Financing

I agree with the above post. It should be decided on a case-by-case basis. For cars like 308s and 328s, for me, pay cash. They are not going to skyrocket in value anytime in the near future. What I like to call 'median' Ferraris, such as the 330gtc, and 250PF coupe, where their values are highly volitile, I would consider financing due to their lucrative returns they have offered in the past 2-3 years. Especially the 330gtc.

 

If I could get a guaranteed rate of return equal to an average car loan rate, especially a 60 month rate, I put all my money in it and be very happy. So far, no one has come up with a plan for me.

We always read here talk of financing the Ferrari and using the money for opportunites. I think it is better to pay cash for the Ferrari and save your credit for when an opportunity arises. In the end, everyone has a finite amount of cash plus credit available.

I'd also bet that most people who recommend finanicing don't have the cash in the first place, perhaps because they have been paying a significant portion of their income in interest for their entire lives.

Dave

 

Agree with that theory

 

The original poster didn't ask "should I finance", he asked "who does financing".

To answer the original question: Capital One Auto Finance will indeed finance anything that rolls, based strictly on your credit worthiness. The rates are very competitive, they have a quick response, and it can all be handled online. Highly recommended.

 

I don't understand why people are so against using cheap financing options to keep cash around.

I have financed boats, cars and airplanes (dont get me started) with home equity loans and thats without even getting close to touching what I consider business capital.

I'm not rolling in it - I'm still taken aback by Fcar service costs even though I have owned twin engine aircraft.

I paid 6.5% on my car loan because I bought it in one day (since paid off) when the market (S&P) was up 13% on 3 months. And China was up 180% in three years.

Thats a good use of capital -

If you have the discipline that is...

 

I like Capital One, and have used them twice for "non-Fcar" purchases.

However, BE WARNED that Capital One appears to inflate the equity/stated value of your vehicle. I purchased an Audi for 12.5K and financed 7K with Capital One, paid it off in a year..... WHEN I GOT THE TITLE, it said LIEN OF 11,XXX RELEASED!!!! More than I borrowed???

I noticed the same thing on the first car I financed with them, thought it was a fluke. But I suspect its to cover extra expenses IF they have to reposses.

James in Denver

 

Yes, quite similar to my situation...you're a smart guy, decide for yourself. If financing still leaves you in a safe financial position, do it now!

 

Don't take it personally, it just seems to be a hot button topic around here. As harsh as people can be on the topic, I think in the end they're really just trying to help keep people out of trouble. But you're obviously the one in the best position to make financial decisions for yourself. If financing works for you, well then, do it, and enjoy your car!

 

Financing a Corvette is 50k....

Financing a Ferrari can be upwards of 400k.......big difference.

 

I've used Soverign Bank for My latest Ferrari... they have terms all over the place and the rate was like 4.635% for 24 Months... they were very efficient about the whole process. JJ Best is also good.. mostly for Auctions.

As for "Never finanance a toy" thats just a load of pompus BS... from someone who just wants to say I have a lot of money. I think my Aircraft friends would always say finance your toy.. so you can get more toys for the same $$$!

best of luck ... because of this thread I may just go refinance my car for 60 months... take all the money out in $1.00 bills and roll around in it for a while so I know what it feels like to have more $$$ than manners!

Tom Spiro

 

Finance the heck out of the car... I have done it both ways- bought cars way above my level with 60 (or even 72 month terms) and paid cash for my current 355. I think there is an added thrill or pleasure derived from a car that is just at the edge of what you can afford. Once you pay cash for a toy it is still fun but some of the thrill is gone in my humble opinion. You only live once and sound smart so go for it... I have used eloan and capital one online for clients with great results. As someone else said they will finance any car based on your credit score and their term/rates are strong. Good luck! CM

 

i make my living shaving off basis points here and there. i've done all the analysis. the cost differential between cash, loan and lease is a rounding error in my book. your best option depends on YOUR situation.

get the car and post some picks.