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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. Dave rocks

    Dave rocks F1 World Champ
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    #26 Dave rocks, Apr 23, 2018
    Last edited: Apr 24, 2018
    Wow tough crowd.....

    I bought my first Ferrari with a loan from Penfed. I had the cash but 1.49% is pretty hard to beat.

    The guy is ambitious and perhaps wants to live for today. I got my first at age 43 after always being responsible and putting business or other responsible things first.

    To the OP - be smart, make good decisions and enjoy life.
     
  2. azlin75

    azlin75 Formula Junior

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    While I would finance a portion of whatever I buy it's only because, as was mentioned before, my loan would probably be between 3.5 and 4 percent and I'm making more then that with my money invested. But I would pay at least 20% down and probably more depending on how much the car is. Newer cars don't break as much but cost more, older cars cost less up front but the maintainance could gut you. Unless you are making 6 figures or close to it already, or you win the lottery your more then likely going to be waiting a while. Oh yeah and those 12 year loans, yeah you'd be better off getting a home equity loan and buying the car that way the interest rate will more then likely be better but even then why put leverage on an asset like your home for a play toy?
     
  3. azlin75

    azlin75 Formula Junior

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    Yeah 1.49% is hard to beat. I got lucky on some commercial equipment last year at 0% for 4 years and couldn't pass that up but seems like most loans I'm seeing for used now is aroun 3% and up.
     
  4. AceMaster

    AceMaster Three Time F1 World Champ

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    If you're just finishing school, nothing will keep you from catching up on your debts more than Ferrari ownership.
     
  5. Carnut

    Carnut F1 Rookie
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    When you get old like me, you will look back at your life, and believe me you will not see owning a Ferrari at 26 as something of any importance. You hopefully have a long road ahead of you (most of mine journey is over), and if you choose to stay on this forum, try to look at it as studying for test, and learn as much as you can, because there is a lot to know. Comes down to this at times owning a great car comes with great bills, and never forget a car does not make you anything other than a car owner. One more thing go drive an Alfa Romeo 4C, they are more fun than a lot of Ferrari's, not that expensive, rarer in many cases, and easy to maintain.
     
  6. RedNeck

    RedNeck F1 Rookie
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    If you do your research, Ferraris don't typically follow the depreciation cycle of most other cars. Being upside down in a Toyota Camry is just as bad as being upside down in a Ferrari. If you do your research, you can do it intelligently and methodically. I listen to Dave Ramsey and these folks call in $10k upside down in their Ford Edge, and I could sell my Ferrari today and not lose a cent. People just don't want to learn. I have never and will never be upside down in any car, yet I have always managed to drive pretty nice cars, usually with little to no down payment and always pay the loan off very early. It's been extremely tempting to go out and buy a new Corvette Grand Sport, but I know I would end up on the wrong end. Patience and research are the keys here. Some of these guys need to get off this fella's gonads.
     
  7. ttforcefed

    ttforcefed F1 World Champ
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    There's nothing wrong buying a Ferrari at 26. I bought my first one at 25. I financed some of it because I wanted to build credit and I was buying a 7 yr old 355 so it wasn't going to kill me.

    If you are 26 and have the means to seriously consider a Ferrari your first post wldnt be as scattered as this one. Ie, I understood how credit/financing worked.

    And I wld be aware that car dealers are really banks so all I have to do is show up.

    And I wld have probably searched "finance/financing/rates/lender" before I posted.

    Just sayin...

    And it's my belief that owning a Ferrari for as many days as humanly possible is something to strive for!


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  8. Smiles

    Smiles Moderator
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    They’re probably degrees in Finance.

    :)

    Matt
     
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  9. daytona355

    daytona355 F1 World Champ
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    At 26 I had nice cars, but not Ferraris, as I was investing my money properly - nailing as many girls as I could catch! When I was 34, I bought myself a 575 for my birthday! (I’d owned various stuff like Maserati’s and Porsche’s for the years before, but nothing of the magnitude of the Ferrari till then)
     
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  10. Shark01

    Shark01 F1 Rookie

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    No, he stated what he wants, no ambiguity in his words
     
  11. ttforcefed

    ttforcefed F1 World Champ
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    auto loan/HEL is irrelevant - just see who has the best rate.
    other peoples credit scroes - irrelevant.
    % of down payment - everyone has different minimums. from there its an economic decision.
     
