How can I go about getting a ferrari financed???

Question

So i would like to lease/own a Ferrari. I really dont care which one just as long as I have one. If anyone has any suggesstions please let me know. Thanks alot. I'd really appreciate it if someone knowledgable can answer. Please dont answer if you are going to mention one of the followin:

search engines, cars.com, autotrader.com, credit Unitons.
If someone has concrete knowledge, please let me know. thnx

Answer 1

As some have pointed out, if you are looking into something like this and have no idea where to start, there is a really good chance you are considering something well outside of your reach. And worse, even if you can afford the car, you may be getting in way over your head in terms of affording ownership... but let's indulge the question.

Leasing: Ferrari offers leasing, and there are other options here too. A lease on a F430 will be a little less than $4000 a month. So, between the lease cost, tax and registration, insurance and maintanance, figure you will need to have about $57k a year to dedicate to just the car. If you go further up the product line you'll see a similar increase in lease cost.

Buying: There will be more options here as you can consider used cars, but there is still going to be a lot of expense. While it may be hard to find, for a nice easy number let's say you have found a F360 Coupe for $100k... you'll need a down payment of about $20k financing either through Ferrari (not the best choice) or through your bank. You'll need to keep to about a 36 month loan for a used car, which will give you a monthly payment of about $2800. Figure you'll need about $38-40k per year for payments, insurance, and maintenance (gas will be extra).

In either case, also figure the cost of a daily driver since Ferrari does not make a car suited to this. And keep in mind that performance tires for a car like this will run about $4k a set, and if you drive the car at all, you will go through them every 1-2 years.

So, back to the question... how do you go about getting one financed? First, you need to make enough money for someone to consider giving you a loan. To safely be in this area, will most likely need to be making 3-4 times your yearly payments (so about $100k minumum for the previously mentioned $100k car, ideally more). And you will need to have a good down payment, the larger the better.

Leasing will require less of an initial payment, but ultimately it will require more income (though you will only pay tax on the car's devaluation over the life of the lease).

If you have the down payment, monthly income, and at least one year of time into your current source of cash flow (likely your job), and there are no major blemishes on your credit record, then you'll receive a loan and can buy the car.

Check with the local chapter of your Ferrari club for the best info on where to check for cars, or simply head out to a Ferrari Dealer (you can get the club magainze Forza at most Barnes & Noble stores, and there are dealer directories in there as I recall... and lots of ads for car brokers that sell Ferraris as well).

Answer 2

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With "no credit," you probably don't... but let's look at this. I am guessing you are looking at either a 599 or 612? This are the closest to the price range you mention, though both are a fair amount above that (or maybe a used 550 or 575). In either case though, keep in mind you'll have an additional $20k in taxes, and registration and delivery will not be cheap either... in the end you are looking at about $260k for the used car, just short of $300k for the new. Assuming the $120k down payment and a 36 month finance, you'll be paying about $4k a month. Figure another $1k a month for insurance and saving for maintenance. Now, additionally, this is not a car you can realistically use everyday, so you'll also need to have another car, which even if you have it will still have insurance and repair costs which will need to come out of that $8k a month (not to mention food and housing costs). You can do the math, but the fact is, you will not exactly be living well if you try to afford the car on that budget (not to mention you are leaving exactly zero margin for any unexpected happenings with the business). If you go to a 60 month loan, you can probably free up about $1k a month, which would make it almost doable (at least, as long as that is $8k a month in take home, and not a before taxes number). The problem here isn't if you have the credit, or can get it, it is really that you are looking at a car that is outside of your price range as things currently stand. You could probably lease the car, which would move it into your price range, and you'd have the advantage of paying interest only on the depreciation... though that is alot to pay when you will not be able to keep the car. The other possibilities would be to secure a credit line against your business ownership, but you will need a substantial value in the business to get the amount of money you need, and if you have a financial hiccup it could easily cost you your business and the car. And buying the car through your business will only be tax deductable if you can show that it's used for business (do you want your business logo plastered all over the car?); however, you could create a personal corporation to own the business, and use this to buy the car and this would be done with pretax dollars. In the end though, you should just put off any such consideration until you've grown your business (which won't happen if you are investing too much in toys like that).

Answer 3

Ferrari On Finance

Answer 4

Ferrari dealerships offer financing and leasing. However, the interest rates tend to be very high (11% or so). Going with your local bank is the best bet. You can usually get a rate of 6-8% with your good credit. When I finance a car, I do it through the bank. You also have a working relationship with them, so you don't have to worry as much about scams/to-good-to-be-true offers that you see on the web. If you don' t have sparkling credit, then I'd avoid financing this type of car. You'll usually wind up losing it or paying many thousands in extra fees. Best of luck.

P.S. On a newer Ferrari, you'll often be looking at payments in the $1500-$4500 range, depending on how much you put down, and which car you choose.

Answer 5

Firstly you're going to have to earn enough money to pay the monthly bill. Second you're going to have to have good enough credit to warrant borrowing the sort of money a Ferrari costs.

I'm not really sure if Ferrari has a finance manager you can talk to in their showrooms ( never having been into one ) but if they do and you have the first two, then talk to them. Basically you would finance or lease a Ferrari the same way you would any other car.

Answer 6

If you have to ask how to finance a Ferrari, you should definitely not be getting one.

Ferrari's are for Rich people that can afford to pay cash for one. Not sure how old you are, but think about your future.

You don't want a $2,000/Month car payment for 15-20 years.

Answer 7

Lol you don't care which one? Why not consider a $2 million dollar ferrari?

People that ask on the internet about this type of question can't really afford one, NOT EVEN CLOSE.

Oh boy, just finish your schooling and hopefully you be able to work and save enough to buy a used one.

For now, you have to drool and fantasize first.

Answer 8

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RE:
How can I go about getting a ferrari financed???
So i would like to lease/own a Ferrari. I really dont care which one just as long as I have one. If anyone has any suggesstions please let me know. Thanks alot. I'd really appreciate it if someone knowledgable can answer. Please dont answer if you are going to mention one of the...

Answer 9

It depends on the Ferrari. The California shouldn t be incredibly difficult to finance but so meting like the F12 isn t happening

Answer 10

i agree with david. if you don't know the means in which to finance at least 200,000, you really can't afford it. and your not sure whether to lease or own, you really have no business considering a ferrari.