Woodside or premier ??

Probably Woodside if you're going to buy, Premier if you're going to lease.

https://woodsidenew.defidirect.com/Application/apply?id=444

 

With a great credit score and all the right documents, why don’t you simply finance the car with Ferrari Financials? It’s available at every official F dealer and they want to do business.

 

Depending how many loose ends are worth the hassle…. Look into a personal or car loan from Lightstream. They cap it at 100k, but it’s easy company to deal with, with competitive rates and a great App/website. The money goes right to you. And last year at least, they beat woodside by quite a bit. May help with a lower overall rate.

 

That’s a good question: ask your Ferrari dealer if they can finance a different brand provided they sell you the car.

 

Woodside most likely may be the way that go if you don't have a high$ loan history. Get the loan and then refinance it at a lower rate.

 

It's none of my business and maybe you have saved for a long time (and have cash set aside), but I think buying a $260K vehicle with a $384K yearly income is a HUGE stretch...unless you have other sources of unreported income.

 

It's not. How about middle America, who make $80k a year and buy a $360k home.

Woodside finances vehicles out to 12+ years. The payment would be HUGELY manageable with that kind of annual income.

 

Woodside is absolute trash! I have given them a try in the past and never will again even with my 800 credit score...They do not even attempt to work with you. I have used Premier and it was actually very good. IMO use anyone but Woodside.

 

Very manageable indeed with that kind of annual income!

 

Who in their right mind, especially someone making nearly mid 6 figures, would think a 12 year 8+% loan is good financial advice for a car? You want to argue its an investment, fine.. but that is no smarter advice than someone claiming to be a good stock picker. I get financing for arbitrage or your own money used elsewhere, I did as well. But not at todays rates, and not for those terms

And a house is not a good comparison, nor would an 80k year salary be likely getting a 15yr loan...

 

It seems to me that if you are or have been looking at used Ferraris you will note there have been many owners( 5-6 in some cases) listed in some of these cars, ie. they get into them for as little down and lowest payment possible (long term loan?) and then bail after 2-3 years to the next one. They have "owned" their car for the least amount possible and recoup most of the loan payoff upon resale. Or at least haven't lost as much and can possibly upgrade to the next model using the same tactics. Just something that I have noticed. In a sense, they have rented the car for 2-3 years and then bail out. Cheapest way I can think of to own one of these cars.

 

Woodside sucks. Yeah the term is good but the rates are terrible, the customer service is terrible, it’s a bunch of people working from home selling you a line of ********.


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I have been happy with Putnam, I have done 2 Ferrari’s with them.

 

My experience with Woodside was great. They are picky with who they let in which is obvious by their reviews. I have no idea how someone thinks 8 percent for 12 years is a bad interest rate? That’s over a decade which to me is solid. Most will never keep the loan that long to pay the full interest. You are essentially leasing the car to yourself since these cars don’t depreciate as fast as a typical brand car like BMW.

 

I do vehicle inspections in S FL for JJ Best Bank out of Boston. They loan on lots of collector car stuff, but they've indicated an appetite for Ferrari, also.
No clue as to rate/terms, but maybe worth a call.

 

I'd never use woodside again, my issue was a prepayment penalty when paying off a loan early. I would never use them again just for that. No other bank charges a pre payment penalty. They are ignorant and short sided. Check out Penfed and the others people recommended over these clowns.

 

How early did you pay the loan off and how much was the penalty?

 

I don't recall exactly but less than a year.

 

IMO, if a person has to finance a car for 12 years in order to make the payments manageable, he/she shouldn't be buying the car. Even if the person bought the most reliable car, like a Lexus LS, and forget an exotic, during the 12 years the person would be hard pressed to even maintain the vehicle.

 

Having to finance vs. wanting to are very different. Having options is ideal. To each their own.

 

Pay cash on a depreciating asset? I would rather keep 200k invested in equities or high dividend paying stocks like Monroe Capital Corp which will pay ten percent a year. Eight percent over 12 years is nothing. I don’t know if Woodside offers twelve year loans but no matter what, I wouldn’t knock a person who takes it

 

Sorry, what I meant was that if a person had to take 12 years because they couldn't make the payments on a shorter term, they shouldn't be spending that much on a car. In others words, they are over extending to buy the car. You are right, it is a depreciating asset. I wasn't insinuating the person should pay cash for the car.

The only thing to be aware of in your example is in general a person would not be able to deduct the 8% interest paid, but would would have to pay taxes on the 10% dividend. I guess the net result could vary depending on the person's particular financial situation.