  12. Dave rocks

    Dave rocks F1 World Champ
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    LOL - I meant to type "Ambitious" - auto correct on my phone changed it. :)
     
  13. Natkingcolebasket69

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    Totally agree with you. We are the first ones to conplain about trolling and bullying but only a few of us are helping this guy.
    I love penfed! I bank with them, they rock. That’s a good option. U also have woodside, and premier and putnam for leasing.


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  14. Jana

    Jana F1 Veteran
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    [raises hand] Which is why I ended up selling it. Never did get sorted, not even after 38k spent in less than two years. Stayed in the shop more than my garage.

    High end vehicles are ALWAYS about cost to maintain, not to own. But some people don't want to consider that. Then they end up with an expensive, depreciating doorstop in their garage that they can't afford to fix.
     
  15. TheMayor

    TheMayor Seven Time F1 World Champ
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    That thread was awesome but it was like 6 years ago. Someone said they bought a Gallardo using a bunch of credit cards. I remember it well!
     
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  16. TheMayor

    TheMayor Seven Time F1 World Champ
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    Penfed good but the problem is a lot of groups do not like loaning such high amounts. So, Ferrari Financial fills that gap. They are not cheap but you can get financing.

    How someone spends their money is not our business. It's theirs. Heaven knows I've made enough mistakes to know!!! Oh, if I only had a time machine.... :)
     
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  17. Natkingcolebasket69

    Rossa Subscribed

    I did read your thread about your 360 and i am sorry this happened to you. Maintenance is very important indeed; however this is not always outrageous. In my 1 year with my TR i think i spent like 8k. 3 of them for cosmetics like seats etc. The 30 year old car never once failed me and was thoroughly maintained throughout its life.
    I would then encourage any buyer to take a leap of faith, do their research, ppi, and know a great independent mechanic to help fix the car at a reasonable cost.


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  18. Jana

    Jana F1 Veteran
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    Oh, I'm not saying don't do it (I did have a clean PPI, btw). I'm just saying, the vast majority of people just starting their career don't have the income or cash reserves to plop down 10k every six months to get their car out of the shop. Owning an exotic is not like owning other cars. If you don't have the bandwidth for high maintenance costs, then you run the risks of having a car collecting dust. My husband worked in the car industry with high end cars for almost 20 years. The vast majority of people can only afford their car note, which is ridiculous.
     
  19. Natkingcolebasket69

    Rossa Subscribed

    That’s true!either that or they don’t drive it. Personally i like older ferraris which though not cheap seem to have cheaper repairs overall. Mostly labor sometimes.
    If my budget was tight i would recommend a cpo with some prepaid maintenance for peace of mind!


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  20. Jana

    Jana F1 Veteran
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    I was so frustrated - mostly because I didn't even get to drive the car - that I just went and bought new. It was all about peace of mind. But yeah, something with some warranty remaining or an extended would probably be a nice deal.
     
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  21. tifoso2728

    tifoso2728 F1 Veteran
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    Starter Ferrari's don't come with warranties. What they come with is the opposite of a warranty!
     
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  22. ttforcefed

    ttforcefed F1 World Champ
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    the flipside is if a car has a warranty it still has depreciation
     
  23. tifoso2728

    tifoso2728 F1 Veteran
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    Yup, . . . this is also true.
     
  24. Dave rocks

    Dave rocks F1 World Champ
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    Certainly a problem Ferrari is not a unicorn and getting O/T here but I can't comprehend how you spent $38K on a 360 and it still was not sorted in the end. Perhaps the wrong tech?
     
    I'm 360 Canuck likes this.
  25. radlu

    radlu Formula Junior

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