How can I get a Ferrari Loan and how much down?

Discussion in 'Ferrari Discussion (not model specific)' started by Kenneth Ramirez, Apr 23, 2018.

  1. Kenneth Ramirez

    Apr 23, 2018
    Full Name:
    Kenneth Ramirez
    What did you do to get your loan for your Ferrari? For example: home equity loan, auto loan, e.t.c. And what did you do to get that loan? Percentage of down payment, improve credit score, e.t.c.

    I am graduating college with another degree and I want to get a good job so I want to be in a Ferrari by the end of next year, help me make that happen.
  2. To remove this ad click here.

  3. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    my lord these posts are just getting worse and worse
  4. 308 milano

    308 milano F1 Rookie
    Silver Subscribed

    Jan 15, 2007
    Full Name:
    Just a heads up. Purchase price it’s just the price of admission. Maintenance can get very expensive so make sure on top of all the other expenditures you leave money for this. Congrats and best of luck in your search for your car!
  5. AshAP

    AshAP Karting

    Apr 14, 2018
    Setting a time line to purchase a Ferrari with no significant income is ambitious to say the least. Best of luck.

    Sent from my iPhone using mobile app
  6. tifoso2728

    tifoso2728 F1 Veteran

    Apr 30, 2014
    Full Name:
    Is this like the "Big Ass Loan" thread?
  7. To remove this ad click here.

  8. buddyg

    buddyg F1 Rookie
    Rossa Subscribed Silver Subscribed

    Sep 20, 2004
    West Michigan
    Full Name:
    I would start an Ant farm and sell them worldwide on the internet! Then you can pay cash next year for your Ferrari!
    ewright likes this.
  9. bpu699

    bpu699 F1 World Champ
    Silver Subscribed Owner

    Dec 9, 2003
    Full Name:
    There is a well defined pattern of ownership...So, to save you the work. Just skip to the last sentence ;).

    Step one... after you get it you will start posting about how much it costs...

    How the dealer made you wait...

    How they expected you to over pay...

    How you don't get a chance to use it much...

    How not using it is like saving your wife for "the next guy..."

    How you need a bigger garage...

    How your wife left...

    How a Lamborghini is cooler...

    How it broke right after the warranty...

    How it seemed to depreciate...

    How after 30 years it didn't appreciate enough...

    Then you post about your business...

    Then some posts of your homes, cars, plane...

    Then some pics of your girlfriend...

    Eventually you will sell it...

    So, to save you the work. Just skip to the last sentence ;).
  10. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    I can appreciate where you are coming from, I'm a dreamer too. Pay 50% down or more....and these dealers will trip over themselves to finance the rest.
  11. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    Well this part is true anyway :)
  12. To remove this ad click here.

  13. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
    Weston, MA
    Full Name:
    Ken, some people will rake you over the proverbial coals for your opening post. Don't take offense, but you don't know what you don't know.

    You just joined this forum today. My advice is to take a couple weeks and read through a lot threads (use the search function to help narrow subjects for you).

    To emphasize what 308 milano told you, it's not whether you can afford to buy a Ferrari, but whether you can afford to maintain a Ferrari.

    And BTW, I think you'll find most people here paid cash for their Ferraris.
  14. thorn

    thorn F1 Rookie
    Silver Subscribed

    Aug 7, 2012
    Tallahassee, FL
    I didn't get a loan.
  15. jgmblair

    jgmblair Formula Junior

    May 27, 2010
    Winnipeg, MB Canada
    Full Name:
    Jeff Blair
    26 years old 2 degrees and you "Want" to get a good job. Priceless!
    bball16 likes this.
  16. JazzyJay

    JazzyJay Formula Junior

    Oct 26, 2005
    At age 26, you should spend your money wisely. It doesn’t mean you can’t have fun, but taking out a loan for an extravagance is a bad idea. First, pay off any student debt, then buy a home. Make sure you have enough money in the bank so that you have a financial cushion when you get married, or have kids, or lose that really good job......and also some savings/investments for retirement and probably college for the kids.

    Then get a Ferrari.

