Brief intro, I am a younger guy (under 30) who always buys things cash have ZERO debt etc... I dont have really any credit history besides an amex and some items for 6 years ago that were bad (defaulted student loans, all paid in full tho)

anyways Im thinking about getting a 458 12/13 for next few months till by turbo S build is here in Dec... I have money to pay it cash etc. what im wondering is to help build credit etc, should i put like 200k down and finace the rest on 36 months to start some sort of history with cars? also will i get approved? I have plenty of income etc... but score/history are not built

thoughts of what to do?

 

Without excellent credit I would think it would hard to get approved but who knows with a large down payment. I would just pay it of and skip the finance charges. Get credit other ways.

 

You can probably call your bank/credit union and see what amount you can get approved for. With a bad credit score you will probably get a very high interest rate. Not the best way to build credit. I suggest you start paying everything with a credit card and pay it off every month w/o paying interest. Your credit score will go back up slowly.

 

$100K down and Ferrari Financial should buy your deal, but they dont usually report to the credit bureaus anyway (unless you are late / default, I'm sure).
Cars are easy as heck to get financed, its harder to get a house then it is to get a car (and the banks are safer with the house... weird).

I can get a $360K Ferrari financed at the drop of a hat with no real income proof, but I can't go buy a house with 20%-30% down without a ton of income verification and tax returns, etc even though I have excellent credit.

 

Your derogatory items will hurt you more than anything. However, a massive down payment should get you approved. If you can stomach what will likely be an unfavorable interest rate, your plan will meaningfully improve your chances of getting approved for a similarly sized deal in the future.

 

good choice on cars! I am just curious cause I am 27. Interested in your field of work to afford it. You don't have to answer it if you dont want to. I am trying to do some big things right now to buy one as well just interested in what everyones field of work is.

 

There are better ways to improve your credit score then a buying a Ferrari. Think real estate.

 

Credit scores only matter for people who need credit. If you are under 30 and can buy a Ferrari with cash, you are well on your way to never needing to finance anything. Don't throw money away on an interest rate just to impress some credit agency that you don't need anyway

 

There are plenty of things far more costly than a Ferrari (and far less) that are better financed than paid in cash. Ever been in business for yourself?

 

If you don't have good credit history, a large down payment will help to get the finance

 

uh-oh.....

https://www.6speedonline.com/forums/...rofession.html

 

Yes.

 

You again huh? You started the same thread @ Ferrarichat. You got flamed pretty well there so I will not flame you.
I would suggest deeply not to finance a Ferrari. Purchase is the smallest part of cost of ownership. I curbed my front bumper 2 weeks ago and am looking at 7K for repair. Read some threads on older cars ( 360 / 430 ) and look what a major costs. Go look in the 458 thread where a guy got rear ended at 5 miles/hour. 44K later and the depreciation on resale was astounding.
This is a toy and as I tell my son - save up for your toys because it is just money thrown away.

 

Seriously pay cash, then get a smallish 10-15K revolving credit card. Use it for monthly expanses and pay it off every single month in full. It will bring your credit score up 10x faster then a large car loan.

What they are looking for is unsecured debt that's always paid on time and that is ~10% of your total income in revolving but not usage.

I for one would skip the 458 and find something easier and less likely to depreciate if I was going to hold onto to it for only 12 months. You are in Miami so its not like you have a massive tax bill on the thing to worry about. Out here in California you would be out 25K just in sales tax.