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Current Financing Rates and Length of Term for 150k+ Loan Amount

Discussion in 'Ferrari Discussion (not model specific)' started by moldynotepad, Jun 15, 2017.

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  1. Devilsolsi

    Devilsolsi F1 Veteran
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    #26 Devilsolsi, Jun 29, 2017
    My local credit union will do 1.99% on anything. No age restrictions on the vehicle. Purchase price has to be greater than $10K, but not sure if there is an upper limit. I believe they will loan out to 84 months but not sure. Both of my cars are financed through them for 60 months.
     
  2. Statler

    Statler F1 World Champ

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    #27 Statler, Jun 29, 2017
    This is a typo right?
     
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  3. technom3

    technom3 F1 World Champ
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    #28 technom3, Jun 30, 2017
    most are 29.9%-35% depending on the state
     
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  4. henryr

    henryr Two Time F1 World Champ
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    #29 henryr, Jun 30, 2017
    ala 3% or so per month.... ;)
     
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  5. henryr

    henryr Two Time F1 World Champ
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    #30 henryr, Jun 30, 2017
    has anyone tried borrowing on a peer to peer site ?
     
  6. technom3

    technom3 F1 World Champ
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    #31 technom3, Jun 30, 2017
    in all fairness you never specified monthly... and the context of the original posters circumstances has always been annual interest.

    the 2.99 is not a monthly rate. Every one of the rates previously quoted were all annual rates not monthly rates.

    This is where everyone was confused with your 3% comment and being enslaved to look rich. Paying 2.99% annually is pretty far off from being enslaved in debt
     
  7. moldynotepad

    moldynotepad Rookie

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    #32 moldynotepad, Jul 27, 2017
    Hey Guys,

    As a quick update, I ended up purchasing the vehicle cash as it offered the greatest flexibility in various avenues whereas any institutional lender would be completely inflexible.

    I appreciate all of the feedback and help in this matter, thank you.
     
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  8. paulchua

    paulchua Cat Herder
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    #33 paulchua, Jul 28, 2017
    congrats!!! What did you end up getting?

    Drive in good health.
     
  9. davemqv

    davemqv F1 Rookie

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    #34 davemqv, Jul 28, 2017
    This doesn't sound weird to me at all. I also own (Sole Prop.) a small business, and lenders are VERY critical when considering loans/LOC's/etc. You have to keep your credit super clean, especially if you're in a feast or famine business and already have some explaining to do when it comes time to qualify. For some reason exotic and classic cars are big red flags to lenders, even if everything else about the potential borrower looks great. I guess it makes us look unstable...and actually, after considering some of my service bills they're probably right. :)

    This set-up is actually a good idea. We considered it but I decided that until we've taken care of some larger family obligations, I'm only buying cars I can pay for in cash. Otherwise I'd have more cars! And of course the OP's wife would have to know about it, unless he's a master forger and reprobate. The only possible exposure would be if they got divorced and she had a bunch of exotic car loans on her credit report, and nothing else! But hopefully we're not THAT cynical, and we can see this as a young couple working together as a team, and not as one guy pulling one over on his wife.

    More importantly, congrats to the OP on your car! What did you get? Post pics or we won't believe you! ;)
     
  10. henryr

    henryr Two Time F1 World Champ
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    #35 henryr, Jul 28, 2017
    me ? that was my first post. i was responding to yours.... ????
     
  11. Kruegmeister

    Kruegmeister Formula Junior
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    #36 Kruegmeister, Jul 30, 2017
    Woodside is not always Interest up front I believe. My 430 loan just had me paying for a 2 year minimum. I usually either buy cash or Finance and chunk it down quickly as a Small Business Owner as well. I used to be where you were credit wise, now its much better. I believe they told me terms/Interest rate depended on applicants Credit Rating
     
  12. moldynotepad

    moldynotepad Rookie

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    #37 moldynotepad, Jul 31, 2017
    Thank you guys very much for the well wishes and supportive comments! I greatly appreciate it. The driver dropped off my vehicle this morning: it arrived all the way from Florida! I am very thankful it arrived in one piece.

    http://imgur.com/a/oI0gb
     
  13. paulchua

    paulchua Cat Herder
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    #38 paulchua, Jul 31, 2017
    bella!!

    congrats!!
     
  14. ForeverNA

    ForeverNA F1 Rookie

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    #39 ForeverNA, Aug 1, 2017
    Just do FFS. Won't show on credit report. But it will show they at least have run a credit check
     
  15. bnels2348

    bnels2348 Karting

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    #40 bnels2348, Aug 1, 2017
    From experience on loan committee for a LIC...... assets-liabilities.... equals approvals. If YOU can't afford the car don't buy it. I will say that cars can be assets on origination. I've valued F cars as assets. I'm assuming you're getting a construction loan so don't worry so much. Rbc 4 is bad no matter how you spin it. Just a quick comment.


