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financing ferrari

Discussion in '360/430' started by mdwfa2001, Oct 20, 2009.

  1. mdwfa2001

    mdwfa2001 Formula Junior

    Apr 21, 2008
    253
    NJ
    Full Name:
    K
    was just wondering how difficult it is to finance a ferrari these days compared to before. Thanks.
     
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  3. blkdiablo33

    blkdiablo33 F1 Rookie

    Jul 12, 2004
    3,426
    not what it used to be just from ur great credit score .now most of the time they want tax returns with a great score.
     
  4. leead1

    leead1 F1 Rookie

    Nov 29, 2006
    2,823
    Florida
    Full Name:
    Lee
    In my view if you have to borrow money to own a ferrari you canot afford one. The maintenace is expensive at best and can be frightening at worse.

    When I traded in my 360 Modena for the F430 I had $14.000 of maintenace due on the 360.

    The older cars are worse.

    buy a vette and beat the hell out of it and enjoy. Ferraris are better cars but the vettes at least 2008 or newer are not bad cars.

    Good luck whatever you do.

    Lee
     
  5. blkdiablo33

    blkdiablo33 F1 Rookie

    Jul 12, 2004
    3,426
    if your approved on fiancing and it fits in your budget make your dream come true.good luck.
     
  6. FerrariDublin

    FerrariDublin F1 Rookie

    Jun 14, 2009
    3,446
    Dublin, Ireland
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    Greg
    Give the guy a break! I'm sure a significant proportion of Ferrari owners finance or part finance their cars and there's absolutely nothing wrong with that.
     
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  8. Spider-Man

    Spider-Man Karting

    Mar 3, 2009
    113
    back in Jersey
    most banks wont finance a car more than 5 years old. And those that do will rape you on the vig...
     
  9. trialman1

    trialman1 Karting

    Oct 18, 2008
    72
    new york
    Full Name:
    steven
    If you purchase the car through a Ferrari dealer they may be able to arrange financing through Ferrari Financial but you probably wont get more than 80% of the true value of the car. Good luck
     
  10. SubLV

    SubLV Karting

    Apr 23, 2009
    222
    Oakville
    #8 SubLV, Oct 20, 2009
    Last edited: Oct 20, 2009
    Why not finance? If he can get a higher ROI than the borrowing cost, wouldn't it be smarter to borrow 200k, pay the 3% rate (made up), and enjoy a higher (than 3) return on his invested 200k?

    If financing is needed because it might not be feasible otherwise, then it might not be such a good idea.
     
  11. carcommander

    carcommander Formula 3

    Sep 28, 2006
    1,705
    Southeast
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    Jim
    I don't know if I would go out on a limb to buy a Ferrari just now. Ferrari's are easy to buy and hard to sell right now. If we have a market correction they could get harder.
     
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  13. agentbb007

    agentbb007 Karting

    Sep 25, 2009
    63
    USA
    Full Name:
    Strider
    I don't know about previous years but I just financed my F430 through Ferrari financial this month. My credit is immaculate, I have $0 debt, showed last 3 years tax returns of $150k+ a year and they made me put about 30% down.
     
  14. Dohangs

    Dohangs F1 Rookie
    Rossa Subscribed Owner

    Oct 31, 2008
    2,928
    Florida
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    Spiro
    I think it is always better to be able to buy the car outright instead of financing it. Especially w/ the way things are going now.
     
  15. 360blue

    360blue Formula Junior

    Dec 27, 2007
    292
    Hancock Park
    Full Name:
    adil
    I financed 50% of my car through my credit union for 5% 7 yrs fixed. Now they ask for tax returns with excellent score. that I think should be a given. And who on earth would even consider buying a Ferrari with a bad credit history any way.
     
  16. Scaledetails

    Scaledetails F1 Rookie
    Rossa Subscribed Silver Subscribed Owner

    Nov 19, 2003
    3,975
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    #13 Scaledetails, Oct 20, 2009
    Last edited: Oct 20, 2009


    Nonsense. If the guy wants to finance his dream car, let him do it. Corvette is not even comparable in this equation. Everyone's neighbor has one these days.
    With a very good credit score, you can finance ANY Ferrari of any year with a required 20% down if purchasing, zero down if leasing. Not only is it a good option, but that allows you to drive and enjoy a car at a good price (today) that you can probably re-sell in a couple of years for not much less, or who knows, maybe even more if the market re-stabilizes. That's how I've parked my funds for over 20 years and got to own the best cars in the world with the help of good exotic car financing companies like JJ best, Premier Financial, etc. Most banks however won't finance exotics.

    My point is just do it, life is too short.
     
  17. hardtop

    hardtop F1 World Champ

    Jan 31, 2002
    11,253
    Colorado
    Full Name:
    Dave
    If you know of a way to get a better after tax, risk free return on money than the interest rate on a used exotic, please share it with us.

    Dave
     
  18. toussi1

    toussi1 Karting

    Jun 10, 2007
    90
    USA
    From expirence, if the car is only 1/4 of your montly income, sure why not. But if you are trying to buy a car and will be in 50%, don't do it.
     
