Financing a used Ferrari
Discussion
I've always bought cars cash in the past, but right now my money is working well for me elsewhere and I'd rather keep it that way than have it tied up in a car.
I never thought I'd want to finance a car, as I've always been a cash person, but it just doesn't make sense for me to have my money tied up in a car right now and I have a good income to make the payments.
For those of this viewpoint, I wondered how you buy your cars on finance - personal loan or a plan from a dealer? Is it a problem to get a loan for a used supercar from a bank (the only money I've ever borrowed was for a mortgage)?
I was looking at spending up to £85k on a 430 spider early next year, and I have at least £30k to put down in cash. Could put down more if necessary. I was also looking at 355s, and wondered if they are financeable as they are quite old?
Thanks, and apologies for the dry nature of this question! Hopefully I will be talking about Tubis etc next year
I never thought I'd want to finance a car, as I've always been a cash person, but it just doesn't make sense for me to have my money tied up in a car right now and I have a good income to make the payments.
For those of this viewpoint, I wondered how you buy your cars on finance - personal loan or a plan from a dealer? Is it a problem to get a loan for a used supercar from a bank (the only money I've ever borrowed was for a mortgage)?
I was looking at spending up to £85k on a 430 spider early next year, and I have at least £30k to put down in cash. Could put down more if necessary. I was also looking at 355s, and wondered if they are financeable as they are quite old?
Thanks, and apologies for the dry nature of this question! Hopefully I will be talking about Tubis etc next year
Mattt said:
Speak to: http://www.classicandsportsfinance.com/
+1 used them for mine; courteous and helpful.Thanks for the replies. Will contact both places when the time is right.
I'm still torn as to whether I want a 355 or a 430. I realise they are quite different cars.
P.S. It was nice that no one did the "if aren't buying cash you shouldn't be buying at all" line (which is what I often used to think to myself about people buying cars on finance!)
I'm still torn as to whether I want a 355 or a 430. I realise they are quite different cars.
P.S. It was nice that no one did the "if aren't buying cash you shouldn't be buying at all" line (which is what I often used to think to myself about people buying cars on finance!)
I am in a very similar position; want to get a V8 Vantage Roadster or an F430 Spider for about the same money, and not sure whether I want to put all the cash in or finance it. I made a thread a while back about it, well more about what number of people did finance their Ferraris and the number came back quite high so it's clearly something that's done.
Will be keen to see where this goes.
Will be keen to see where this goes.
Mattt said:
Speak to: http://www.classicandsportsfinance.com/
Last time I spoke to them, a year ago, they couldn't get finance for a Ferrari over 4 years old.Hopefully the Market has changed, Rob was very helpful.
bromers2 said:
Mattt said:
Speak to: http://www.classicandsportsfinance.com/
Last time I spoke to them, a year ago, they couldn't get finance for a Ferrari over 4 years old.Hopefully the Market has changed, Rob was very helpful.
Rob has recently arranged funding for big money 1930s/40/60s cars
Edited by elms on Tuesday 21st September 10:15
elms said:
Mattt said:
Speak to: http://www.classicandsportsfinance.com/
+ 1. Speak to Robert Johnson there He's currently looking at some finance for my brother. Well reccommended.
TB303 said:
and I have at least £30k to put down in cash. Could put down more if necessary. I was also looking at 355s,
Your car choice and finance question is answered in your original post. For a man that buys cash normally why get into the finance position when a 355 is within your remit ?Murcielago_Boy said:
Owe nothing on your Ferrari, but have a mortgage? Then you're financing your Ferrari.
No Ferrari loan, no mortgage etc 
<flamesuit>
That said, the sensible option would have been to buy an Mk 1 Lotus or similar, and use the rest as a deposit on another house/flat and rent it out
.... 
</flamesuit>
3200gt said:
TB303 said:
and I have at least £30k to put down in cash. Could put down more if necessary. I was also looking at 355s,
Your car choice and finance question is answered in your original post. For a man that buys cash normally why get into the finance position when a 355 is within your remit ?Shmee said:
3200gt said:
TB303 said:
and I have at least £30k to put down in cash. Could put down more if necessary. I was also looking at 355s,
Your car choice and finance question is answered in your original post. For a man that buys cash normally why get into the finance position when a 355 is within your remit ?I don't think its a case always of "money working better elsewhere" but rather one of why wait to save up £90k to buy a car if you can comfortably afford a certain amount of credit? You never know what will happen in the future - if you wait 2-5 years to save the cash up you could regret it
pattyg said:
Don't understand how all these "my money is working better elsewhere people" should need a loan in the first place if your capital returns are better than the loan company's interest payments.
I think it's hard to explain until you fall into that position and is very, very much down to individual circumstances.Gassing Station | Supercar General | Top of Page | What's New | My Stuff