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$302 per month for F430

Discussion in '360/430' started by F430Bill, May 7, 2021.

  1. F430Bill

    F430Bill Rookie

    Apr 21, 2021
    46
    South Florida
    Full Name:
    Bill
    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.
     
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  3. 02360spider

    02360spider Formula 3

    May 27, 2015
    1,274
    I did the same

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    F430Bill likes this.
  4. CoreyNJ

    CoreyNJ Formula Junior
    Silver Subscribed

    Apr 17, 2006
    776
    New Jersey Shore
    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.
     
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  5. ChipG

    ChipG Formula 3

    May 26, 2011
    1,339
    Santa Monica, CA
    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.
     
  6. E60 M5

    E60 M5 Moderator
    Moderator Owner

    Jan 2, 2006
    6,995
    Wash DC area
    Full Name:
    Robert
    To each his own, it seems a big gamble on a car. How are you going to pay for any major repairs??
     
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  8. BlacktopRacing

    BlacktopRacing Formula Junior

    Sep 18, 2016
    779
    Full Name:
    Dale
    Um, you recently paid $150k for a 2005 F430? Damn, I would have sold you my pristine low miles one for $118k
     
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  9. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
    Rossa Subscribed

    I had no knowledge of those, who offer those?


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  10. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    16,383
    same here
     
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  11. PCarRI

    PCarRI Karting
    Silver Subscribed

    Feb 23, 2020
    196
    Rhode island, USA
    Isn't that what caused the crash of '08? :D
     
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  13. Enzo Sebastian

    Enzo Sebastian Karting
    Silver Subscribed

    Aug 2, 2020
    103
    Amsterdam
    Full Name:
    Laurence Sebastian
    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!
     
    greg328, Shark01, mathewr and 6 others like this.
  14. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
    Rossa Subscribed

    CAN I take one on ur f40?;)


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  15. one4torque

    one4torque F1 Rookie

    May 20, 2018
    2,605
    Houston
    Full Name:
    One4torque
  16. brookliner7

    brookliner7 Formula Junior

    May 5, 2018
    608
    San Antonio, TX
    Full Name:
    Hans
    Bill, is this car gated 6 spd manual?
     
  17. tonyswfla

    tonyswfla Formula Junior
    Silver Subscribed

    Dec 2, 2007
    791
    Florida
    i was waiting for that response, we all cant be you
     
  18. VAF84

    VAF84 Formula 3
    Silver Subscribed

    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.
     
    Natkingcolebasket69 likes this.
  19. 02360spider

    02360spider Formula 3

    May 27, 2015
    1,274
    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

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  20. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    16,383
    What bank does IO loans on cars?
     
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  21. one4torque

    one4torque F1 Rookie

    May 20, 2018
    2,605
    Houston
    Full Name:
    One4torque
    What happens w a wreck? Diminished value etc?? Seems like some exposure.
     
  22. 02360spider

    02360spider Formula 3

    May 27, 2015
    1,274
    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.

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  23. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    16,383
    Thats very different than taking debt out on the car directly which is why it didnt make sense. Bank dont lend IO on cars.


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  24. 02360spider

    02360spider Formula 3

    May 27, 2015
    1,274
    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

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    one4torque likes this.
  25. NMNMNMN

    NMNMNMN Formula Junior
    Rossa Subscribed BANNED

    I am confused you bought 3 cars sold one and owe 17k on the other two?

    These cars must have been cheap to buy?


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  26. 02360spider

    02360spider Formula 3

    May 27, 2015
    1,274
    Your definitely right op has to be doing what I do either home equity io or the business line io.

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    VAF84 likes this.
  27. 02360spider

    02360spider Formula 3

    May 27, 2015
    1,274
    Bad titles lol

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    Tylercoupe252 likes this.
  28. 02360spider

    02360spider Formula 3

    May 27, 2015
    1,274
    To each there own I buy them as cheap as I can I'm watching a 2015 mclaren 650s it's at $47k

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    tonyswfla likes this.

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