    Sent from my iPad using mobile app
  17. Ferris Bueller

    Ferris Bueller Formula 3

    Mar 23, 2004
    New Jersey
    Full Name:
  18. tifoso2728

    tifoso2728 F1 Veteran

    Apr 30, 2014
    Full Name:
    This ^^^^^^^
    02360spider, DrewH and Shamile like this.
  19. RedNeck

    RedNeck F1 Veteran
    Silver Subscribed

    Jul 8, 2016
    Full Name:
    Do a search, there are several places that specialize in exotic car financing, terms up to 12 years (not saying it's a good idea, but it's available). They require at least 10% down and their interest rates are ok at best. But unless one of your degrees are in auto mechanics, I would have a good amount of $$$ set aside for maintenance or you will have a $100k paperweight. Do some research on here, there are several people that have paid $60-80k for a 360, then immediately put $30-40k into it....only to post back with another expensive problem a few months later. I researched for about a year before making my purchase.
  20. Smiles

    Smiles Moderator
    Moderator Owner

    Nov 20, 2003
    Pittsburgh, PA
    Full Name:
    Matt F
    What is you’re degrees are in?
  21. Dolcevita

    Dolcevita Formula Junior
    Rossa Subscribed Owner

    Jul 5, 2011
    Ontario, Canada
    Full Name:
    Loans? Don't need no stinkin' loans to get a Ferrari. Credit cards are the solution. You just need lots of them. With one degree under your belt and another soon to be realized, the credit card companies will be begging you to sign up. I'm sure if you search some old threads on F-Chat, you'll see how easily this is done.
    Image Unavailable, Please Login
    Goosebug likes this.
  22. 1stFerrari@71

    1stFerrari@71 Formula Junior

    Jun 21, 2013
    Commerce, Texas
    Full Name:
    Joel Jacobs
    "...Budget the luxuries first"
    Robert Heinlein
    _Notebooks of Lazarus Long_
    Time Enough for Love
  23. jjtjr

    jjtjr Formula Junior

    Aug 29, 2016
    Full Name:
    john truskowski
    Taking a loan and paying interest on a depreciating asset is not a good idea, unless you are making more interest on money you already have. I would have loved to own a ferrari when I was 26, but I would probably still be paying for it now. Like others have said, I would get a lot of other obligations taken care of first.
    As Enzo once said "I build cars for young men, that only old men can afford."
    308 milano likes this.
  24. TheMayor

    TheMayor Eight Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    Vegas baby
    Actually you can go to Ferrari Financial and handle financing through the dealership. The interest rate isn't great but they have no problem in handling expensive cars.
    Natkingcolebasket69 likes this.
  25. vrsurgeon

    vrsurgeon F1 World Champ
    Silver Subscribed

    Dec 13, 2009
    Charleston, SC
    Full Name:
    It's simple.. you have a way to PAY BACK the loan that you take out. Do you loan the guy who is unemployed and homeless in front of the Williams Sonoma store $10k? No. And neither will banks.

    If you make enough for a Bank to give you a loan to buy the car a bank will give it to you. If you have enough trust fund money or are stupid enough to sell inherited stocks/spend inherited wealth for a Ferrari then you use that to put a down payment and the bank will like you even more.

    Get a job in a STEM field out of college with no loans and you should be able to get a loan to buy an older used Ferrari. Not the best plan but that's not what the post requested.

    For me it was ask the bank for a loan that I could very very easily afford as I live WAY BELOW my means. *hint that means I could afford the car without the loan*
    jjtjr likes this.
  26. Korr

    Korr F1 World Champ
    Silver Subscribed

    Dec 7, 2003
    Full Name:
    Getting? You don't remember the Gallardo on 9 credit cards post from a long time ago?
    bball16 likes this.
  27. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    Ha. No. Thankfully I must have missed that one!

    Sent from my BBB100-3 using Tapatalk
  28. buddyg

    buddyg F1 Rookie
    Rossa Subscribed Silver Subscribed

    Sep 20, 2004
    West Michigan
    Full Name:

Share This Page