Ferrari 458 loan approval odds

[Nesch18]

I am looking to finance a used 2015 Ferrari 458 Spider.

I currently have a 2019 Corvette ZR1 which I will be trading in. My original loan on that car was $110,000. I opened the loan account in May 2018. My oustanding balance now is $20,000 so I paid off quite a bit in the past 2.5 years. My income is about $120,000 before taxes and my only payments are the mortgage with $1,300 and my car loan $1,500 for the Corvette which will be replaced by the Ferrari payment.

My Fico score is about 825 with all 3 bureaus. I will probaby apply at the same credit union where I have applied for the $110,000. I am also doing my regular banking with them. The loan amount will be $120,000 this time. When i applied for the $110,000 the only difference now would be the mortgage. Back then I just paid $750 rent and didn't have the mortgage. The price of the Ferrari will be $200,000 + taxes and fees with $90,000 down.

Any chance I get approved?

[Anonymous]

If they financed the Corvette at $110,000 and will no longer have that payment. I don't see why they wouldn't finance the Ferrari with a similar note with nearly half down. Now should you? Probably not, I don't think you have Ferrari income... Then again, I have an airplane and my income is less then yours; I also don't own a home. But I am also an aircraft mechanic and have found away to make aircraft ownership costs nonexistent in the end for me. So I really shouldn't judge one's priorities. When you want something, you will make it happen.

[Anonymous]

Never hurts to try....

Good Luck!

[Shooting-For-800]

HUGE difference between maintaining a 2 year old Vette and a 6 year old Ferrari.  HUGE.  Give this some serious thought especially if this will be your daily driver.  Every Ferrari owner I know can just write a check for another one and has a mansion and car in every category (4 door, SUV, pickup, etc)  Just my opinion, no offense intended.  

You don't like the new Vette?  I think it looks better than a 458 myself.

The new Vette convert is way under $100k and does 0-60 in 2.9 secs (with a warranty)

The new ZR1 will have @ 900 hp and will be way under $200k (with a warranty)

2020 Vette Convert $90k

GL!

[Anonymous]

I am not up on current Corvettes and I imagine they have gotten more complicated, but historically Corvette maintenance was extraordinarily inexpensive compared to a Ferrari.

[Loquat]

Lets keep the conversation more to the question of what the OP ask rather than passing judgement on if this is a logical purchase.

We all have reasons for doing what we do and there's no need for justification to anyone on this here forum for doing so.

Thanks for your understanding.

[355F1]

The only issue I see is the D/I.

Yes, I have financed a Ferrari before and was looking at 458s and Cali T's this year.

MOST banks will not lend OVER $100,000 for a vehicle. You will need a credit union or dealer-financing.

Ferrari Financial is offering as low as 2.99% right now if the car you're looking at is an authorized dealer. Most dealers are throwing in a free 2-year Ferrari Power Warranty, as well.

[Mjhall85]

I would say your odds are pretty good for approval as you already have a loan for same ball park, love the zr1 personally but the 458 is awesome, my buddy recently bought one fun car to drive.

Side not @355F1  the 355 may be one of my favorite ferraris ever since I saw one in boiler room when I was young.

[355F1]

My first Ferrari was a 1999 F355 F1 Spider. TdF Blu over Cuoio.

Bought her in 2008, put 14,000 miles on her over the 4 years I owned her.

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@Mjhall85 wrote:

I would say your odds are pretty good for approval as you already have a loan for same ball park, love the zr1 personally but the 458 is awesome, my buddy recently bought one fun car to drive.

Side not @355F1  the 355 may be one of my favorite ferraris ever since I saw one in boiler room when I was young.

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