Ferrari financial current balloon financing rates

Your dealer should be able to tell you the current rates. They change often so best to get the current info. They are different for each model.

 

For Tier 1 credit, 6-7%. If Ferrari Financial won't get there, shop around.

 

last I heard was 10.8% in the uk

 

Don’t think the dealer can mark it up if it’s FFS. They no longer get credit for FFS where as before the world get a credit for it. They should be able to show you directly from FFS and they are typically much higher than conventional rates.

 

I financed a conventional at 6.75% about 6 months ago, and rates have come down slightly since that. 8-10% is pretty intense.

 

My dealer is trying to get me to do a 6 month ballon loan rather than paying cash. Said it will help my status

 

Whats the total finance cost for the loan?

 

My car isn’t due here for another 5/6 months so I didn’t inquire. I will probably just pay for it in cash.

 

It shows who it most helps - financing is not a way to support people lacking cash, it's another opportunity to reap additional money.

 

What did your dealer tell you the rate was? I assume you have been talking to them since your car is due in in the next 2 to 3 weeks. A simple phone call will give you the answer you are looking for.

 

Sorrry I did not ask.

 

I think another important question is when they would want you to lock that rate, as it could be significantly different 5-6 months from now.

 

If it's over 7%, they are marking up the rate.

 

That is not correct at all. What are you basing this off of? Do you know this for a fact or just speculating. FFS is always significantly higher than conventional rates and balloon financing is also higher.

 

Based on what I just financed, a 6 month balloon likely has similar or even slightly lower rate than a 72 month conventional.
No experience with FFS. If it's over 7%, it's expensive. I got 6.75% and rates today are lower than back then.

 

Again not correct at all and you should not be stating info as if it’s a fact without first hand knowledge. FFS is always higher. A big advantage and one reason why people go with it is They do not report it on your credit and they typically are 2-3 points higher than convention loans. Another reason people are willing to pay a higher rate is they used to help with your relationship with the dealer. Just do a quick search on the forum and you will find lots of info on that.

 

Quick search and you can see they are higher than regular rates.
https://www.ferrarichat.com/forum/threads/ferrari-financial.588624/
https://www.ferrarichat.com/forum/threads/ferrari-financial-servuces-best-interest-rate-5-99.597404/

 

I put a call in to my dealer and will find out. Will report back but from everything I’ve heard they do not mark it up.