HOW WOULD A BALLOON LOAN WORK ON A F8 ?

Maybe OP wants a 144 month loan

 

you may not.

LOL

 

I am glad you said it...it is the huge elephant in room and true for many of us! Speciale is a truly amazing model that has many fans!


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No. I am sorry, you misunderstood. The Speciale is not a pista...

Completely bias as I have a pista coming

 

I have a Pista and think it is a great car. I have the Speciale. Maybe a Speciale A or two. To me it is just the naturally aspirated rev versus the turbo spool rev, regardless of how well Ferrari did the turbo. The Pista is click, click, click as the revs climb so incredibly fast. The Speciale is just more analog feeling.

Of course, the CS and 16M are even better.

 

Here’s my thought that I’ve used for the cars I have bought and presently have.
If you can’t buy the car outright then don’t.
Why would you want to spend all that money on interest and after 5 or 7 years still owe a lot of money on the car?
Just not for me


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This forum is very loan adverse. However loans are not always a bad thing!

I could have paid for my 488 outright no problem. However, my nest egg is pretty much all tied up in stocks and and I've almost 4x'ed my money so would pay hefty taxes to pay off car in one fell swoop. I did not purchase the car from a Ferrari dealer and there are no finance companies I'm aware of that will make a car loan for over 100k. so I opted for a woodside credit 144 month loan.

Now will I pay the loan off in 144 months? Ofcourse not, I'm making large payments with my incoming cashflow and plan on paying the balance off in 2 years.

If my stock portfolio crashes I'll lose the bet, but if my stocks continue to do well then I'll come out of this very much ahead. And that's the gamble I was willing to take. But at end of day I won't lose sleep if it goes either way.

 

Nothing wrong with that. You are using your cash flow and financial prowess to your advantage.

But there is a difference in being financially savvy and stretching to be able to get the funds together to buy a car.

You did a 12 year loan and will pay it off in 2. Smart. Others will do a 12 year loan cause they just can’t afford any more payments. That is dangerous and not advised.

 

Balloon loans through premier, Putnam and Ferrari financial don’t show up on your bureau. It’s good if you don’t want a $4k/mo obligation showing up on your credit report for whatever reason. Those loans have higher interest rates but can be helpful if you’re aiming to keep your payment at a certain level (ie car allowance). Residuals are usually low so you’re probably not going to be upside down so long that you ride out the term of your loan. If possible, closed ended leases have advantages over ballon. They have shorter terms and protect you in the case values fall through the floor. Moreover if you get in an accident of some sort, you just pay to fix the car and return it at the end of the term (instead of having a >$50k hit to valuation due to a dirty carfax).


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HOW WOULD A BALLOON LOAN WORK ON A F8 ?

It does not! Stay away from a big loan with a balloon payment for a car purchase. Makes no sense at all.

 

Do Ferrari do layaway as I wanted to do on a Sears go-kart when I was a kid? Might make more sense.

Anyone who knows about "layaway" is a certain age. Simple days of getting stuff when you had enough money to pay for it.