How can I get a Ferrari Loan and how much down? | Page 7 | FerrariChat

How can I get a Ferrari Loan and how much down?

Discussion in 'Ferrari Discussion (not model specific)' started by Kenneth Ramirez, Apr 23, 2018.

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  1. Simon^2

    Simon^2 F1 World Champ

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    #151 Simon^2, May 5, 2018
    My guess is he is someone nearing the end of his education with decent income opportunity on the near horizon...

    Not a troll, but a someone who has dreamed of Ferrari's most of their life. An enthusiast. I spent more time than I should have drooling over copies of Dupont Registry when I was a student...

    Lots of opinions on down payment. Some will say 100% is the only way to go. Others will say borrowing money is cheap so why use my own??
     
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  2. vjd3

    vjd3 F1 Rookie
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    #152 vjd3, May 5, 2018
    Borrow as much as you like, but be sure you have the means to pay off the whole damn thing with a stroke of the pen if you need to. And if you can't write a $10k check out of the blue for a potential repair, I would not buy it.
     
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  3. Mitch Alsup

    Mitch Alsup F1 Veteran

    Nov 4, 2003
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    #153 Mitch Alsup, May 5, 2018
    I only paid 100% for the down payment.
    This let me pick up the car for $0.00
     
  4. radlu

    radlu Formula Junior

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    #154 radlu, May 5, 2018
    omg
     
  5. NYFAIM

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    #155 NYFAIM, May 5, 2018
    What Mitch said - that's my plan in about 6 months (with a little bit of luck).
     
  6. Ingenere

    Ingenere F1 Veteran
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    #156 Ingenere, May 5, 2018
    It's been a while, but my 1st one was 100% down.
     
  7. Kenneth Ramirez

    Kenneth Ramirez Rookie

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    #157 Kenneth Ramirez, May 5, 2018
    Last edited by a moderator: May 6, 2018
    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?

    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?

    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?

    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?

    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?

    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?

    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?

    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?
    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?

    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?

    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?

    I just want something positive to come to my life from these blogs for once. I go to a top 4% college and will graduate at the end of this year. The jobs in my market are paying upwards of 100k dollars. I want to get a house or a mortgage first for a place that’s around 600k by taking advantage of all these first time home buyer programs. Then I’ll look for a loan for like a 812 super fast because what bank will want to turn down someone with 10? 20? Percent down and good enough credit to get a house. (No credit wise cracks.) and a house they can put against their car? Am I going in the right direction?
     
  8. RedNeck

    RedNeck F1 World Champ
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    #158 RedNeck, May 5, 2018
    People are just trying to help, don' take it negatively. You haven't given much insight into your situation other than you plan on going $1 million into debt right out of school making $100k/year pre-tax. I'm no financial expert, but that doesn't sound like a solid plan. Do you have student loans? Other debt? Do you really need a $600k house and a $200k+ car? Probably not. Don' **** up your entire life to drive a cool car.
     
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  9. Kenneth Ramirez

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    #159 Kenneth Ramirez, May 5, 2018
    But there’s a chance :) (Jim Carey face).
     
  10. Kenneth Ramirez

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    #160 Kenneth Ramirez, May 5, 2018
    If you own one then why can’t I. I got a lot of scholarships and went to community college so I don’t owe as much as most. And I’ve already started paying it back.
     
  11. vrsurgeon

    vrsurgeon F1 World Champ
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    #161 vrsurgeon, May 5, 2018
    100k after fed taxes and state is what? 60-70k after tax income? 5-6k per month? Not on a $250k new car
    You can’t do it and eat. Not unless you have a serious down payment on both house and car...
     
  12. Kenneth Ramirez

    Kenneth Ramirez Rookie

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    #162 Kenneth Ramirez, May 5, 2018
    I’d be making the average so prob around 175k and I’ll just save up 30k for a down payment with all the first time home buyer programs. Then the day after I move in, get the auto loan going. From what I’m guessing is they’ll be fighting over each other if I can put a 600k house against a 812 Superfast. How much down payment we looking at? 10? 20? Percent.
     
  13. JerseyBland

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    #163 JerseyBland, May 5, 2018
    No, from a fiscal responsibility standpoint you are making a slew of mistakes. You need a cheap apartment and a Honda Civic. When you can put 30-50% down on the house, buy one. When you can afford a Ferrari cash, but have learned how to make your money do more for you than prime plus 1-2%, than finance one with 10-20% down.


    Until then, ramen noodles...Honda civic...and zero debt.


    Sent from my iPhone using FerrariChat.com mobile app
     
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  14. pizzadude

    pizzadude Formula 3

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    #164 pizzadude, May 5, 2018
    If you can swing that much debt on 100k then by all means do so.

    But ....I’m voting troll on this...
     
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  15. Kenneth Ramirez

    Kenneth Ramirez Rookie

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    #165 Kenneth Ramirez, May 5, 2018
    Are you going to help me or not?
     
  16. Dave rocks

    Dave rocks F1 World Champ
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    #166 Dave rocks, May 5, 2018
    Why did you just post the same reply like 8 times?
     
