Question regarding used Ferrari financing | FerrariChat

Question regarding used Ferrari financing

Discussion in 'Ferrari Discussion (not model specific)' started by Rowan, Nov 26, 2017.

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  1. Rowan

    Rowan Rookie

    Nov 12, 2003
    20
    I am looking to pick up my 1st Ferrari.

    Financing is appealing to me from a cash flow standpoint. Affording the car is not an issue. Since my $ are a bit tied up right now - financing part of the car vs. paying outright would be revenue neutral.

    I have seen a lot of advertising regarding "great rates" with up to 84 month financing on used exotic cars.

    I would be ;looking to put down @ $20K and finance around $80K.

    Can anyone lend insight regarding:

    - experience with these type of loans?
    - hidden fees? (loan origination, early payoff penalty? bank fee? etc.?
    - loan rates and terms
     
  2. 338Lapua

    338Lapua Formula Junior

    Sep 5, 2015
    802
    Michigan
    Full Name:
    Tony
    Rowan -

    Currently Ferrari Financial rates are 2.99% up to 60 months and 3.99% up to 84 months (might have changed but you can check with a dealer). These are based on a very good credit score and will go higher if your credit rating is lower (don't know specifically what score trips the percentage higher). Ferrari Financial was a pleasure to deal with and there are no hidden fees. You can also set up automatic withdrawal if you prefer (without any fee). Also, no penalty for early payoff. Overall, I was very pleased.
     
  3. Yellow Compass

    Yellow Compass F1 Veteran
    Sponsor

    Nov 23, 2015
    7,500
    NYC Area
    Full Name:
    Yellow Compass Supercars
    Call Antonia Saba at WOODSIDE CREDIT!! Great Guy Great Group 949-436-3737
     
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  4. Dave rocks

    Dave rocks F1 World Champ
    BANNED

    Nov 23, 2012
    16,047
    Orchard Park, NY
    Full Name:
    Dave Lelonek
  5. bberg009

    bberg009 Karting

    Jan 23, 2016
    233
    Full Name:
    Cancelled my account
    Use Premier once, and while terms were fine, the process was the most painful endless paperwork I have ever experienced. In my case, the office staff was also extremely unresponsive to emails and calls (got voice mails 100% of the time). I would rather pass kidney stones than going through that again. :-(

    The last cars I had, was with Woodside, and while the terms were similar, they were extremely easy to work with, got quick answers, and processed paperwork fast (actually did a $350k+ car in less than 2-3 hours), could not recommend them more highly... :).

    - just my experiences, others might have a better one with Premier, than I did...
     
  6. Quadcammer

    Quadcammer Formula Junior

    Jun 29, 2005
    500
    Clifton, NJ
    Full Name:
    Oliver
    checkout lightstream financial. Not sure if they will do an $80k loan, but my experience on a much smaller unsecured loan was great. Quick and easy and no issues with me paying it off after 11 months
     
  7. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed

    Try PenFed , 3 year note I was quoted 1.49 pct.
     
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  8. LightGuy

    LightGuy Three Time F1 World Champ
    Silver Subscribed

    Oct 4, 2004
    39,597
    Texas
    Full Name:
    David

    The downside (upside ?) of Woodside is that the length of loan is forever.
    Which means very low payments.
    Which also means the first years are almost all interest.
     
  9. LightGuy

    LightGuy Three Time F1 World Champ
    Silver Subscribed

    Oct 4, 2004
    39,597
    Texas
    Full Name:
    David
    Also try your local credit union.

    PS; Everyone should have an account at one.
     
  10. 19633500GT

    19633500GT F1 World Champ
    Rossa Subscribed

    Nov 9, 2010
    11,926
    Blueberry
    Full Name:
    Muffin-Tops
    Note the unsecured means YOU hold the title

    They max at $100K I believe

    I’ve read great reviews, quick and painless too for well qualified.
     
  11. azlin75

    azlin75 Formula Junior

    Jul 16, 2017
    785
    Kansas
    Full Name:
    Shawn Hicks
    On a normal used vehicle I'd personally steer clear of any loan over 60 to 72 months but with a Ferrari (or other exotic that tends to plateau fairly high) Its probably ok if a few criteria are met such at least 20% down and under 4% interest. Seems like you should be ok with what you are talking, for average folks the 20% down is what they have trouble scraping up.

    I recently was looking at a similar situation as you on a used Cali. Was going to put 20k down and finance about 82k at 3.19% thru lightstream and I was going to opt for 72 months instead of 84 because interest was about a half a percent higher and didn't change the monthly payment that much. Didn't follow thru with purchase as the ppi indicated the car was in need of some major work and seller wouldn't budge on price. Also it was kinda nice going in pre-approved so seller knew I was serious to start with. Overall I'm glad I waited because now there are a lot more cars for sale since the announcement of the portofino so I'm going to gamble and wait and see what's out there about 12 months from now.

    Lightstream was easiest to work with and had lower interest rate then my credit union and offered longer terms them penfed. I didn't even check with the dealer to see what they offered and didn't look at any of the others. Hope that info helps.
     

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