  19. HolyRoller

    HolyRoller Formula Junior

    Dec 19, 2008
    517
    SE NC
    Full Name:
    Captain Slow
    Oh, wow! A thread on a new topic that has never ever been kicked to death! I'm sure many facts will be set out, and many minds will be changed. There is, of course, ONE RIGHT ANSWER for EVERYBODY if only we KEEP THIS GOING FOR ABOUT 2,000 POSTS.

    Now I'm going to read about when you really do have to change belts, whether Enzo really had anything to do with the road cars, which is the ugliest Ferrari ever, and of course, should you have six on the floor or flappy paddles.
     
  20. blackbolt22

    blackbolt22 F1 Veteran

    Sep 25, 2007
    5,480
    Boca, FL
    Full Name:
    Mr. Anderson
    The OP's question was whether or not financing is more difficult today than in previous years. He did not ask anyone's opinion on whether he can afford it or not or what he should do.

    Yes, it is more difficult. Banks want at least 2 years of verified income via your tax returns, list of assets, very low debt to income ratio (estimating around 20% or less) and excellent credit.
     
  21. jm348

    jm348 F1 Rookie
    Silver Subscribed Owner

    Mar 21, 2007
    2,602
    Redondo Beach, CA
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    Jeff M

    Try Woodside credit in Newport Beach.....they specialize in exotic financing.
     
  22. 8850

    8850 Rookie

    Oct 7, 2009
    19
    What kind of rate were you able to get through Ferrari Financial and did you work with Steve Harris on the purchase? Just wondering since those guys are right down the street from me.

    Thanks!
     
  23. FJS961

    FJS961 Formula Junior

    Jan 30, 2008
    869
    West Hartford,, CT
    Full Name:
    Frank
    agreed to answer the question....

    I aquired financing on a 06 430 that I purchased in July. I borrowed 60K through Ferrari Financial and all I had to do was fill out the simple credit app, no other documentation. I had no prior purchase history with the dealer. My credit is excellent. The rate was 8% and its simple interest with no pre-payment penalty.
     
  24. Joe Mac

    Joe Mac Formula 3

    +++++++++1

    ...then you have guys like carcommander telling you not to buy Ferrari because they won't sell soon (as if the guy is buying to flip it or speculating on the Ferrari market) and hardtop asking for RISK FREE investments above financing costs.

    Alot of "smart" people on here but too much ego. JUST ANSWER THE QUESTION!

    It is tougher to finance but companies like Woodside Credit are offering competitive pricing. Probably 6% money on $100k + in borrowings (creditworthiness depending). LTV will be 70% MAX depending on the year of the car. GOOD LUCK!
     
  25. psorella

    psorella Formula 3

    Oct 22, 2007
    1,182
    Canada
    Full Name:
    Lino
    Exaclty!! We live on BORROWED TIME!! Enjoy it any which way you can afford it. None of it is going with you in the after life(if you know what I mean).

    PS
     
  26. mdwfa2001

    mdwfa2001 Formula Junior

    Apr 21, 2008
    253
    NJ
    Full Name:
    K
    thank you for all the replies, I just wanted to get a feel of the credit markets. leead1 just because you have money doesn't mean you put it all down into a depreciating asset. You have to consider opportunity cost. I have money but I prefer to leave it invested in the markets where its appreciating, and I have more then 10K per month cash flow after all my living expenses . agent thank you for the reply and that was exactly the kind of answer i was looking for. Joe youre right there are so many people here who like to get smart. I was just curious because i know the markets are much more tight now. I want to put down little money as possible and finance as much as i can get. I was wondering what % that would be..so i suppose that is 20-30% which is still a good amount... and I think agent did a good job answering that for me. Even though i have an excellent credit score i know its different then it used to be. There are many people with above 720 credit score defaulting on their million dollar homes. Its hard to get credit with just a good score...as a matter of fact i don't think a great score helps you that much at all these days. Also I would never consider a corvette as my second car or even my first car. I would rather get something else. My daily ride presently is an M6 so im looking for something with a more passionate feel to the second car. I know ferrari will fill that gap. Again i want to thank all those that gave me the answer i was looking for.
     
  27. Modenafan

    Modenafan F1 World Champ
    Lifetime Rossa Owner

    Dec 19, 2004
    11,916
    Moorpark
    Full Name:
    Jon
    I've spoken to a friend that works at a dealership and going through Ferrari is a little more difficult than before. There are many other avenues that might be a little easier depending on credit. I was told about a guy who had no debt, owned his house free and clear and Ferrari Financial wanted 50% down because he had never financed a car for the such a large amount. The problem was he had paid cash for everything so that was held against him. Ferrari Financial seems to look to see if you have a history of financing an expensive vehicle. If the largest car loan you've done before is $75k and you're now looking at $175k you might be required to put down more money.
     
  28. PSTexas

    PSTexas Formula Junior
    Rossa Subscribed

    Feb 18, 2008
    526
    Southlake TX
    Full Name:
    Paul
    that last message sounds like my experience - I was going to finance part of my car, and on my credit report, the last thing that I financed was a car w/ ford credit over 10 years ago. no other debt whatsoever and I didn't qualify for the lowest rate - It did kind of piss me off a bit.
     

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