Discussion
I'm wanting to get a 360, so i'll cut straight to the catch. When i was at uni i was pretty irresponsible with a couple of credit cards and have ended up with a couple of defaults - so to keep it simple, my credit rating is completely screwed, i wouldn't get a credit card for a grand. Everyone gets to be stupid once i guess, but whats done is done.
I'm 22, work for myself, earn 70k+ a year and i don't own my home, i rent. My only real out goings a month is my rent and obviously utility bills, and i have 30k savings in cash in the bank, and a 2003 bmw 325ci m sport which was paid for in cash, so i own it outright.
My question is, what are my options to finance 50k for a 360? Can a secured loan on the car be done, or is it just not going to happen? Also if something like a secured loan on the car could be done, what type of monthly payments would they be?
thanks in advance for the help.
I'm 22, work for myself, earn 70k+ a year and i don't own my home, i rent. My only real out goings a month is my rent and obviously utility bills, and i have 30k savings in cash in the bank, and a 2003 bmw 325ci m sport which was paid for in cash, so i own it outright.
My question is, what are my options to finance 50k for a 360? Can a secured loan on the car be done, or is it just not going to happen? Also if something like a secured loan on the car could be done, what type of monthly payments would they be?
thanks in advance for the help.
jackyum said:
why would you want a 1k card when you have 30k in the bank??
How's about security when making purchases online? It's the only reason I got my first ever credit card (at 33) last year.Fairly irrelevant to the lad's question, tho. I suspect he was using the comment regarding the CC as an example of how fecked his rating is.
To the OP, you will always get someone to lend you money, but you will have to pay through the nose for the privilege. Regardless of the climate, people will still lend those who are desperate, money at a mental % interest. Ask yourself this tho - do you really want to pay someone an extortionate amount of interest, just to get that car?
You mention you are 22. You earn decent money, so I am guessing you are not totally daft.
My recommendation would be to perhaps look at running something nice but not crazy for a few years until your rating improves - pay your bills on time and generally be as responsible as you can on paper with your money.When we start heading out of this dip (a couple of years, I suspect) you will be in a much better position to be able to borrow to finance your Ferrari. Surely you are not that desperate to look like a spoiled rich kid, eh? Ha ha J/K
How about something like a used M3 or a Lotus or a Boxster S? I am sure others could suggest sensible alternatives to throwing all your money at a stupid interest rate.
P~
Edited by PhantomPH on Sunday 20th July 13:39
1k credit card was just an example of how screwed my credit rating is.
I've seen oracle finance advertising finance packages on 360's for 500 quid a month, but i know that won't be on the table to someone like me. Looked at m3's etc and i'm not really interested in them, i wouldn't have a porsche boxster, thought about a merc sl500, but it's not really gonna be that interesting to drive or own, not into tvr's in the slightest, i quite like 911's, but the money to get a decent 996 is the same as a 360 pretty much.
How about putting it through my company as a company car, is that a possible path?
I've seen oracle finance advertising finance packages on 360's for 500 quid a month, but i know that won't be on the table to someone like me. Looked at m3's etc and i'm not really interested in them, i wouldn't have a porsche boxster, thought about a merc sl500, but it's not really gonna be that interesting to drive or own, not into tvr's in the slightest, i quite like 911's, but the money to get a decent 996 is the same as a 360 pretty much.
How about putting it through my company as a company car, is that a possible path?
Lynx21 said:
I'm wanting to get a 360, so i'll cut straight to the catch. When i was at uni i was pretty irresponsible with a couple of credit cards and have ended up with a couple of defaults - so to keep it simple, my credit rating is completely screwed, i wouldn't get a credit card for a grand. Everyone gets to be stupid once i guess, but whats done is done.
I'm 22, work for myself, earn 70k+ a year and i don't own my home, i rent. My only real out goings a month is my rent and obviously utility bills, and i have 30k savings in cash in the bank, and a 2003 bmw 325ci m sport which was paid for in cash, so i own it outright.
My question is, what are my options to finance 50k for a 360? Can a secured loan on the car be done, or is it just not going to happen? Also if something like a secured loan on the car could be done, what type of monthly payments would they be?
thanks in advance for the help.
what are defaults mate? i am in a very similar position.I'm 22, work for myself, earn 70k+ a year and i don't own my home, i rent. My only real out goings a month is my rent and obviously utility bills, and i have 30k savings in cash in the bank, and a 2003 bmw 325ci m sport which was paid for in cash, so i own it outright.
