When I recently purchased my 2005 F430 for $150k, I took out a interest only loan at 2.4% and my monthly payments are only $302 per month. Who knew that a buying a Ferrari is cheaper than a VW Jetta Assuming I hold it for 3 years or so, if the price holds or goes up, then the car will be free. But if it goes down, then I obviously will have to pay more to cover the loan and I am hoping that will be less than $15k.
So you took an interest only loan? That’s a scary thought for a car…. A VW Jetta would be about $40 a month doing that so bad comparison.
My F430 F1 Spider depreciated about $40k in the 3 years I had it so good luck and not a smart move in my opinion.
Um, you recently paid $150k for a 2005 F430? Damn, I would have sold you my pristine low miles one for $118k
For what it's worth, I really don't understand why people would take loans for anything other than business investments or real estate. But, enjoy your F430!
I’m not sure I follow here, the bank is actually allowing you to just make interest payments. For how long? Never heard of this. I don’t think there’s anything wrong with taking loans out, especially on a “toy”. I re-extended the loan on mine at 1.9% or so, but I have substantial equity in mine and I couldn’t resist cheap money. I didn’t even notice but @BlacktopRacing has a good point; now I’m curious about what 05 F430 you bought for $150k. Had to have been a special car.
Here is what I do I know everyone is different I have been doing this for 8 years. I bought 3 cars from the auction crashed neglected or theft I don't care as I don't keep them forever 1 is 03 g wagon milage 62k 2 00 ferrari 360 milage 20k 3 15 r8 v10+ milage 7k My interest only payment on all 3 was $380 a month I just sold the r8 for $73k so now I owe $17k on my interest only loan for the ferrari and g wagon Sent from my SM-G996U1 using Tapatalk
You either use a equity line of credit on your property 5 years interest only depending on your rate $90k could be $150 a month lol Or you use a business line of credit if you have a business and the do line of credit interest only. Sent from my SM-G996U1 using Tapatalk
Thats very different than taking debt out on the car directly which is why it didnt make sense. Bank dont lend IO on cars. Sent from my iPhone using FerrariChat
The bank just does gives you the money you buy what you want.I wouldn't do interest only loan for a car you plan to keep but think of it as a lease buy it pay $300 a month on a $130k car a month and sell it if you get the $130k back you did good if not u lose a little still cheaper then paying $1500 a month for a car Sent from my SM-G996U1 using Tapatalk
I am confused you bought 3 cars sold one and owe 17k on the other two? These cars must have been cheap to buy? Sent from my iPhone using FerrariChat
Your definitely right op has to be doing what I do either home equity io or the business line io. Sent from my SM-G996U1 using Tapatalk
To each there own I buy them as cheap as I can I'm watching a 2015 mclaren 650s it's at $47k Sent from my SM-G996U1 using Tapatalk