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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
    19
    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. ttforcefed

    ttforcefed F1 World Champ
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    Aug 22, 2002
    11,209
    my lord these posts are just getting worse and worse
     
  3. 308 milano

    308 milano F1 Rookie
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    Jan 15, 2007
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    Kim
    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!
     
  4. AshAP

    AshAP Karting

    Apr 14, 2018
    91
    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 FerrariChat.com mobile app
     
  5. tifoso2728

    tifoso2728 F1 Veteran
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    Apr 30, 2014
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    Is this like the "Big Ass Loan" thread?
     
  6. buddyg

    buddyg Formula 3
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    Sep 20, 2004
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    Buddy
    I would start an Ant farm and sell them worldwide on the internet! Then you can pay cash next year for your Ferrari!
     
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  7. bpu699

    bpu699 F1 World Champ
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    Dec 9, 2003
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    bo
    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 ;).
     
  8. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,260
    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.
     
  9. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,260
    Well this part is true anyway :)
     
  10. Nospinzone

    Nospinzone F1 Rookie

    Jul 1, 2013
    4,250
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    Paul
    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.
     
  11. thorn

    thorn Formula 3
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    Aug 7, 2012
    2,107
    Tallahassee, FL
    I didn't get a loan.
     
  12. jgmblair

    jgmblair Formula Junior

    May 27, 2010
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    Winnipeg, MB Canada
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    Jeff Blair
    26 years old 2 degrees and you "Want" to get a good job. Priceless!
     
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  13. JazzyJay

    JazzyJay Formula Junior
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    Oct 26, 2005
    342
    Connecticut
    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 FerrariChat.com mobile app
     
  14. Ferris Bueller

    Ferris Bueller Formula 3

    Mar 23, 2004
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    Dominic
  15. tifoso2728

    tifoso2728 F1 Veteran
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    This ^^^^^^^
     
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  16. RedNeck

    RedNeck F1 Rookie
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    Jul 8, 2016
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    Matt
    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.
     
  17. Smiles

    Smiles Moderator
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    Nov 20, 2003
    12,889
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    Matt F
    What is you’re degrees are in?
     
  18. Dolcevita

    Dolcevita Formula Junior
    Rossa Subscribed Owner

    Jul 5, 2011
    777
    Ontario, Canada
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    Craig
    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
     
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  19. 1stFerrari@71

    1stFerrari@71 Formula Junior

    Jun 21, 2013
    489
    Commerce, Texas
    Full Name:
    Joel Jacobs
    "...Budget the luxuries first"
    Robert Heinlein
    _Notebooks of Lazarus Long_
    Time Enough for Love
     
  20. jjtjr

    jjtjr Formula Junior

    Aug 29, 2016
    333
    Vermont
    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."
     
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  21. TheMayor

    TheMayor Seven Time F1 World Champ
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    Feb 11, 2008
    71,820
    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.
     
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  22. vrsurgeon

    vrsurgeon F1 World Champ
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    Dec 13, 2009
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    Curt
    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.
  23. Korr

    Korr F1 World Champ
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    Dec 7, 2003
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    Getting? You don't remember the Gallardo on 9 credit cards post from a long time ago?
     
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  24. ttforcefed

    ttforcefed F1 World Champ
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    Aug 22, 2002
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    Ha. No. Thankfully I must have missed that one!

    Sent from my BBB100-3 using Tapatalk
     
  25. buddyg

    buddyg Formula 3
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    Sep 20, 2004
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    Link
     

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