What should I expect the monthly payment to be on a Ferrari?
What is the monthly payment on a financed Ferrari? I've been a salesman for a few years, but I'm finally hitting my stride and should make about $500,000 this year. I want to buy a Ferrari as a gift to myself for all my hard work.
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Answered on Jul 13, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Monthly payments for a car loan depend on:
- the interest rate
- the price of the vehicle
- your down payment
- the length of the loan
Calculating the monthly payment
If you buy a brand new 2021 Ferrari F8 Spider, the price will be $274,280.
A general rule is to put 20% down when financing the car.
That would be 20% of $274,280, or $54,856. Subtract that from the sales price to get $219,424.
Let’s say that you want to finance this amount over 60 months with a rate of 2.99%. So, your monthly payment would work out to be $3,942.
Keep your car insurance premium in mind
Since your car is a luxury vehicle, car insurance is more than likely going to be astronomically expensive. You’ll have to add the cost of insurance to your monthly payment.
You can use a car insurance comparison tool like Jerry to easily find the best rates for your brand new car.”
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