Refinancing the Ferrari ? | FerrariChat

Refinancing the Ferrari ?

Discussion in 'Ferrari Discussion (not model specific)' started by AZMrCrazy, Aug 4, 2020.

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  1. AZMrCrazy

    AZMrCrazy Rookie

    Apr 13, 2018
    24
    Phoenix, AZ
    Full Name:
    Robert
    #1 AZMrCrazy, Aug 4, 2020
    Hello Everyone,
    I finally got my home refinance done - got 15 yr fixed at 2.5% - Hazaa!
    So that got me thinking about the car loan. I was a little surprised to not find any other recent threads about refinancing the Ferrari so maybe I'm the only one that didn't pay cash for mine? or refinancing is a joke and I just don't know it yet -
    or I simply have yet to learn how to properly use the search function -
    well I'm asking the forum for insight
    Has anyone been re-doing their Ferrari loan and how are the rates out there today
    Appreciate your input - Thank you
     
    VAF84 likes this.
  2. Extreme1

    Extreme1 Formula 3

    Jun 27, 2017
    1,230
    Santa Clarita, CA
    #2 Extreme1, Aug 4, 2020
    I bought mine in February at an exotic car dealer for 10 years at 7.99%, knowing that I was going to refi it as soon as I got it home. The rate was outrageous, but I didn’t care, I just wanted to get the car into my garage and then focus on a refi.
    I contacted my credit union, POPA, and got 7 years at 3.75%. I borrowed $93,000.


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  3. VAF84

    VAF84 Formula 3

    Jul 23, 2016
    2,251
    Central Texas, Evansville IN
    #3 VAF84, Aug 4, 2020
    I did 5 years at 2.7, but have plenty of equity in mine. I never finance above my worst case scenario where I’d have to unload it as a quick sale (bottom of market). Really though, it’s hard to pass up the interest rate, no sense in having cash locked into a depreciating asset. When it could be used elsewhere.

    @Extreme1 that’s an awesome interest rate for the number of years. My credit union starts to jump up after the 5 year mark.
     
  4. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,876
    #4 ttforcefed, Aug 4, 2020
    u can get 30 yr money at 2.5%, why wld you go with anything less. you can be long the option for free.
     
  5. Natkingcolebasket69

    Natkingcolebasket69 F1 World Champ

    Jul 2, 2017
    10,082
    Miami and Bay Area
    #5 Natkingcolebasket69, Aug 4, 2020
    Wood side does that, I assume that’s who the lender was


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  6. GrigioGuy

    GrigioGuy Splenda Daddy
    Lifetime Rossa Owner

    Nov 26, 2001
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    #6 GrigioGuy, Aug 4, 2020
    Talk to your local credit union. Car rates are cheap cheap now.
     
  7. VAF84

    VAF84 Formula 3

    Jul 23, 2016
    2,251
    Central Texas, Evansville IN
    #7 VAF84, Aug 4, 2020
    Woodside does longer terms, but I didn’t think they went that low in interest rates. I want to say that they around 6% two years ago.
     
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  8. RedNeck

    RedNeck F1 World Champ
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    Jul 8, 2016
    10,021
    The CSA
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    Me
    #8 RedNeck, Aug 4, 2020
    I originally went with Collector Car Financing, I think 8 years at 6.99%. Obviously ridiculous, but my only previous "big" purchase was my first house a few months beforehand, so took what I could get. Made a few payments then refinanced with Penfed for 3.75%.Will only go for 5 years at most but I never keep a loan to term anyway...
     
  9. AZMrCrazy

    AZMrCrazy Rookie

    Apr 13, 2018
    24
    Phoenix, AZ
    Full Name:
    Robert
    #9 AZMrCrazy, Aug 7, 2020
    I originally went with Woodside a couple years ago - easy to qualify and longer term - bit high on interest (6.36%) but I knew I'd refi eventually. I called nearly a dozen credit unions in the Phoenix area but they either don't finance "exotic" or mine is just too old (2007) so far best response for me is Penfed looks like 60 mos at 3.75%
     
  10. dgoldenz94

    dgoldenz94 Formula Junior
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    Apr 13, 2020
    562
    Las Vegas
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    David Gold
    #10 dgoldenz94, Aug 7, 2020
    Bank of America 2.99% 60 months 3.19% 72 months. Financed my FF there, but a 2007 may be different.
     
  11. steven t evans

    steven t evans Rookie

    Jul 24, 2020
    28
    Arizona
    Full Name:
    Steve Evans
    #11 steven t evans, Aug 20, 2020
    Doing Ferrari Credit first 6% 60 months with nasty balloon. Up side is they dont impact your credit score and they dont get their pantys all wadded up when you do a LLC on the title. Now im working on the 10 yr fixed on home loan @ 2.50% hope to get new WHIP delivered before end of Aug.....im having trouble sleeping at nite waiting for this puppy to arrive!
     
  12. DefunctNeurons

    DefunctNeurons Formula Junior

    May 15, 2018
    412
    Alpharetta, GA
    Full Name:
    Trevor
    #12 DefunctNeurons, Aug 23, 2020
    Your avatar is twisted - made me check my screen for a second!


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  13. DefunctNeurons

    DefunctNeurons Formula Junior

    May 15, 2018
    412
    Alpharetta, GA
    Full Name:
    Trevor
    #13 DefunctNeurons, Aug 23, 2020
    I refi’d my 458 with my credit union recently - 1.98% / 60mos. $85k note. So tempted to pay it off but earning so much more in market right now it doesn’t make sense.


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