Did you finance your TR? If you did with whom? | Page 2 | FerrariChat

Did you finance your TR? If you did with whom?

Discussion in 'Boxers/TR/M' started by ferralc, Jan 25, 2018.

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  1. LorenzoOO

    LorenzoOO Formula Junior

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    #26 LorenzoOO, Jan 29, 2018
    25 pts Over Libor gets a credit line against my bond account. Cheap $.
     
  2. ttforcefed

    ttforcefed F1 World Champ
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    #27 ttforcefed, Jan 29, 2018
    Yep that's market. That being said LIBOR is up a bunch over past 12 months.

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  3. turbo-joe

    turbo-joe F1 Veteran

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    #28 turbo-joe, Jan 29, 2018
    because it is always usefull to know what interests are for what and in what area of our world

    how much is the libor there just now?
     
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  4. Melvok

    Melvok F1 World Champ
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    #29 Melvok, Jan 30, 2018
    The EURO is very steady Romano ... we don't have to worry much ... :D
     
  5. 02360spider

    02360spider Formula 3
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    #30 02360spider, Jan 30, 2018
    I did my financing a little different I pulled a line of credit from my business.i only pay interests.I finance 3 cars with bad titles and try and flip 2 and keep 1.

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  6. turbo-joe

    turbo-joe F1 Veteran

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    #31 turbo-joe, Jan 30, 2018
    wrong mel
    about 5 years ago for 1 euro I got nearly 49 thaibaht, now only 38.5 :( :(
    so thailand is getting expensive now :)
     
  7. ttforcefed

    ttforcefed F1 World Champ
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    #32 ttforcefed, Jan 30, 2018
    Bankrate.com has everything you want to know



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  8. ttforcefed

    ttforcefed F1 World Champ
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    #33 ttforcefed, Jan 30, 2018
    Most credit lines in the usa are referenced off of prime


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  9. Parnelli

    Parnelli Formula Junior
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    #34 Parnelli, Jan 30, 2018
    TT- No reason for you to spend needless time being confused.
    I am a numbers guy. I have been a financial advisor for nearly 27 years at one of the largest financial firms on the planet.
    Simply wondering what the interest rate that people are paying/justifying on loans for their toys.
    Just because it is not "my" style to borrow money for toys doesn't mean that people aren't doing it.
    I don't plan on climbing Mount Everest either but I am interested in hearing about the people that do
    Now let's get back to the topic on hand .
     
  10. ttforcefed

    ttforcefed F1 World Champ
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    #35 ttforcefed, Jan 30, 2018
    If that's ur role u shld have a sense of where people can borrow money.


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  11. Parnelli

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    #36 Parnelli, Jan 30, 2018
    TT-

    probably would be a good idea for you to go back and read my original post. I'm simply wondering what type of interest rates are being charged. Penfed, Putnam and premier we're all mentioned earlier in the link.
    What rate specifically are those vendors charging ??
     
  12. ferralc

    ferralc Formula 3
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    #37 ferralc, Jan 30, 2018
    I think I understand you, I am a financial advisor too, so I understand your way of thinking about “financing toys”
    (Or depreciating assets)
    The idea of financing is because I believe the testarossa might keep its value so it is not a depreciating asset anymore.
    With that being said, using a home equity line or a back to back credit is not an option either because I want the car itself to be the collateral not my home nor my other investments
    But Answering your question I have asked premier and putnam, penfed and lighstream have rates published I just need to confirm if they apply for exotic car purchases. Everything for 60 months
    Penfed 3.74%
    Lighstream 4.34-7.34% from individual (3.19%-5.44% from dealer)
    Putnam hasn’t responded yet
    Premier 6.25%

    The advantage of the “lease to own” option (premier, Putnam)is that in CA you don’y need to pay sales tax on the whole thing, only on the part that you are “renting”, because they have acquiring balloon options at the end (30k-35k) so basically you are deferring the sales tax and the “down payment” is at the end of the term.
    I will let you know what are the specific rates once they tell me.


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  13. Parnelli

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    #38 Parnelli, Jan 30, 2018
    Now THAT is the kind of answer that I was looking for.
    Thanks and the best of luck to you!
     
  14. ferralc

    ferralc Formula 3
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    #39 ferralc, Jan 30, 2018
    Putnam 5.9%
    By the way all the quotes are based on the highest tier of credit score.


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  15. ferralc

    ferralc Formula 3
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    #40 ferralc, Jan 30, 2018
    Penfed told me it is indeed 3.74%, so unless I find a car from a dealer that would be cheaper than lighstream (if they actually use the 3.19% advertised in its website)
    So Putnam 5.9% and premier 6.25%
    Also Penfed told me they would finance the whole thing if I wanted to.
    So basically the more expensive of Putnam (+2.16) is worth it if you want to pay a ballon option at the end (35k) vs paying more every month but with a lower interest.
    And also they don’t report



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  16. ferralc

    ferralc Formula 3
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    #41 ferralc, Jan 30, 2018
    Penfed told me it is indeed 3.74%, so unless I find a car from a dealer that would be cheaper than lighstream (if they actually use the 3.19% advertised in its website)
    So Putnam 5.9% and premier 6.25%
    Also Penfed told me they would finance the whole thing if I wanted to.
    So basically the more expensive of Putnam (+2.16) is worth it if you want to pay a ballon option at the end (35k) vs paying more every month but with a lower interest.
    And also they don’t report



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  17. sidtx

    sidtx F1 Rookie
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    #42 sidtx, Feb 1, 2018
    I used Lightstream (which is actually part of Sun Trust Bank).

    They offer unsecured loans, -- so no need for appraisals, no need to send them the title.

    My loan was much smaller than you are looking for -- only $25K. The interest rate (3 years ago) was somewhere in the 3.0 range.

    Application, approval and funding was super easy.

    Sid

    Forgot to add -- why finance? Money invested was making >8% at the time (now >15%). So I considered 3% loan as "free money".
     
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  18. Parnelli

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    #43 Parnelli, Feb 1, 2018
    Just a reminder that what goes up 15% a year can easily go down 15% a year :)


    remember the fact that the SP 500 fell almost 50% TWICE this century! (2000-2002 and again 2007-2009)
     
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  19. ferralc

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    #44 ferralc, Feb 9, 2018
    what?? the market can go down??? or get extremely volatile??? I do not believe you!!! :)
     
  20. Parnelli

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    #45 Parnelli, Feb 10, 2018
    Yep And a LOT of people sure learned that (again) the hard way this past week!
     
  21. Melvok

    Melvok F1 World Champ
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    #46 Melvok, Feb 15, 2018
    Are you in BitCoins ? :) :eek:
     
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  22. Jakuzzi

    Jakuzzi Formula 3

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    #47 Jakuzzi, Feb 16, 2018
    Just ask Leno and Seinfeld. Their collections get tax exemptions/deductions for business purposes......
     
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