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Financing possible for a 13 year old 456?

Discussion in 'Ferrari Discussion (not model specific)' started by davemqv, Sep 9, 2014.

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  1. davemqv

    davemqv F1 Rookie

    Aug 28, 2014
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    #1 davemqv, Sep 9, 2014
    Hi All,
    After getting some good answers about 456's on that forum, I've started looking into financing. My initial thought had been to just pay cash but now I'm thinking perhaps financing would be better for a variety of reasons. The trouble is, no bank wants to finance a used car that's more than 7 years old. Dealer financing is an option but the interest rates are ridiculous most of the time. Any tips on banks that might do loans on older "luxury" cars or am I just stuck paying cash up front?
    Thanks
    Dave
     
  2. spirot

    spirot F1 World Champ

    Dec 12, 2005
    15,149
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    Tom Spiro
    #2 spirot, Sep 9, 2014
    JJ Best bank. All they do is Classic / Exotic cars.... of any age. find them on the web. usually need pretty good - clean credit. very competitive rates. they then sell off the loan in a year.. Chase or Santander or BOA.

    the car will have to appraise and they send out an inspector to check it out... otherwise simple process funds you ASAP.
     
  3. Zcobra1

    Zcobra1 Formula 3

    Oct 9, 2012
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    Bert
    #3 Zcobra1, Sep 9, 2014
    Pen Fed....
     
  4. Schatten

    Schatten F1 World Champ
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    #4 Schatten, Sep 9, 2014
    Local credit union.

    Rates are too good right now.
     
  5. Statler

    Statler F1 World Champ

    Jun 7, 2011
    17,389
    #5 Statler, Sep 9, 2014
    PenFed
     
  6. cheesey

    cheesey Formula 3

    Jun 23, 2011
    1,921
    #6 cheesey, Sep 9, 2014
    just pay for it, then you are done with it ...there is no need to share your toy with a partner who may influence whether to keep it or not... financing is better suited to other type of acquisitions... it should only be for your amusement regardless of opinions that surround you,
     
  7. davemqv

    davemqv F1 Rookie

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    #7 davemqv, Sep 9, 2014
    Thanks all. I will look into all of those but maybe I'll just go ahead and "pay the 2 dollars".
     
  8. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

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    Jon
    #8 Bullfighter, Sep 9, 2014
    What he said.
     
  9. ross

    ross Three Time F1 World Champ
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    #9 ross, Sep 9, 2014
    given what the 456gt just sold for at the rm auction in london, they ought to be rushing to lend you the money......
     
  10. Jack-the-lad

    Jack-the-lad Seven Time F1 World Champ
    Owner Silver Subscribed

    Jun 22, 2004
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    #10 Jack-the-lad, Sep 9, 2014
    Use your home equity line....typically a lower rate than any car loan and tax deductible interest.
     
  11. LightGuy

    LightGuy Four Time F1 World Champ
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    Oct 4, 2004
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    David
    #11 LightGuy, Sep 9, 2014
    Buy toys and vacations with cash.
    If you cant pay cash you cant afford it.
     
  12. stevel48

    stevel48 Formula 3

    Jan 4, 2005
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    Steve (85 308 Owner)
    #12 stevel48, Sep 9, 2014
    I did wood side credit. I took the max length of 7 years to get a lower payment that I needed for the first year of ownership and paid it all off in 3 years.
     
  13. Piper

    Piper Two Time F1 World Champ

    Jun 6, 2010
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    #13 Piper, Sep 9, 2014
    Woodside would do it, up to 10 years. Tiny payment, higher interest, probably 6.5%.
     
  14. Derek at FoD

    Derek at FoD Formula 3
    BANNED

    Jun 10, 2004
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    #14 Derek at FoD, Sep 10, 2014
    Is the car for sale at an authorized dealer? If so, give Ferrari Financial Services an opportunity...they'll finance any model, any year Ferrari.
     
  15. davemqv

    davemqv F1 Rookie

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    #15 davemqv, Sep 10, 2014
    That was ridiculous. Somebody was high on life during that auction.
     
  16. vracer

    vracer Formula 3

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    #16 vracer, Sep 10, 2014
    What was the price on the 456?
     
  17. 355rockit

    355rockit Formula Junior

    Dec 1, 2010
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    Vas
    #17 355rockit, Sep 10, 2014
    PenFed will do used car loans for older cars. My '95 355 was through them.
     

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