Who to use for financing | FerrariChat

Who to use for financing

Discussion in 'Ferrari Discussion (not model specific)' started by osuav8r, Aug 3, 2020.

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  1. osuav8r

    osuav8r Karting

    Feb 16, 2005
    142
    Houston, TX
    Full Name:
    Alan
    #1 osuav8r, Aug 3, 2020
    Hi guys.. I bought a nice stick shift 360 Spider back in February. I paid cash for it, but there is currently an aircraft I want to buy at auction and I would like to borrow against the Ferrari to build the war chest since you have to wire the money at the end of the auction. Anyone have any suggestions for who to use for financing since this isn't a regular car? My credit union is typically very flexible, but won't finance Ferraris. I'm thinking penfed but they have a $100k loan limit. That would probably do the job, but I paid $110k for it and I'd like to borrow all that if possible just until I get the aircraft bought. Any suggestions?
     
  2. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
    7,376
    Weston, MA
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    Paul
    #2 Nospinzone, Aug 3, 2020
    I'd be interested to see the responses you receive. I would think if you can get $100K from Penfed, that would be your best deal.

    And good luck at the auction!
     
  3. mchas

    mchas F1 Veteran
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    Oct 5, 2004
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    Los Angeles
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    Mark
    #3 mchas, Aug 3, 2020
    Not that this is any help but being able to pull out ~90% of a 15+ year old car’s value as a quick loan is probably as good as it gets.
     
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  4. osuav8r

    osuav8r Karting

    Feb 16, 2005
    142
    Houston, TX
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    Alan
    #4 osuav8r, Aug 4, 2020
    Thanks for the replies... penfed won't do a refi beyond 60 days from purchase so they're out. It looks like woodside and lightspeed are going to be my best options. JJ best might work as well but I think it's going to require an appraisal so they're in 3rd place right now. I agree that pulling 90% from an older car like this is pretty flexible and to expect better isn't really reasonable. This opportunity fell in my lap and I'm sort of uniquely situated to take maximum advantage of it. If it doesn't pan out, I'll just enjoy my paid for F
    errari :)
     
  5. spirot

    spirot F1 World Champ

    Dec 12, 2005
    14,532
    Atlanta
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    Tom Spiro
    #5 spirot, Aug 5, 2020
    why not just finance the airplane through someone like Premiere or one of the high end lenders that do that? a lot of them do auction work... line of credit etc..? Mitch Katz is who I would talk with ...
     
  6. ttforcefed

    ttforcefed F1 World Champ
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    Aug 22, 2002
    18,876
    #6 ttforcefed, Aug 5, 2020
    i doubt anyone will give you 100% of the value, ive never asked or heard of that. maybe im wrong?

    penfed amd lightstream were the goto players a cple years ago when i looked at the market
     
  7. Rostami6

    Rostami6 Formula Junior
    Owner Rossa Subscribed

    Jun 24, 2013
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    Austin TX
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    Amir
    #7 Rostami6, Aug 6, 2020
    Last edited: Aug 6, 2020
    I see you are in TX. Try RBFCU or UFCU. You’ll thank me later!
    If you have good credit, you will get low rates, long terms, 100% financing. On purchase, refinance, and equity loans.
    I normally pay cash for my cars, but I have used them Multiple times for equity loans with my titles instead of using my business line of credit. Interest rate is about half! Normally I call and apply over the phone. They send me the docs electronically and I sign. Then they deposit the funds in my account. In many cases, all in the same day!
     
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  8. gilly6993

    gilly6993 Formula 3

    Aug 20, 2009
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    Longmeadow, MA
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    Eric
    #8 gilly6993, Aug 6, 2020
    You say Penfed has a $100K loan limit but you didn't say that that's what they will give you on your car....I would say there's no chance you will get 100% financing on your car from anyone....
     
  9. Rostami6

    Rostami6 Formula Junior
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    Jun 24, 2013
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    #9 Rostami6, Aug 6, 2020
    Not true. As I mentioned above, the two credit unions I mentioned do it.
     
  10. VAF84

    VAF84 Formula 3

    Jul 23, 2016
    2,251
    Central Texas, Evansville IN
    #10 VAF84, Aug 6, 2020
    I can second RBFCU, that’s who I used. Can’t guarantee the full amount though since I’ve had money down on all of my loans. They will finance a Ferrari though (they did mine).
     
  11. audi_328

    audi_328 Formula 3
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    #11 audi_328, Aug 11, 2020
    What I did once, which I never would have thought of but was recommended to me by the kind lady on the phone over at Penfed, was sell the car to yourself to get the loan funds. Even did it online. Your First Name Last Name sells the vehicle to Your First Name Middle Initial Last Name. Send them the title, had the check within days.

    When I did it, I sold my paid-for Tacoma to myself to raise funds to purchase an old 911 a bunch of years ago.
     
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  12. LightGuy

    LightGuy Three Time F1 World Champ
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    Oct 4, 2004
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    David
    #12 LightGuy, Aug 16, 2020
    You had to pay taxes, registrstion etc right ?
     
  13. Husker

    Husker F1 World Champ

    Dec 31, 2003
    11,790
    western hemisphere
    #13 Husker, Aug 16, 2020
    I'm just waiting for the "if you can't afford to pay cash you shouldn't own it" replies. Free financial advice incoming! :D
     
  14. audi_328

    audi_328 Formula 3
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    #14 audi_328, Aug 16, 2020
    On the Tacoma? No, no sales tax in NH and it was already registered to me, so nothing changed there. I did have to let the insurance company know there was a lien on the vehicle.
     

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