Where can we get a loan for used Ferrari or Lamborghoni?

[Red1Blue]

I am curious if any has ideas as to where we should go to get a loan for used Ferrari or Lamborghoni. Car would cost any where between $70K to $150k.

[OnTheRebound]

I have no idea. But IMO, if you need a loan for such a car, you can't afford it, even if you got 0% financing. Think of the maintenance cost of these things. You can buy a decent, ordinary folks, used car for the price of an oil change.

Strictly for  the insanely rich folks.

[Red1Blue]

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@OnTheRebound wrote:

I have no idea. But IMO, if you need a loan for such a car, you can't afford it, even if you got 0% financing. Think of the maintenance cost of these things. You can buy a decent, ordinary folks, used car for the price of an oil change.

Strictly for  the insanely rich folks.

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Trust me, I can afford it. For some reason, I never had love for expensive cars. Being in mid life, I have decided why not enjoy my life and treat my self with some nice toys. I am talking to the dealer now to see what options they would have for financing.

[OnTheRebound]

I hope you didn't take offence. It was just my opinion, although you didn't ask for it. And you know what they say about opinions. It's just that "I can afford it" is a relative term. For some, if they can comfortably handle the monthly payment, they can afford it. For others, unless they have the cash to PIF, they can't afford it. Personally, I wouldn't finance anything except real estate. But thats just me.

Enjoy your new ride.

[Creditaddict]

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@Red1Blue wrote:

I am curious if any has ideas as to where we should go to get a loan for used Ferrari or Lamborghoni. Car would cost any where between $70K to $150k.

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NAVY?? do they go that high.

I'm sure the dealership has finance companies that don't blink at such a high loan, so that would probably be your best bet with some serious money down.

[Red1Blue]

I talked to Dealer and they have 60 month and 120 month loans and 60 month lease. I have to find out more details. I am looking at used lamborghoni for $150k. I am not sure if I going forward with buying it now or hold off for few months.  But I definitely want to get one of those babies so I can over come my mid life crisis.

[92235]

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@Red1Blue wrote:

I talked to Dealer and they have 60 month and 120 month loans and 60 month lease. I have to find out more details. I am looking at used lamborghoni for $150k. I am not sure if I going forward with buying it now or hold off for few months.  But I definitely want to get one of those babies so I can over come my mid life crisis.

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Holy crap! 120 month loans? I didn't even know those products exist. If someone has to do a 120 month loan they can not afford it. Ask them if they have a 36 month or 48 month. I am sure its pretty rare for them to do a loan so they may not be sure. This may be a stupid question, but have you called your local bank or CU? If so what did they say? I am really interested in knowing this.

[lajntx]

It will suprise you when it comes to insanely rich people. The few I have known most if not all of their wealth is tied into mostly sheltered hard assests, with very little liquidity. Those same people also tend to be classified as " small businesses" in terms of taxes and why they try to shelter much of their wealth. For them to liquidate something and go pay 100K+ on a car in some cases would expose them to paying more taxes, and thus would  make more sence to purchase something like that over several years. Also, every extremely wealthy person I have know would never spend more on a car other than what it would cost to lease a BMW or Mercedes. - about half of them suprisingly only owned and drove old "beaters".

[Anonymous]

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@92235 wrote:

Holy crap! 120 month loans? I didn't even know those products exist. If someone has to do a 120 month loan they can not afford it. Ask them if they have a 36 month or 48 month. I am sure its pretty rare for them to do a loan so they may not be sure. This may be a stupid question, but have you called your local bank or CU? If so what did they say? I am really interested in knowing this.

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Umm, you need to change your frame of reference to understand it.

Most people do not buy multiple Lamborghinis, nor do they trend to keep trading up every year. Once bought those high end cars become the show pieces- rarely driven and handled like art. A 120 month loan is not out of the question.

Before you buy one, I do not know where you live but you may wish to consider: distance from repair facility, quality of roads, storage facility on your property. Those types of cars have a very low suspension and unless you live with very high quality roads are NOT the fun drives you think.

[Red1Blue]

I think I'll try to rent a car for couple of days and see how I like the ride. Looks like this place rents the cars of this kind.

I wonder how much they would charge for a day. Probably $1k / 1 day rental

http://www.gothamdreamcars.com/