My question is, what are my options to finance 50k for a 360? Can a secured loan on the car be done, or is it just not going to happen? Also if something like a secured loan on the car could be done, what type of monthly payments would they be?
thanks in advance for the help.
im sure some of the guys here will know, but id think it will be building quite quickly...
Edited by billberks2 on Sunday 20th July 15:53
If you have £30k in the bank why not buy a nice 308/328/348 and run it for a year or so, then sell it next year & chip in a bit extra (£10k) and go for a 355 and so on.....
Might not be a 360 but it'll be a good introduction into the marque....you may even find that after driving some of the more 'raw' older models that the 360 is a bit dull in comparison though still a cracking car..!
Dunno why you think 996 prices and 360's are on a par ! You can get a 996 for very sub £20k now, lovest 360 I've seen is £40k!!
Nowt wrong with Boxsters either, I drove a 996 C4 and a Boxster S back to back and ended up buying the Boxster as a daily runner. Handling felt more balanced, has soft top for summer, price was considerably cheaper and really wasnt that much difference in the performace from what I could tell.....no brainer!
Cant really comment on the finance side but with economic conditions the way they are you'll pay through the nose...
Best of luck!
Might not be a 360 but it'll be a good introduction into the marque....you may even find that after driving some of the more 'raw' older models that the 360 is a bit dull in comparison though still a cracking car..!
Dunno why you think 996 prices and 360's are on a par ! You can get a 996 for very sub £20k now, lovest 360 I've seen is £40k!!
Nowt wrong with Boxsters either, I drove a 996 C4 and a Boxster S back to back and ended up buying the Boxster as a daily runner. Handling felt more balanced, has soft top for summer, price was considerably cheaper and really wasnt that much difference in the performace from what I could tell.....no brainer!
Cant really comment on the finance side but with economic conditions the way they are you'll pay through the nose...
Best of luck!
Edited by FezzaDezza on Sunday 20th July 23:39
FezzaDezza said:
If you have £30k in the bank why not buy a nice 308/328/348 and run it for a year or so, then sell it next year & chip in a bit extra (£10k) and go for a 355 and so on.....
Might not be a 360 but it'll be a good introduction into the marque....you may even find that after driving some of the more 'raw' older models that the 360 is a bit dull in comparison though still a cracking car..!
Dunno why you think 996 prices and 360's are on a par ! You can get a 996 for very sub £20k now, lovest 360 I've seen is £40k!!
Nowt wrong with Boxsters either, I drove a 996 C4 and a Boxster S back to back and ended up buying the Boxster as a daily runner. Handling felt more balanced, has soft top for summer, price was considerably cheaper and really wasnt that much difference in the performace from what I could tell.....no brainer!
Cant really comment on the finance side but with economic conditions the way they are you'll pay through the nose...
Best of luck!
http://www.pistonheads.com/sales/620649.htmMight not be a 360 but it'll be a good introduction into the marque....you may even find that after driving some of the more 'raw' older models that the 360 is a bit dull in comparison though still a cracking car..!
Dunno why you think 996 prices and 360's are on a par ! You can get a 996 for very sub £20k now, lovest 360 I've seen is £40k!!
Nowt wrong with Boxsters either, I drove a 996 C4 and a Boxster S back to back and ended up buying the Boxster as a daily runner. Handling felt more balanced, has soft top for summer, price was considerably cheaper and really wasnt that much difference in the performace from what I could tell.....no brainer!
Cant really comment on the finance side but with economic conditions the way they are you'll pay through the nose...
Best of luck!
Edited by FezzaDezza on Sunday 20th July 23:39
Edited by billberks2 on Sunday 20th July 23:55
billberks2 said:
why when he can get one for 34?
I'm saying for 34k I think it's a scam/has a bad HPI. The next cheapest car is 6k more, and has 10k extra miles (which is a lot for a Ferrari). Also, the next cheapest one is a 2000 model - just after they were first released. This one for 34k is a 2003 model, so one would assume it would command a higher price.I could be wrong though.
ETA: I've just realised this is an F1. So the next cheapest F1 is 10k more, with 7k more miles, in yellow, and it's a year older.
Edited by Sharief on Monday 21st July 10:13
forgot to add something...
I was talking to someone yesterday about securing the 50k against the car and they seemed to recon that the interest rate wouldn't be too bad because even if i did plant it into a lamp post, the insurance would cover it (?)
