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 followin:
search engines, cars.com, autotrader.com, credit Unitons.
If someone has concrete knowledge, please let me know. thnx
Asked By: xcureanddisease - 3/20/2007
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).
Answered By: Paul S - 3/20/2007