Saturday, August 12, 2017

The Do and Don’ts of Finding The Financing For a Ferrari

ferrari buying
OK, so treating yourself to a luxury sports car like the Ferrari 488 GTB or Spyder might seem a bit over the top. However, if you discovered that it wasn’t so hard to get the money that you needed to own your very own dream ride, might that change your mind? Well, keep reading, and you will find out. 

Do get a loan from an independent provider

Unless you have a sudden windfall or a win on the lotto the luxury car that you have always dreamed of can often seem out of reach. However, there are loan comparison sites out there like that can help you. In fact, it's entirely their specialty to find you the best independent loan provider that will suit your particular situation. Whether it's pick up truck or that long awaited Ferrari that you want to buy.

Don't get a loan from the dealership or the bank 

While getting a loan like the one mentioned above is a great idea, it worth stating that loan from banks and dealerships aren't always the best. This because they are open offer at a very high APR. Meaning you can end up paying back a lot more money than the car is worth. Something that even the most decorated Ferrari fans are unlikely to want to do to get their hands on their dream car. 

Do save up the deposit 

Something else that you should consider to help pay for your Ferrari is to take some time before you make your purchase and save up the deposit that is required. On a luxury car like this, it can be a fair amount of money, but the advantage in doing this is that by paying off a full deposit you will have a smaller payment each month to make. Something that can make even buying a high-end sports vehicle that little bit more affordable.

Do look for a second-hand vehicle

Another clever way to find the money for your dream Ferrari is to eschew going for one of the newer models like the 488 GTB and the F12 Berlinetta, read more about this at and go for a classic or vintage option instead. That is because second-hand cars are often available at a much lower price than mint condition new ones. Also, the latter often lose a great deal of their value after driving them off of the forecourt, it can really make financial sense to go for an older model, both from a financing and reseal point of view.

Don’t buy a restoration project

However, with that being said, it's never a good idea to buy a high-end car like a Ferrari as a restoration project just because the price is more affordable and you can get the funding. As restoring classic and luxury cars takes time, patience, expertise, and usually even more funds. In fact, it's much more likely that the thing will end up living n your drive and you will never get to go out on the road with it. Something that is surely one of the key motivations for owning a vehicle like the Ferrari in the first place?

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