So say i secure 50k against the car, i've got 15k coming through from a deal i've just finished, so say i put that towards a 360 spend 65k on getting a nice one, then wouldn't that ease their concerns a bit?
Say something happened and i wanted to get rid of it, i'd get 30k for the car if i chopped it into a dealer next year, leaving me with only the remaining balance to pay which i can easily afford.
Or if i put it through my company, my company assets far outway the value of the car. I don't own the property used for my business, the warehouse is rented, but in stock alone i've got 110k, plus three transit vans and the books are healthy as i'm not really being effected by the current economic climate due to the nature of my business. So surely there must be some scope there to put it through the company as a company car?
I was talking to someone yesterday about securing the 50k against the car and they seemed to recon that the interest rate wouldn't be too bad because even if i did plant it into a lamp post, the insurance would cover it (?)
So say i secure 50k against the car, i've got 15k coming through from a deal i've just finished, so say i put that towards a 360 spend 65k on getting a nice one, then wouldn't that ease their concerns a bit?
Say something happened and i wanted to get rid of it, i'd get 30k for the car if i chopped it into a dealer next year, leaving me with only the remaining balance to pay which i can easily afford.
Or if i put it through my company, my company assets far outway the value of the car. I don't own the property used for my business, the warehouse is rented, but in stock alone i've got 110k, plus three transit vans and the books are healthy as i'm not really being effected by the current economic climate due to the nature of my business. So surely there must be some scope there to put it through the company as a company car?
Lynx21 said:
forgot to add something...
I was talking to someone yesterday about securing the 50k against the car and they seemed to recon that the interest rate wouldn't be too bad because even if i did plant it into a lamp post, the insurance would cover it (?)
So say i secure 50k against the car, i've got 15k coming through from a deal i've just finished, so say i put that towards a 360 spend 65k on getting a nice one, then wouldn't that ease their concerns a bit?
Say something happened and i wanted to get rid of it, i'd get 30k for the car if i chopped it into a dealer next year, leaving me with only the remaining balance to pay which i can easily afford.
Or if i put it through my company, my company assets far outway the value of the car. I don't own the property used for my business, the warehouse is rented, but in stock alone i've got 110k, plus three transit vans and the books are healthy as i'm not really being effected by the current economic climate due to the nature of my business. So surely there must be some scope there to put it through the company as a company car?
i doubt it matey..I was talking to someone yesterday about securing the 50k against the car and they seemed to recon that the interest rate wouldn't be too bad because even if i did plant it into a lamp post, the insurance would cover it (?)
So say i secure 50k against the car, i've got 15k coming through from a deal i've just finished, so say i put that towards a 360 spend 65k on getting a nice one, then wouldn't that ease their concerns a bit?
Say something happened and i wanted to get rid of it, i'd get 30k for the car if i chopped it into a dealer next year, leaving me with only the remaining balance to pay which i can easily afford.
Or if i put it through my company, my company assets far outway the value of the car. I don't own the property used for my business, the warehouse is rented, but in stock alone i've got 110k, plus three transit vans and the books are healthy as i'm not really being effected by the current economic climate due to the nature of my business. So surely there must be some scope there to put it through the company as a company car?
Sharief said:
billberks2 said:
why when he can get one for 34?
I'm saying for 34k I think it's a scam/has a bad HPI. The next cheapest car is 6k more, and has 10k extra miles (which is a lot for a Ferrari). Also, the next cheapest one is a 2000 model - just after they were first released. This one for 34k is a 2003 model, so one would assume it would command a higher price.I could be wrong though.
ETA: I've just realised this is an F1. So the next cheapest F1 is 10k more, with 7k more miles, in yellow, and it's a year older.
Edited by Sharief on Monday 21st July 10:13
sjn2004 said:
Sharief said:
billberks2 said:
why when he can get one for 34?
I'm saying for 34k I think it's a scam/has a bad HPI. The next cheapest car is 6k more, and has 10k extra miles (which is a lot for a Ferrari). Also, the next cheapest one is a 2000 model - just after they were first released. This one for 34k is a 2003 model, so one would assume it would command a higher price.I could be wrong though.
ETA: I've just realised this is an F1. So the next cheapest F1 is 10k more, with 7k more miles, in yellow, and it's a year older.
Edited by Sharief on Monday 21st July 10:13
Lynx21 said:
forgot to add something...
I was talking to someone yesterday about securing the 50k against the car and they seemed to recon that the interest rate wouldn't be too bad because even if i did plant it into a lamp post, the insurance would cover it (?)
