Anyone finance a used Ferrari?

whats the suntrust none asset backed lender ? soundstream or something like that

 

Lightstream. We've financed a couple cars with them, they're really easy to work with.

 

I never used them but I have heard this name several times.

JJ Best

https://www.jjbest.com/auto-finance/collector-car-financing.aspx

 

We used lightstream also.

They don't require you to send them the title. It's basically a no collateral personal loan.

I'm 3 years into a 4 year note. Haven't had a single issue.

Approval was quick. Funding was almost instantaneous into my bank account -- which allowed me a lot of flexibility in actually getting the money to the car broker.
Then entire process from application (on-line) to money in my account was less than 3 days.

I'd use them again in a heart-beat.

Sid

 

See my reply above about Lightstream.

I financed about 90% of the purchase price of a 30 year old Ferrari with them.

Also, since they will fund your buyer first, it makes for cash/title transfer between you and him much easier. No bank or middleman or escrow required. Bank gives him cash, he gives you cash (or cash equivalent), you sign over title.

Sid

 

I used collectorcarlending.com, they are more of a bank shopper but ended up financing through Stifel. I think I put down 15 or 20%.

 

Woodside. 20% down for over $100k I think and various rates (not great from what I gather) at terms up to 144 months. Know a few who have done for the long term amort for a low pmt knowing they would only keep it for a few years.


Sent from my Ferrari 458 Italia

 

Another recommendation for SunTrust / Lightstream here. As long as the FICO score is high, bank accounts/retirement accounts are funded, etc. it is a very quick process. Yes no lien on the car is great and means no extra visit to the notary. I applied online one night, was approved the next day, and had the funds in my account the following day. They will fund 100%, and you can also add sales tax, transport fee, etc. in there if you like. Doesn't make sense to finance some of those items of course, but they have some kind of reminder of these extra costs to consider when choosing the dollar amount of the loan.

 

I made a blog about it.
Basically its either penfed or Putnam leasing for the lowest true cost. Woodside is good but they teport to credit with a ****ty apr.
I got my testarossa like this with Putnam


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Lightstream is okay- u meed to be super perfect to get in there.
Penfed too but 100k fonanced amazing apr.
Putnam and premier no credit reporting; great for business owners ...just watch my suggestions...not affiliated with any and i could have paid cash for mine but didnt want 100k in an old car.



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Mark, I think you prospective buyer is more likely to find success using Putnam Leasing or Premier Financial (leasing.) The approval process is fast and he may be able to do a little better than the 75% LTV that his lender is willing to cover. Good luck with the sale.

 

If the guy can't come up with 25% down for an exotic car, he shouldn't be buying one. He can't afford the payments and maintenance.... Just sayin

 

I totally agree! He doesn't have the 25% down. What will he do if a $8k repair bill pops up? Charge it and pay off over 6 years?

 

While this is probably true, it's NOT for us to say...every time a thread of this nature pops up, the "you can't afford it!" policia have to roll in. Not your business, not your concern.

Besides, what usually happens when that issue plays out is an amazingly priced car comes on the market that "needs $20k worth of work from Ferrari", which translates to $3k worth of work for for a wrench turner and someone else gets to win. People need to make their own mistakes (if that's what they are).

 

IMHO.. first thing that goes through my mind is the above. He can't afford the car. But as they say carpe diem and it's not my financial decision.

I financed mine with PenFed. 5 year note, paid it off in 3.

 

Penfed is the best


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Yeah but..
1. It's satisfying to say "don't do that" before the train wreck happens. It gives me a smug feeling inside. Like KNOWING that the monster is going to kidnap the hot heroine in the movie.
2. In an ideal world the stupid decision maker goes bankrupt and the stupid underwriter eats the costs. As we have seen, the cost of stupid decisions unfairly can get passed to all of us.

 

Agreed that being said a ferrari can be well bought without issues.
I had bought my testarossa for 100k from ferrari of central florida and the car needed nothing. That same car was serviced by them ans on sale for 10 months with price dropped from 129k to 100k making at the the time one of the cheapest TR for sale... ppl think cheap=problems but i had done my due diligence as much as possible wnd buying from a f dealer was the best thing i could have done!


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I gave u a full video explaining how to finance which i did myself so can’t be more helpful than that


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Woodside Credit and Lightstream are both lenders that we often refer individuals to. Woodside will require 20% down. PenFed has worked well for many individuals as well. He could also set it up as a lease with Premier Financial Services. It's not vastly dissimilar to financing when it all shakes out. They will still want cash down, but will be flexible depending on his credit profile.

 

You should carry the note because good chance you get the car back in a year...

 

What's the catch? High rates? Difficult qualifying?