan, they are, at least, a very expensive plan B.


Thanks, we’re looking at a loan especially if leases are so complicated and expensive.

If 0% I assume it’s a manufacturer supported financing.

I would look into this more, one of the scooter companies had a 0% finance deal last year. When we asked about paying cash we was offed a nice discount, so it looks like the price had been upped for the finance deal.


Thanks, the dealer said they could offer a better price with the loan since they get a kickback from the bank. It’s this way in the US, you have to pay a little more if you want to pay cash. But it’s like $500 max usually.

Dealer is offering 50000 yuan off the price of a Focus.

Are the loan system for scooters much better than cars? Seeing how everyone has a scooter it must not be hard to get a loan for it at all.

Is it just me or are loans in Taiwan basically with a collateral (such as for a car, house, scooter, etc. where the stuff can be repossessed if you default)? Seems bank loans, credit cards, etc. are so hard to get here in Taiwan even if you have good credit.

The license shouldn’t be your main concern. You definitely can’t secure financing for a vehicle if you’ve only lived here for a month! Especially as a foreigner living here on a work visa. You haven’t established credit yet. Just like anywhere else in the world, you need to get a credit card first, establish credit, then maybe consider financing for a car in a couple of years.

You may get lucky if you can find a dealership that will accept proof of high income as sufficient documentation in lieu of established credit.


Loan for a scooter? Most people pay upfront in cash, but of course most people are not buying brand new scooters.

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you can look on the websites what deals they have


I’m pretty sure they won’t let you do anything without a Taiwan license. For the loan, which was through a 3rd party bank, they looked at my last couple payslips and my business card. It’s not as difficult as credit cards sometimes are.

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Thanks yeah this is the kind of thing I was curious about. Everything has been such a major ass pain here (getting aRCs, getting bank account, getting drivers license) that getting a car loan seemed like it wouldn’t be easy.

I think even paying cash we need a Taiwanese citizen to co-sign or vouch for us, from what I heard?

That would be surprising. You’re paying cash. There is no risk for the dealer whatsoever.

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Doubt they will offer a foreigner 0% finance without Taiwanese collateral/guarantor.

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I’m sure you’ve already done your homework on this, but is there a reason you can’t settle for a scooter? I know they’re not ideal for longer distances or bad weather (or safety), but they have their own advantages.

Well so many requirements in Taiwan make no sense I figured it was another one.

not sure about scooters. I usually buy used for scooters.

Cars dont need collateral, they use the [new] car as collateral. the hitch is you are basically borrowing money from literally a car rental company, not from the manufacturer. At least in the case of the brands I went to. The other hitch is you are forced to use their insurance, which is very expensive. so on top of paying more for borrowing (essentially interest), which is fair, you also pay out the ass for other stuff such as insurance.

It is a very bad deal in my opinion, see my above numbers. But it is an easier option if the banks say no loan for you! Banks can be hard. We got a great deal at bank of Taiwan with government projects. we pay 1 years interest on a 6 year loan (borrowed 500k). total interest is about 20k, which is way better than the few hundred k going through the psuedo lease scheme.

At that time it was easier to get a loan as a female or a business because the gov was (is?) trying to stimulate the economy and get more women into business.

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There’s four of us so a car works better. Scooter does look fun though.

I have done test drives on international license accompanied with my canadian licences and Visa. That’s 100% legal. Up tothe owner of the vehicle if they want to give you permission. Most used car places never even checked, they just trusted my “yes, I have a license”. but that’s up to each shop to decide and take that risk on liability.

Loans/financing I doubt will happen as you guys mentioned.


it is a purchase. if you have cash, it is as easy as buying bread. well, there is a day or so wait period as they need to go register plates, do government Ispection etc before giving you the keys. You dont even need a license to buy a vehicle, just to drive it. other than certain “protected” vehicle types.

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Great, good info thanks!