Trying to get a Ferrari Loan in Wisconsin | FerrariChat

Trying to get a Ferrari Loan in Wisconsin

Discussion in 'North Midwest - USA (ND, SD, MN, IA, WI, IL)' started by Thomas E Stark, Jan 6, 2020.

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  1. Thomas E Stark

    Dec 11, 2019
    18
    Full Name:
    Thomas E Stark
    Okay, Found a F430 that I want to purchase and I'm having problems finding a local bank to finance 45K on a used F430 for 100K. Thats right I can put 55K down and the dealer said with my credit and large down payment shouldn't be a problem until he tried. A new car no problem but a used exotic car my local banks said when dont like giving out loans on high end cars. I about ****. In the mean time waiting on a line of credit which if I get could blow it on anything, no questions asked. What gives? Am i looking in the wrong place for money. Any advise would greatly be appreciated.

    Thanks Tom
     
  2. topcarbon

    topcarbon F1 Rookie
    Silver Subscribed

    Nov 3, 2006
    2,579
    woodside 100%
    Ive used them and they are great
     
  3. Thomas E Stark

    Dec 11, 2019
    18
    Full Name:
    Thomas E Stark
    thanks I'm on it. New to the site how do I message a certain member
    thanks Tom
     
  4. topcarbon

    topcarbon F1 Rookie
    Silver Subscribed

    Nov 3, 2006
    2,579
    click on their name
    and the next screen will show a place to click to start a conversation
     
  5. Thomas E Stark

    Dec 11, 2019
    18
    Full Name:
    Thomas E Stark
  6. Ianjoub

    Ianjoub Formula Junior

    Dec 22, 2019
    899
    Homosassa, FL USA
    Full Name:
    Ian Joubert
    Wells Fargo is a motivated lender these days.

    I just bought my 2015 458 spider with 25% down at 5.61% for 75 months.
     
  7. Thomas E Stark

    Dec 11, 2019
    18
    Full Name:
    Thomas E Stark
    thanks Ianjoub
    I found a found a sweet F430, trying not to loose out on the deal
     
  8. RossoC360

    RossoC360 Formula Junior
    Owner

    Jun 20, 2008
    475
    Buffalo NY
    Full Name:
    Jason
    EastMemphis and gt1995 like this.
  9. Thomas E Stark

    Dec 11, 2019
    18
    Full Name:
    Thomas E Stark
    thanks everyone for all your help, shouldn't be problem now.
     
  10. ASK328

    ASK328 Formula 3
    Silver Subscribed

    Sep 23, 2005
    2,389
    Full Name:
    Andrew
    PenFed

    Woodside’s rates are much higher I believe.
     
  11. Meister

    Meister F1 Veteran
    Silver Subscribed

    Apr 27, 2001
    5,516
    Duluth, MN
    Full Name:
    The Meister
    Check with some credit unions. They are more flexible than banks
     
    martini13 likes this.
  12. imahorse

    imahorse F1 Rookie
    Silver Subscribed

    Nov 25, 2017
    2,638
    WI
    Full Name:
    Dustin
    I use marine credit union. They financed my 360. Never turned me down for any bizarre loan. They aren't the best bank, but if you really want a car (like I always find myself doing) they will finance it.
     
  13. jferrante

    jferrante Formula Junior

    Jul 9, 2016
    498
    Penfed.org or lightstream
    Lightstream cuts checks unsecured it's crazy, rates are higher

    Sent from my Pixel 2 XL using Tapatalk
     
  14. ferrame

    ferrame Formula 3

    Mar 2, 2005
    1,193
    Orange, Calif
    You can't go wrong with Penfed!! I have financed a few cars with them.
     
  15. blown94conv

    blown94conv Karting

    Feb 3, 2007
    230
    Berlin, CT
    Full Name:
    David
    I’ve used Penfed, very easy to work with and great rates.
     
    19633500GT likes this.
  16. Simon^2

    Simon^2 F1 World Champ

    Oct 17, 2005
    12,313
    At Sea Level
    USAA if you qualify. They don't care what you're buying.
     
  17. Andrew F.

    Andrew F. Rookie

    Jan 30, 2020
    1
    If you need to borrow that much I wouldn’t recommend purchasing that car. Do you have any idea the cost for maintaining it? Buying is one thing, keeping it is another. Good luck to ya I’d borrow some extra so you can afford to fix and maintain it for a while.


    Sent from my iPhone using FerrariChat.com mobile app
     
  18. martini13

    martini13 Rookie

    Aug 2, 2017
    12
    Agree with using a credit union. Woodside turned me down and said it wasn't that I had bad credit it was that I didn't show enough for expensive cars. I bought my last two in cash and I guess that isn't what they want to see. Went to a local credit union to buy my 458, applied and had loan done in less than 1 day. Easiest experience Ive ever had
     
  19. Meister

    Meister F1 Veteran
    Silver Subscribed

    Apr 27, 2001
    5,516
    Duluth, MN
    Full Name:
    The Meister
    people certainly over leverage themselves sometime to buy thing like this, but sometimes its also about cash management where you can borrow for less than the same money earns somewhere else
     
  20. deebo

    deebo Rookie

    Nov 20, 2020
    44
    Full Name:
    Josh
    Same. Woodside was relatively easy to deal with on financing.


    Sent from my iPhone using FerrariChat.com mobile app
     
  21. 2NA

    2NA F1 World Champ
    Consultant Owner Professional Ferrari Technician

    Dec 29, 2006
    18,214
    Twin Cities
    Full Name:
    Tim Keseluk
    Where are you located?
     

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