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

175K... take home will be about 9K/month in NY

1st... Max out your works retirement plans... that'll be at least 1k /month gone. TRUST ME... YOU WANT TO DO THIS!! 8K left...

2nd: Any other obligations.... student loan?... Child support ?

3rd: Home. 600K mortgage at 5%,... 3200/month. and property tax / insurance,... utilities... call it 5K/month. If you have an association fee / condo maintenance... it'll be $5500-6k/month.

4: Recreation / life: Life is expensive. Money spends money. That house,... you have to furnish it. That job,... your friends all make $175K (or more) and are going to that new expensive bar / club / restaurant... are you going? The best gym. Cloths. Shoes. Travel,... are you going skiing? Are you splitting a Hampton's rental with your friends? Miami / New Orleans weekend in January / Marde Gras??? You going? your life money will be $2K/month minimum.

$175k sounds like a lot, before you have it. Would it shock you to know the average police officer in Nassau County (Long Island) is 150K??!! In NY,... Sorry to be blunt but $175 in NYC is nothing.

Simple answer is,... you are no even close to a $600k mortgage and an 812 Ferrari.

Depending on what you want from the rest of your life,... travel, car, girlfriend,... even a 600K mortgage might be pushing it in NY (depending on rate of expected future increases).

 

Exactly. $175k in NYC or San Fran (junior equity analyst?) is middle class pay. It’s an apartment and a corolla with monthly garage storage.

 

As I predicted this thread is an April fools joke.

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That one sentence pretty much sums it all up. You’re not entitled to things others have.

The advice you’ve gotten so far is good: wait. You’re off to a great start earning $175k a year. But it’s not always what you earn, it’s what you keep. I’d focus on that your first 3 years out of college.

I’m about 5 years ahead of you and could buy a Ferrari now if I wanted, but it’d be a stupid move financially. There are lot of other less expensive cars you can buy besides a 812 that you can still have fun with. Two years out of school, I bought a Honda S2000 for $15k cash. Sure, it’s no Ferrari but, for me, it’s probably more fun to drive than an Fcar, since I’m not afraid to kick the rear out while on the local back roads and am totally fine beating the hell out of it on the track or auto cross (wouldn’t be doing that with a Ferrari bought on credit). And that S2K has appreciated to around $18k or so.

 

Yes, 100% sure....banks just want to not have to repo cars that are worth less than are owed. With 50% down, you will always be on the upside of that...so the bank has little risk.

 

If you don't have alot of equity, then no way....I make alot more than you would and have significant equity in a $450k house....and I would NEVER consider a $300k car....its just too much for my income. Start with a nicely depreciated F430

 

Gentlemen:

This thread has me shaking my head...
KR you have received very good advice from people who have worked hard to get where they are along with many years of wisdom.
Although I admire your current achievements your desires are financialy illogical the golden rule is like others have said one NEVER uses your home as a bank to purchase things like cars or any other luxury items...the only exception is maybe a serious health related expense...I have been in love with Ferrari since I was your age or younger...being in the car industry my whole life today I feel truly blessed to now in my late 50 to be able to forfil my life time dream,,,and you know what it's all that much better...
I wish you luck but think you should reconsider your approach....the good part iof dreaming is its FREE.
All the best.
K//

 

At 175k start, I assume you got recruited by a major wirehouse? But then you said top 4% school, Goldman Sachs usually has the pick of the litter at the top 1%. I assume your 2nd degree is a MBA or Law Degree? Perhaps a major law firm in NYC on the Valley?

The reason I mentioned these things is places that pay 175K start for a person out of school usually are in very high cost areas. So a starter home say in San Francisco is about 1 million for a shoebox.

Don't forget Uncle Sam too, say you got a job in California or NYC, your 175 just got down to 110 (even less if you're smart and do a 401k) so say with maximum contribution the 110 is now down to 91k...which is peanuts say in Palo Alto.

I would recommend you save and invest first, the cars will come, and will be even sweeter when you get it, which based on your background I have no doubt will happen.

 

Because I'm not an idiot.

 

Yes but u started saying 100k


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A depreciated F430 is a far cry from 488 at the moment. Look, these guys are giving you some solid advice, Best thing you could do is listen. It will save you from a financial SmackDown that you soon won’t forget. Be smart about it.

 

Can you afford the maintenance? Have a daily driver and a place to park it thats secure? These items all factor in. Life never goes according to how you planned it. Personally, whatever you make, I would put 30% of it right off the top in savings or investment and build my budget from there. my 2cts.

 

You ask for advice, but don’t listen.

IF (that’s a big if) you figure out how to buy a Ferrari (or any super car) straight out of college...it will be the first of many unwise choices that will ultimately place you in serious financial trouble.

No...you can’t afford a car that cost 90-100% your annual gross earnings with zero accumulated wealth.

2010 Honda Civic - that’s you




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Lol - I can’t tell if you’re serious or if this thread is just a joke.

You know, I was bike riding in the Hamptons yesterday and a California T passed me with a twenty-something year old driving, a nice brunette in the passenger seat, and a hot blonde sitting on on her shoulders, hair blowing in the wind as he punched it (no idea how they didn’t get pulled over). I thought to myself: man, wouldn’t it be nice to be that guy. But Now that I know people are buying 488’s and 812’s making only $175k a year, I’m not so sure. Cheap money makes people do crazy things...

 

Had you heeded this earlier advisory, I wouldn't have had to merge further posts for you:

Please learn how the multiquote feature works, rather than individually replying to each member in separate posts with exactly the same text.

And yet you chose to grace us with your registration only 2 weeks ago. How did we ever manage without you all these years?

This is not a good start to your active membership. Please take the next 2 weeks offline to contemplate your return with a better attitude.

All the best,
Andrew.

 

I could sell my 360 for more than I paid for it today. Your joke is getting old and good luck continuing to actually getting help after so many have tried. Not wasting any more time on your nonsense.

Edit: never mind , you’re banned

 

Oh great. Thanks a lot Andrew. Now what am I going to do the rest of the day??