[j brosseau]

i have come across a 95' F355. yellow and black with 24,000 miles. the asking price is 72,500. i dont really have 72 g's laying around and the F355 is what i said i would always get if the chance came. well my dad is willing to take my 308 off my hands and that will free up some cash, but i was wondering about long tern finances like 10+ years. is there anyone out there that has done this with a ferrari? the 355 would be a car i keep forever. i love the car to much, plus in 10 years if kept in good shape i can probably sell it for what i paid or better. so if anyone has any info let me know. also if i went to the ferrari dealer here in seattle would they be willing to wotk with me as far as shipping from florida and helping me get financed?

 

[Andrew]

i have come across a 95' F355. yellow and black with 24,000 miles. the asking price is 72,500. i dont really have 72 g's laying around and the F355 is what i said i would always get if the chance came. well my dad is willing to take my 308 off my hands and that will free up some cash, but i was wondering about long tern finances like 10+ years. is there anyone out there that has done this with a ferrari? the 355 would be a car i keep forever. i love the car to much, plus in 10 years if kept in good shape i can probably sell it for what i paid or better. so if anyone has any info let me know. also if i went to the ferrari dealer here in seattle would they be willing to wotk with me as far as shipping from florida and helping me get financed?

That is very long for a car loan but a bank may do it. Just have to walk in and ask. Banks always are looking to make money. However, you statement about reselling it for the same price is wrong. Even in pristine shape you will not get this much. Factor in inflation and the price drops even more. Remember they made over 2,000 of this car (GTS so much more if you include Berlinetta, Spider, F1). In 10 years I would expect an 95 F355 to be selling for $42,000 - $64,000. But if you are keeping it forever then go for it.

 

[j brosseau]

well i think i am gonna pass on the F355. as much as i would love to make a move i dont think it will pan out the way i want. therefore i am going back to my original plan of adding a testarossa to the garage. i found a nice driver for 48,000 and am going to talk to the local dealer about shipping and such. the car is in florida so i need to figure out the money details. plus this is a car i feel more comfortable working on. and i think i will like the 12, alot!

 

[sduke]

J

Is that the car Martin has at Cavallino Motors?

That car is very nice for the price and Martin is a good guy. You won't regret it.

Good luck

steve

 

[j brosseau]

sduke, both cars are from there. once i stopped and thought about it i could not really see dropping 70 g's at this time. but if i can get the money i will drop 50 for that testarossa. which car in specific are you refering to? the rossa? how are those guys to deal with? im looking for like a 8 year loan. does anyone do that?

 

[ryalex]

Look around for financing - as a note, I lived in Seattle 99-01, and the dealer there told me most buyers there pay cash; they offered no financing in-house. On the other hand, Park Place in Bellevue does.

 

[sduke]

J

Sorry I didn't get back to you earlier.

Martin at Cavallino had 2 Testa's last time I was there. He had an 85 that was well worth what he was asking. If remember correctly it was in the high 40's. he also had a 91 on consignment that was impressive.

If you are looking at the 85 it just had the 30K and is well sorted.

Martin is great. If anyone can get you financed for 8years he is the one. He has contacts all over in the finance world.

If you get the car, be sure and post photos...

steve

 

[j brosseau]

sduke, thanks for the good words. really made my day. as soon as i get a nice little down payment put together i will give him a call.

 

[gthomas]

Insted of financing with a car loan, get a home equity loan.
You can pay it off earlier, have more leeway, and pay less in interest.
ETC...ETC...ETC...

 

[Dj Dirk]

Insted of financing with a car loan, get a home equity loan.
You can pay it off earlier, have more leeway, and pay less in interest.
ETC...ETC...ETC...

using a home loan for a car?
how about that's not legal
at least here it isn't

 

[Azzurro California 575M]

A home equity loan is a loan secured by your home to the extent of the house that you have already payed off through mortgage payments. You probably have something similar in Belgium that just goes by another name. It is not legal to pay for your car with a home mortgage though. This is why people called appraisers come to visit and assign a fair market value to your house. You'd have a really dumb mortgage company if they didn't notice an extra 100 thousand dollars added to your home value.

 

[Slag_328GTS]

I would recommend a home equity loan also so that you could deduct the mortgage interest - I am thinking you may not be a home owner though or you probably would have thought of that - Just a guess.

Ask you bank what kind of car loans they offer.

In any case, get the funds together & get the red head! Can't wait to see the pics!

Good luck

 

[gthomas]

A home equity loan is about the same as a second mortgage.
It does not have to be paid off.
I wouldn't recommend it, but my dad had a 1st, HELOC, then took a 2nd mortgage.
If you must have a first, only do a HEL/HELOC, no others.
HEL Home equity loan-fixed, pay interest only, anything over, applied to principle, so each month you lower interest payment(every little bit helps).
HELOC Home equity line of credit- same as above, except you apply and get a fixed amount of credit, whenever you need more, you just get it.Same payments.
First, with exception of 1st mortgage, consolidate, reduce your interest rate, and payoff quicker, quickly.
Then, as I did, take it, payoff first, and reduced the amount of interest I paid.
Traditionally,on a mortgage, you pay most of the interest upfront, principal at back end, so half way through the loan, you still owe what 75-80% of what you initially borrowed. You can payoff a lot quicker, and have much more principal in your investment.
I know lots of people that don't even take car loans on daily drivers,HEL/HELOC, not one of us has ever gotten in trouble, accountants tell us it is legal, an accountant was the one whom initially suggested this when I was still a teen, to stay out of debt.
I only use HEL's to buy property, it helps in a downtime, when it's being redone, and have to wait to make money of the investment.
And I've paid a lot less interest to the banks than friends whom have done it traditionally.