So say i secure 50k against the car, i've got 15k coming through from a deal i've just finished, so say i put that towards a 360 spend 65k on getting a nice one, then wouldn't that ease their concerns a bit?
Say something happened and i wanted to get rid of it, i'd get 30k for the car if i chopped it into a dealer next year, leaving me with only the remaining balance to pay which i can easily afford.
Or if i put it through my company, my company assets far outway the value of the car. I don't own the property used for my business, the warehouse is rented, but in stock alone i've got 110k, plus three transit vans and the books are healthy as i'm not really being effected by the current economic climate due to the nature of my business. So surely there must be some scope there to put it through the company as a company car?
Finance car through the company.I was talking to someone yesterday about securing the 50k against the car and they seemed to recon that the interest rate wouldn't be too bad because even if i did plant it into a lamp post, the insurance would cover it (?)
So say i secure 50k against the car, i've got 15k coming through from a deal i've just finished, so say i put that towards a 360 spend 65k on getting a nice one, then wouldn't that ease their concerns a bit?
Say something happened and i wanted to get rid of it, i'd get 30k for the car if i chopped it into a dealer next year, leaving me with only the remaining balance to pay which i can easily afford.
Or if i put it through my company, my company assets far outway the value of the car. I don't own the property used for my business, the warehouse is rented, but in stock alone i've got 110k, plus three transit vans and the books are healthy as i'm not really being effected by the current economic climate due to the nature of my business. So surely there must be some scope there to put it through the company as a company car?
Monthly payments can be drawings (either dividend/wage)
Deposit paid straight to finance company.
Edited by Murcielago_Boy on Monday 21st July 15:22
To the OP - These kind of posts really drive me round the twist. This is the very reason this country is f***ed right now. Because, previously, some idiot loan company/financial outfit/bank, would gladly give you finance. What's wrong with this picture people: I am 22. I have no house. I have a bad credit history. I earn 70k a year, which is a lot less after tax. I know, I'll buy a 360 for 50k - ON FINANCE!!!!!!!
Which will then end up costing you over 60K in total(don't forget that thing called interest), and when you come to sell it, it won't be worth anything near that. Your 20 grand down now, and you need to buy a house, and have a non-existent deposit because a chunk of that got spent on fuel and maintenance. (Take Verdi/Other's fixed price service menu with a pinch of salt please) Hope your company doesn't lose the big jobs in the meantime or take a turnover/profit cut (credit crunch you know). Now you want to buy a house - hmm, what to do? I know, off to the bank for a 100% mortgage. OH NO! That scam is now over - because of people like you defualting. And that is why kid's who have actually saved get such s
tty mortgage deals now. Please, please, please just buy a Maserati 3200/4200, break yourself into exotic car ownership gently, get used to the big bills (worse case) and then buy a 360 when you have more experience/cash behind you. Owning an exotic car is not just about buying it. Anyways, the finance 'sham' of cheap money to bad applicants hopefully is coming to an end now. Many of the 'property developers' driving round in Murci's off the back of borrowed money against unrealistically increasing property prices are going to be in for a nasty shock.
I am not opposed to finance in any way shape of form, but borrowing must be done sensibly.
Which will then end up costing you over 60K in total(don't forget that thing called interest), and when you come to sell it, it won't be worth anything near that. Your 20 grand down now, and you need to buy a house, and have a non-existent deposit because a chunk of that got spent on fuel and maintenance. (Take Verdi/Other's fixed price service menu with a pinch of salt please) Hope your company doesn't lose the big jobs in the meantime or take a turnover/profit cut (credit crunch you know). Now you want to buy a house - hmm, what to do? I know, off to the bank for a 100% mortgage. OH NO! That scam is now over - because of people like you defualting. And that is why kid's who have actually saved get such s
tty mortgage deals now. Please, please, please just buy a Maserati 3200/4200, break yourself into exotic car ownership gently, get used to the big bills (worse case) and then buy a 360 when you have more experience/cash behind you. Owning an exotic car is not just about buying it. Anyways, the finance 'sham' of cheap money to bad applicants hopefully is coming to an end now. Many of the 'property developers' driving round in Murci's off the back of borrowed money against unrealistically increasing property prices are going to be in for a nasty shock.I am not opposed to finance in any way shape of form, but borrowing must be done sensibly.
Edited by runway78 on Monday 21st July 19:06
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