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  17. Kenneth Ramirez

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    #167 Kenneth Ramirez, May 5, 2018
    I wanted to reach all the owners since they probably have the most real life experience that can help me. Do you?
     
  18. Dave rocks

    Dave rocks F1 World Champ
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    #168 Dave rocks, May 5, 2018
    I currently own 2 Ferrari's, 1 Maserati and I have a business in the industry. Lots of guys here can and will help you but not sure what help you are really looking for.
     
  19. Kenneth Ramirez

    Kenneth Ramirez Rookie

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    #169 Kenneth Ramirez, May 5, 2018
    Advice as to weather I have a chance of getting a 300k Ferrari if I make 175k a year by getting a 600k mortgage before the auto loan. Simple as that. What are my chances? What do you think I need down payment wise? Advice on how to move forward?
     
  20. Natkingcolebasket69

    Natkingcolebasket69 F1 World Champ

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    #170 Natkingcolebasket69, May 6, 2018
    Not too sure where u live and assuming that u mean what u are saying; u are going to live on rice and potatoes...
    Let’s assume u make. 100k no debts.
    Thats like what. 5500 a months?
    Then a mortgage for 600k is like 3000. U will have to pay pmi on ur loan etc.
    That leaves u 2500 to live.
    Ok not bad. But ur car payment on say a finance or lease of. 150k car will be like 1500-2000
    With anywhere between 500-1000 left on 100k a year it’s going to be impossible.
    If you are indeed for real and not a troll; wait a few nore years for ur salary to be up OR consider something much cheaper like a 348-355 car.


    Sent from my iPhone using Tapatalk
     
  21. Natkingcolebasket69

    Natkingcolebasket69 F1 World Champ

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    #171 Natkingcolebasket69, May 6, 2018
    With those figures yeah u can .
    175k is like what 10k net?
    Mortgage for 600k will be seen as a positive, specially after u paid a year or 2. So that’s probably like 3k for it and leaves u budget for ur car.

    There are several school of thoughts: some will tell u save , pay ur ferrari cash; some will spend and get loans earlier on in life. No right or wrong; just personal choices.


    Sent from my iPhone using Tapatalk
     
  22. ylshih

    ylshih Shogun Assassin
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    #172 ylshih, May 6, 2018
    Last edited: May 6, 2018
    Down payment thread merged back into this financing thread. Really the same question - how much income and down payment does it take to buy a Ferrari right out of school.

    All 12 posts merged into one, so it's a little bit more obvious how annoyingly redundant the idea to quote each of 12 users with exactly the same reply is to other readers. :rolleyes:

    And what have you done for these strangers on this chat board (not blog) that you feel entitled to help? It's one thing to come on a board and ask for some help. It's another to expect it as a right. Cool it and sift through the responses for those that meet your needs and be more tolerant of those that don't. :cool:
     
  23. Smiles

    Smiles F1 World Champ
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    #173 Smiles, May 6, 2018
    Ha!

    Matt
     
  24. Carnut

    Carnut F1 Rookie
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    #174 Carnut, May 6, 2018
    I may at times sound like I am trying to talk someone out of buying a Ferrari (someone mentioned earlier about keeping the club small or something), but I get at least 3 people contacting me every month about buying a car. Most of the time the car they want is not really the car they need. I have seen many people buy bargain basement cars because no matter what advise I gave them, they chose to not listen. None of those times did it end well, and some had terrible experiences that they swore they would never buy that brand again. Owning as many cars as I have a somewhat different perspective, you can get some information from reviews and videos but there is a huge difference between a C7 and an Evora 400, on paper they may be close, but in reality they are not. Owning a car, and living with a car are two different things in my book, as some owners put only a few hundred miles a year on their cars, but they are still owners. Each of the cars I own now has a purpose, some like my Mini Cooper S just gets used for runs to the mall. There are things about the Lotus that are better than the 430, things about the 430 that are better than the 4C, I could go on, but I am far from normal in many ways and 466 cars (and only slowing down a little) is not something I'd advise anyone to do. I am one of those FOD (friend of dealer) types, though I am incapable of kissing anyone's butt, and if I wanted a 488 (which I do) a build slot would open up. I did not win the lottery (but I got lucky in other ways) but looses on cars mean nothing to me. When I told Kenneth to go drive a 4C, that was good advise, they are amazing cars to drive and I intend to keep mine till I am too damn old to get out of it without help. If you are a smart young guy you would say hey that old dude with all those cars it telling me to go drive a Alfa 4C, hmmm maybe I should listen. Truth is Kenneth no modern Ferrari will give the pure driving experience of a 4C, and you can still buy a new one. If attention matters to you, you will be as much or more in the Alfa. I always ask this question, why do you want to buy.......?
    I rarely get an answer that makes sense!
     
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  25. vrsurgeon

    vrsurgeon F1 World Champ
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    #175 vrsurgeon, May 6, 2018
    OP, you need to be the one giving out advice.

    $175k first year out of community college? That's like 3 times higher than the average income in the country.

    Many many many college graduates would LOVE to know how you plan on making that much money.. you know what they say. When it sounds to good to be true...
     
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