    Sent from my iPhone using Tapatalk
     
  16. HighCountry

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    #41 HighCountry, Apr 2, 2018
    This thread is somewhat timeworn now, however Im interested eight-months later how the purchase looks in the rear-view mirror? From the photo it was certainly a beautiful car.

    One critically important detail nobody mentioned.....”My wife is in her late 20’s”........= Priceless. LOL.
     
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  17. FerrariTexas

    FerrariTexas Karting

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    #42 FerrariTexas, Nov 20, 2019
    Bueller?...
     
  18. gilly6993

    gilly6993 F1 Rookie

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    #43 gilly6993, Nov 21, 2019
    8 months?....this is from 2017
     
  19. Alcav5

    Alcav5 F1 Rookie
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    #44 Alcav5, Nov 21, 2019
    That quote you are referring to is over a year old & it was 8 months from the orig thread .


    That said , I am also curious as to how the rear view looks..
     
  20. tfazio

    tfazio Formula 3
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    #45 tfazio, Nov 21, 2019
    Like others have been saying 2.99% for a used car more than 5 years old is a great rate. Even if they were to ask for $10K down.

    FYI If you finance through Ferrari Financial your loan/lease/balloon will not show up on your credit report as FFS does not report to the credit bureaus. The rate would be higher but then you can use your own credit and not depend on your wife to sign the note.
     
  21. moldynotepad

    moldynotepad Rookie

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    #46 moldynotepad, Mar 14, 2020

    Sorry guys, I haven't logged in for a while. Here's a rambling response:

    Regarding the late 20's remark, I am 4 years older than my wife. If I weighed everything in totality, the scale probably tips more towards regret due to opportunity cost. My minimum real estate exit has been 5x MOIC. So every time I see the car, I think about what that capital could have been doing. It's a nice reminder; I'm sure if I become wealthy enough, $200k will mean very little right? But that's assuming the value goes to $0. In reality what's the worst case scenario--it can at least still fetch $150k right? Best case, seems like I might even make a few gs.

    In either scenario, doesn't move the needle. I think about the purses my wife buys. Or what I pay for schooling for my young children. Just two examples of items I will never receive a return on. In fact, from my perspective, schooling is just the worst and a negative return. From my perspective, I'm paying for some person who hasn't been able to hack it in the real world to brainwash my children with their ideology so they can grow up to hate me and condescend to me. I know because I treated my parents the same way when I was younger after I graduated with some useless degree. So in that context, what's another liability that I can at least derive occasional pleasure?

    But three years later I still haven't even taken it to the track, which was something I aspired to do when I purchased the vehicle. Nowadays I just find so many things bothersome and not worth my time. I guess right now I'm just not really into cars as much. I can't even bring myself to detail the car anymore or even personally wash it. I've never even driven the car to any car meets--ever. When I was younger and drove a BMW 335i, I was at a car meet every week with fellow enthusiasts.

    What was most surprising to me was how quickly I got used to the car and how quickly it became a baseline. After a few days the marginal utility was gone. And nowadays any sporty production car can challenge or beat my 458 0-60. Heck, my wife's overweight Model X w/ ludicrous performance can zip right past it without wasting a breath. But at least there's the sound. I think I would have real regret if I had owned a McLaren or something instead of a philosophical existential one.

    Now, the only thing that excites me is wealth creation and reducing my tax liability. That at least hasn't gotten old yet. I think it's because my State does everything it can to nerf entrepreneurs so it feels like a challenge to continue creating local economic opportunity and taxable revenue.

    So I guess, if I am being completely blunt and honest: Yes, this was a necessary purchase because it did change my perspective. And every time I use or see the vehicle this perspective becomes self-reinforcing and compounds.
    ​
     
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  22. Nospinzone

    Nospinzone F1 Veteran

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    #47 Nospinzone, Mar 14, 2020
    Thanks for coming back with an update.

    Sorry you feel so negative about education. Certainly some people have done exceedingly well without it, but there are some who have done exceedingly well because of it.
     
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  23. Ianjoub

    Ianjoub Formula Junior

    Dec 22, 2019
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    #48 Ianjoub, Mar 14, 2020
    Sorry to hear the car lost its charm for you. Things often come full circle though. Maybe when you are less focused on work, you will come to enjoy it again.
     
  24. Thecadster

    Thecadster F1 Veteran
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    #49 Thecadster, Mar 15, 2020
    As a bona fide car nut, that might be the saddest post I have ever read. So sad, that I tried to read it again in hopes of better unpacking it, but stopped short of finishing it, as I was overcome with pity.
     
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  25. 09Scuderia

    09Scuderia F1 Rookie

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    #50 09Scuderia, Mar 15, 2020
    he is being smart. He is young and wants to make money. Once he has that working in excess then he can go back and buy toys. If he chooses. That's smart priorities.
     
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