FINANCE ON AN OLDER FERRARI - QUESTION

[M5 Russ]

I have been thinking about realising a dream and purchasing a Ferrari (either a 308 or 348 or even a Mondial convertible). My question is this - is part finance possible on an older car ?
I have set a budget of £30k and I will be prepared to put down AT LEAST 50%. I just don't want to pay for the whole car in cash although I am able to (just).

I am just testing the water so to speak so any advice is welcome.

[P-Jay]

I've been out of the finance industry for a few years now, but I'd guess getting secured asset finance on such an old Car would be almost impossible these days - although I did once write a deal for a car made in the mid 1920's - different time.

You'd probably fair better with a personal loan or finance secured against property.

[skeeterm5]

Depends what you mean by finance.... Get a personal loan for the balance from a high street lender.

S

[M5 Russ]

skeeterm5 said:

Depends what you mean by finance.... Get a personal loan for the balance from a high street lender.

S

Yes of course that's possible but since I would only consider cars like this from a specialist, I wondered if it was possible and indeed easier to keep it all under one roof ?

[wezo]

Finance should be possible via a specialist dealer - I have experience of The Ferrari Centre in Maidstone and am sure they could help you. I doubt you will get a better rate than the high street banks at the moment though. Great cars btw, although I accept I may be biased.

[M5 Russ]

wezo said:

Finance should be possible via a specialist dealer - I have experience of The Ferrari Centre in Maidstone and am sure they could help you. I doubt you will get a better rate than the high street banks at the moment though. Great cars btw, although I accept I may be biased.

I know the Ferrari centre quite well and this indeed will be my first port of call as I live in Maidstone.

About 12 years ago I very nearly purchased a mint Mondial from them which was a very good price but ultimately got talked out of it by the missus in favour of a BMW M3

Edited by M5 Russ on Sunday 22 January 16:52

[elms]

Speak to Classic and Sports Finance.

http://www.classicandsportsfinance.com/

They are the only broker that I have found to be able to lend on older cars, and we are talking 1930s Blower Bentleys etc

A lot of the mainstream ones now have a 10 year old cut off (at end of agreement) ie meaning on a three year deal a 2005 car will be touch and go

[ghamer]

Can,t you just go to your bank for a loan?