I have seen it in the past on some high priced ebay motor auctions.

 

144 that's like 12 years.
damn. that is a long term finance.
3 more years and it will be house mortgage. :-)

 

I offer 10 year mortgages!

 

a buddy of mine has 144 month deal through woodside credit. no gimmiks.

luis: it is real, and i could explain if you want, pm me.

 

For a car like that 144month financing makes sense doesnt it? If your looking to drive a ferrari but don't think you want to keep the car forever this seems to be a good idea. Your probably going to want to have the car for a few years, mabe even 5 but you plan on taking care of it and selling it in the end. So get a long term loan, to keep payments low, drive the car and take good care of it, and when your ready to move on sell it, pay off the loan and you should still get some $$ back. Then onto the next car.

Or am I missing something? I can see if you want to own/collect the car forever then interest will kill you, but if its a toy until the next thing comes along seems to make sense.

 

The interest rates on these 144 mo financing is prime plus, depending on what your credit score is. Might as well get a heloc or a fixed rate and buy it outright and have a write off.

 

Have him do what I do. Get an interest only line on his house. Cheapest way to get in and out for a guy with a really short attention span.

 

I'm not a finance guy, so someone more experienced than I please add to this. But with a twelve year note, and a depreciating asset say a 360 that went from being worth 180-200K new to 110K 5 yrs later, you can end up "upside down" when you got to sell your vehicle. I.e you owe more than the vehicle is worth.

As to getting a loan and deducting an exotic, HOW DO I DO THAT????

 

Whats up Steph. Might wanna advise Dr. Spenditwise to buy a F430. Since money isn't an issue, he can buy that for 230ish and sell it a year later for 220to 230ish.

There isn't lease deals on Modenas, just as the aforementioned...find a good purchase price, and speak to either premiere, putnam, or other leasing co's.

RS

 

To each his own, I guess. I don't see the financial sense in having a car loan that amortizes slower than my home loan. When I had no money, I bought a fridge from Sears and paid interest for 3 years before I paid it off. It cost me a lot more than the retail price. The fridge was necessary; a Ferrari is not. Living within one's means really does make sense.

 

true, but then there's no room left on the heloc and your house is mortgaged to the hilt.

 

yes, that's what i think...