Ferrari Finance

Have used Ferrari Finance Several Times. Great to deal with. I don’t care about the rate because I pay it off early and it is off books - they don’t report to credit bureaus. That is the best part!!


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Used recently- easy to do and if you put down over a certain amount (I think 40%) the rates drop. Your SA should be able to give you the exact details.


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I used Ferrari Financial Service to purchase my car 3 years ago.
Our time experience with them was fairly easy and trouble free.
We put down 125k on our 225k purchase. It was paid off in just over a year.
Our only hick up was with the auto pay set up. It took a few months to get it right, but we worked through it.....

If I were to purchase another car, I would be happy to use them again

Regards,
GG

 

I put 15% down on one deal and 5% on the other. Rate was 6.25%, but I was looking at cash outlay only. I paid fist off in 12 months. Second one I just got and will pay off in Feb 2023 ish


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I use Woodside. 6.75%, 20% down. There is a pre-payoff penalty if you pay it off before two years. Easy to work with though.

 

I went with Ferrari Financial to finance the trade difference when I bought my 88 Testarossa - Less BS with regard to the year/value of the car and wanted to establish a relationship with them for future (bigger) purchases. They were awesome! Super smooth to deal with - no credit bureau reporting (which actually I would prefer they did but for many it is a benefit) and I paid it off way early and getting the title was smooth and quick.

And at the time my FICO was not 820 (it is now but not then) - was not bad but not great - I think somewhere in the mid 700s - They approved me in a heartbeat and the interest was quite reasonable.

Highly recommend - Cheers

 

Seriously?


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So without beating a dead horse about financing

Many of us know that personal- business credit can be impacted and having these car loans can impact business credit when guaranteed personally. That’s not me but others can inform. There are advantages to not having loans reported.

FF - what do they looks for?
1. Credit or assets
2. Loan history with them
3. Loan to value
4. Ferrari History


Those factors impact your rate as well as your dealer can add on.

I routinely finance a little bit (usually the delta) with each new car and pay off 6 months and 1 day or so. The dealership gets something and one dealership metric is using FF, so I am on their good side.

FF offers ballon, regular and leases which are competitive and for me hassle free.

They have a new portal which has corrected a lot of issues from the past.


What else do you want to know about them? I use them and would put them against any other company I have used in the past (Porsche, Chase etc)


My credit score is top tier and I usually get the discounts available -loan to value, prior, and whatever else


No prepayment penalty.

Scott

 

They are easy to deal with. Rates are competitive, and as mentioned the dealer sure does like it when you use them. You can push your dealer for the buy-rate, be aware they do have the ability to mark it up. Loyalty discount on rate if you use them again.

For underwriting, they did ask for taxes and other various items. Nothing like a home loan, but certainly more than just running your credit and glancing at whatever you state on a form for income.

 

Yeah, I love the off Bureau aspect of FF. My credit 820 one month and 780 the next. I have to personally guarantee my business stuff, so it effects me more than most. Practically zero personal debt and no car loans, just my FF loan “off books” credit reporting. I try to stay in the 800’s

I like the established relationship too. When I want to do something like a new car or more expensive car, they will be more accommodating with the history.


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FF is easy to deal with. I had a pretty low score when I bought my first Ferrari because I was a cash only guy. I put half down and they gave me good terms. Now I’m about to do my third Ferrari through then. My score is pretty high now simply because I acquired many more credit cards and only use 2% available credit and make 2 payment a month on everything.

I would also like to add. Even if you can get a slightly better rate somewhere else, there are reasons to use them.

1. build relationship with Ferrari
2. 84 month term, sounds crazy but maybe you trade for different ferrrari next year
3. 60 month balloon. Finance half the car and remaining 50% due on 60th payment. Sounds stupid but who cares if you are trading for different Ferrari next year.
4. History. Maybe eventually you get a 1 million dollar or higher car from Ferrari. Maybe difficult to finance but if you have several cars through FF it is an advantage

 

Great people to deal with. Like everybody else, they look at your credit score, credit history and the downpayment. They are also more understanding about self-employed people (a bigger downpayment and a great credit score open doors).

 

I’ve used them 3x. Outstanding service and no credit reporting done by them. Love them.

 

They do check a purchaser’s credit, but once they approve they do not report the loan to the Credit Bureaus. Great service, agreed.

 

They are excellent. Their rates ARE higher than just going to BOA or a credit union etc BUT not by much and many feel the slightly higher rates are worth the benefits of not reporting to credit and for the relationship.



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