Realistic Lamborghini purchase question

Sure - you can finance it anyway you would like. Obviously with this cost - you have to have good credit history and Debt to Income ratio needs to be high (on the plus side of course).

Most any bank or credit union will have various programs - just like any other car or house really.

 

I'm sure one could, but I think he'd be making a mistake if cash is the reason why he can't put money down.

 

really not a good idea to finance toys unless they are new enough to still have a warranty.

just my opinion.

 

There are lenders who offer 100% financing; but typically you have to have a squeeky clean credit history, particularly on something like a luxury car where the risk to the lender is high, and you need to have assets that are worth enough for them to feel comfortable with it; typically history of paying down or off on large loans factors in too, if your largest debt was $10,000 on a credit card they're likely not going to look at it.

 

http://ferrarichat.com/forum/showthread.php?t=124251


"At my dealership it is 50/50 cash to finance and rates are about 8.50% and the scores do matter as much as income. The guys that do finance, like the fact that they can pay as little or as much as they like, and keep the bulk of there cash on hand. To me anyone no matter what car they are buying, even a $25,000 they should invest the $20,000 in somthing and put $5,000 down. That way they have there money working for them. The larger the car price the more this makes since. I have had lots guys call me needing to dump there cars because they need cash, had they financed the car in the first place they could have just choosen to pay $2,100 on a Murcie, that month, and have cash free, then next month paid $10,000 if they wanted to...BTW with the lenders i use..Woodside Credit I make NO backside profit. I do make $100 referral fee, not not the back end money, very realy do banks pay the back end points anymore...Many times with Leases as you know puts restrictions, but somtimes banks do as well, so a 12 year note makes since, if there is no restrictions as to when you payoff. Most guys like the fact that they choose to pay there monthly payment at $750, or they can pay $1,500 if they want. More importantly it keeps the money in there hand and can be used for other profitable investments...as I posted on another forum based on the same lines, Financing make since..Many times by financing people can get more car for the money, I think that is the part that surprizes most people, for the same money you can lease a Gallardo, you can get a Murcielago by financing...now I do lease cars as well, in fact i do make reserve points on the leases, and none on the financing, but I think financing just make more since for some people."

 

I think Leasing and Financing cars is not a bad move at all. I think borrowing against the older stuff is a safe bet. Because you are only paying basic interest against what now appears to be stable or even appreciating assets.
You can end up owning these cars for free, costing you nothing.

Borrowing lots of money on cars that will depreciate only ads to the total cost of the car.

I guess though, you only live once and Lambo or any exotic ownership is an experience and I do and will do everything I can to keep having that experience, even if the bank owns the car. I get to drive it.

 

AIR4C1.........

Is 100 % on the money...........certain cars have proven track records and make sense to finance.

 

hmmm...

ok i learned something......


but my question is, given a client with the cash and the proper credit, will Woodside ect finance a exotic thats 20 or even 30 years old? Jalpa, carb Countach, carb BB512, all are my faves, and all are really old in car terms. i dont like the "new" stuff.

so instead of several cars costing $30k cash, one could put say $50k down and finance the rest of a higher priced exotic?

how is this affected by agreed value insurance policies?

i have used Hagerty on all 4 Ferraris, both Lamborghinis and my Porsche. i have a good track record with them. they have metioned Woodside several times. do you have to do anything different as far as insurance because you dont hold a title to the car???




great thread.

 

Don't know much about Hagerty other than that when I talked to them, it sounded like their company's goal is to insure objects that sit in your garage and collect dust. When I told them I planned on driving my Gallardo to the beach at least once or twice per month in the summer they said well we're not really a good match, thanks for calling. I went with Allstate and got an awesome deal for my Gallardo, a g-wagen and my daily driver Avalanche.

I did finance my Gallardo through Woodside (via the dealer, Domani Motors) and everything was really smooth; I put 20% down and the rest of my money is busy making more for me than they're charging me in interest instead of it going to waste.

 

thanks for the response. i may be wrong, but Hagerty has always been very clear they do not like to insure cars newer than 1985 or so. they were not at all happy when i called wanting to buy my best friends 1989 Lotus Esprit Turbo. its " too new" they said.

i called Allstate local offices, and have had State Farm for 20 years with a clean record. the local agents can refuse to insure high risk sports cars. both turned me down on my Ferraris, the Lambos and even the 911.

i am seriously considering dumping State Farm because of this crappy attitude. i barely put 9000 miles a year on my daily driver truck. its a 2002 Nissan desert runner, and finally has 32,000 miles on it. i live 2.5 miles from work and have a nice secure garage with alarm and fire system.

i would love to dive into a carb bb512 or even a Diablo and finance. but i wonder if Hagerty would provide the proper coverage.

i think i will call them and ask, and post the results.....