topic Re: Where can we get a loan for used Ferrari or Lamborghoni? in Auto Loans

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

Red1Blue — Fri, 04 Feb 2011 04:52:53 GMT

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.

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

OnTheRebound — Fri, 04 Feb 2011 14:57:23 GMT

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.

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

Red1Blue — Fri, 04 Feb 2011 15:13:19 GMT

@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.

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.

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

OnTheRebound — Fri, 04 Feb 2011 16:06:59 GMT

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.

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

Creditaddict — Fri, 04 Feb 2011 16:28:46 GMT

@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.

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.

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

Red1Blue — Fri, 04 Feb 2011 18:53:20 GMT

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.

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

Anonymous — Fri, 04 Feb 2011 19:18:11 GMT

@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.

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.

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

Anonymous — Fri, 04 Feb 2011 19:57:07 GMT

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".

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

Anonymous — Fri, 04 Feb 2011 20:02:58 GMT

@Anonymous 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.

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.

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

Red1Blue — Fri, 04 Feb 2011 22:31:57 GMT

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/

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

ibmrad7 — Fri, 04 Feb 2011 23:04:16 GMT

My friend rented a Lamb in Miami on weekend rates for 2400$ a day

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

laz98 — Sat, 05 Feb 2011 01:34:51 GMT

@ibmrad7 wrote:
My friend rented a Lamb in Miami on weekend rates for 2400$ a day

i seriously just spit my drink all over my computer.......who in their right mind would pay that much just to RENT a freaking car???? you friend must have A LOT of disposable income. i need friends like that

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

ibmrad7 — Sat, 05 Feb 2011 01:45:44 GMT

That time he was just a student but his parents have lots n lots n lots of Dineros

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

Anonymous — Sat, 05 Feb 2011 02:50:37 GMT

Like I tell people time and time again: its all about frame of reference.

To a lot of people eating out at Outback Steakhouse is slumming.

I once waited on a person at Outback who I remembered from when I had been a Busser at Morton's of Chicago, I had made a joke what was he doing there, he explained it was a last minute trip out and they were in the area, he was like well the steak is Ok.

I am one of those people that cannot get my mind around bottles of wine. I mean really you get less than 4 glasses, and for the price for a few people you can buy a decent vodka or scotch.

if you cleared $400,000 a year, and were reasonsably normal on DTI, the thought of spending 3 hours grocwery shopping at 4 different stores seems like a waste of yor time and money.

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

laz98 — Sat, 05 Feb 2011 03:03:56 GMT

it just caught me off guard i know i'm not uberwealthy

i don't think i'm cheap, either, but i'm not sure i would spend 3-4 hours grocery shopping on a regular basis, either

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

Anonymous — Sat, 05 Feb 2011 03:21:24 GMT

@laz98 wrote:

i don't think i'm cheap, either, but i'm not sure i would spend 3-4 hours grocery shopping on a regular basis, either

NPR did a report that had the poor and retired trending (taking the big city slum and transportation issue out of the equation) to spend less on groceries, then the "rich" or people with large families who either did not have the time to shop, or found any cash savings not worth their time.

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

Red1Blue — Sat, 05 Feb 2011 04:40:42 GMT

I did find some good leads on other boards and internet. Looks like, it is not that bad and one can easily get a good financing for the exotic and collectors cars with reasonable interest / lease to buy and other options. Loans can go upto $500k for the cars. I thought it was impossible or next to difficult to get one of these cars, looks like it is possible and quite in the reach to get one of these cars.

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

Anonymous — Sat, 05 Feb 2011 23:54:01 GMT

@Red1Blue wrote:
I did find some good leads on other boards and internet. Looks like, it is not that bad and one can easily get a good financing for the exotic and collectors cars with reasonable interest / lease to buy and other options. Loans can go upto $500k for the cars. I thought it was impossible or next to difficult to get one of these cars, looks like it is possible and quite in the reach to get one of these cars.

You may wish, before getting jumpy, to check the service intervals and cost them out. Depending on your make and model of a Lamb, your service visits could be easily half the cost of a new Ford Focus.

Maybe Audi or Porsche? (and I do not mean an AUDI R8-although they look nice.)

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

Watchmann — Sun, 06 Feb 2011 00:14:21 GMT

As others have said check at what intervals service is required and the cost. They are hideous for cars like this. And make sure you have qualified service available within a reasonable distance from your abode. These cars almost need a chase car following them with a qualified mechanic at the ready. These are great cars, but they are very high maintenance.

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

Red1Blue — Sun, 06 Feb 2011 01:21:22 GMT

I totally agree with the input from everyone on the cost of the maintenance for these cars. I am also going to consider porche before I move up to Ferrrai or Lamborghoni. I think there are quite a few maintenance places in NJ for Ferrari and Lamborghoni. I'll go some time to these mechanic places and find out the costs and check them out.