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Financing 488 spider

Discussion in 'Ferrari Discussion (not model specific)' started by Ajitpal, Jul 2, 2018.

  1. Ajitpal

    Ajitpal Rookie

    Jan 6, 2018
    11
    Full Name:
    Ajitpal Toor
    Hi everyone..
    Need advise for financing Ferrari 488 spider cost $425000.Planing to put 20% Need help for finding good lender for lowest interest looking for 84 month at least.I had searched on google about Ferrari financing the interest rate is more then 5% any advise or any smart play.
    It Will be deliver to me in October still have time to shop around


    thanks
     
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  3. schwoo

    schwoo Formula Junior

    Jun 22, 2013
    782
    Florida
    Full Name:
    Marquette
    Seriously, Don’t do it. You’re going to take a bath between the depreciation and interest rate. If the 488 was a appreciating asset perhaps. I would walk, no run. Sorry to be so blunt.


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  4. legendd

    legendd Karting

    Jun 25, 2011
    140
    Los Angeles
    Not true (the 5%)
    Ferrari offer 3.9-4.0 % if you have good credit.
    But on a 425k car I would put more than 20% if you can, or go with a 2016 for around 350k



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  5. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
    12,863
    $340k loan on a car for 84 months...wow. I don't think the rate range really matters at that point. 340k @ 3% is $4,493 a month and 5% is $4,806 a month. If it was a Pista Aperta sure finance it as it will probably go up eventually, but as above I would rather go for a used one.
     
  6. legendd

    legendd Karting

    Jun 25, 2011
    140
    Los Angeles
    Agree, and add insurance to that soup.....
     
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  8. TheDiffuser

    TheDiffuser Formula Junior

    Nov 11, 2017
    401
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    The Diffuser
    OP - how old are you if you don't mind me asking. That's quite the deal you're looking at there. Money can be easy to get but hard to hold onto.


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  9. RossoCorsaItaly

    RossoCorsaItaly F1 Rookie
    Rossa Subscribed

    Jun 9, 2004
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    Kevin
    Why don't you guys just answer the guy's question, no need to be a financial consultant and tell him how to live. There's always someone more frugal who can judge you for your decisions as well however smart you think they are, don't forget that. Also, you never know the circumstances, maybe the person has special circumstances that allows them to justify a short term irrational decision (terminal illness, future guaranteed proceeds (trust, residuals, etc)

    Back on topic:

    If possible I would also recommend looking into some lease to purchase options with balloon payment at the end, not the smartest decision, but will help you achieve the lower payment you are looking for. I used Putnam leasing in the past, they got the deal done.
     
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  10. TheMayor

    TheMayor Seven Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    78,192
    Vegas baby
    Are you buying through a dealer? Try Ferrari Financial. The interest rate isn't great but they do this sort of stuff everyday. Easy to work with. The Dealer has all the information.
     
  11. 19633500GT

    19633500GT F1 Veteran
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    Nov 9, 2010
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  13. Bas Jaski

    Bas Jaski Three Time F1 World Champ

    Mar 24, 2008
    30,225
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    Bas
    + subsequent preferred access to new cars (earlier on list or even special vehicles)
     
  14. Ajitpal

    Ajitpal Rookie

    Jan 6, 2018
    11
    Full Name:
    Ajitpal Toor
    Thanks for the Response All respected member."Rosso" really appreciate You the 1st one who actually understood the question Sorry to say that but I well understood All expensive car deprecate fast if everybody think like that then nobody will buy the new car in this world.But owning the your dream car and putting the custom order and waiting from 8 months is totally different from used car the feeling the excitement you get is totally different and person like me who put the custom Order is know very well.I have more money to put down and 840 fico score as I think there is expert over here give me better idea or help me choosing right lender since there is few lender in market rather then discourage me as I feel since reading the massage IS IM DOING THE MISTAKE.

    Anyways thanks for the help.And """"remember please you are on Ferrari chat room not in Toyota chat room so think from that level"".I think it is better to close the this thread over here

    Again thanks Rosso and some another member for there positive advise
     
  15. Cigarzman

    Cigarzman F1 Veteran
    Rossa Subscribed Owner

    May 7, 2014
    5,741
    Sarasota , Florida
    Full Name:
    Kirk
    FWIW , my guess is interest rates will be even higher in October. Also you can save a ton of money by deleting some of the 120 k in options because they will bring you almost nothing in the end. I’m sure you could get a very nicely optioned spider for 350k as I did. Best , Kirk.
     

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