|
|
|
 |
|
|
 |
» Who is Woodside Credit?
Woodside Credit is a rapidly growing nationwide collector car finance company based in Irvine, California.
» What types of cars will you finance?
Eligible vehicles are collector cars at least 25 years old and most late model exotics like Ferrari,
Lamborghini, Maserati, Bentley, Rolls-Royce, Aston Martin, etc. Replicas, kit car and vehicles with
branded titles are ineligible.
» What are your rates and terms?
We offer simple interest loans with competitive fixed rates and terms up to 12 years. The actual
interest rate and term will depend on the amount financed and the individual’s credit worthiness.
» Can I pay off the loan early?
Yes. There is no pre-payment penalty as long as you keep the loan at least two years.
» Does it matter where I buy the car?
No. You can buy your car from a dealer or a private party as long as the car is eligible for
our program.
» Can I use this plan for a car auction?
Yes. Woodside Credit provides pre-approvals for future purchases, including collector car auctions.
» What if the car I am buying does not have a title?
We understand that some states do not issue titles on collector cars. While we typically require that
a car has a valid title we will consider non-title cars on a case by case basis.
» Will I need to register and title the car?
Yes. You will be required to register and title the car once you purchase it. If your home state does
not issue titles on collector cars we will consider your loan on a case by case basis.
» Do I have to insure the car?
Yes. You will be required to insure the car for its full replacement value. We recommend using
Hagerty insurance at 800.922.4050 or www.hagerty.com.
» Can I re-finance an existing collector car loan?
Yes. We will re-finance an existing car loan or a purchase made with a home equity loan or
unsecured line of credit, such as a credit card.
» Will anyone keep their car loan for 12 years?
Probably not, we expect the average loan to pay off in about 4 years. Most people don’t keep their
home for 30 years, however they choose a 30 year term because of the attractive payment.
» Don’t most people pay cash for these cars?
Not necessarily, and many more will choose to finance their purchases with an attractive offer like this.
» Why would someone choose this plan over a lease?
Leasing is popular because it offers the borrower a low payment. Extended term financing also offers the
borrower a low payment, typically even lower, with the added advantage of a purchase versus a rental.
» Can’t I save on the sales tax with a lease?
You will still pay sales tax with a lease; it may simply be spread out over the term of the lease. If
you finance the sales tax, the same is true.
» Can’t I take advantage of a write-off with a lease?
Both a lease and a financed purchase can be written off if the car is being used for a business purpose.
» Aren’t there lower rates available through home equity loans?
Most likely; unfortunately the rate will probably be a variable one. Just as important is the question
of why someone would want to use their home as security for their car loan.
» How does this program compare to other collector car lenders?
We are the only direct lender to offer an extended term collector car finance program with terms up
to 12 years. As a direct lender, we make our own loan decisions.
» How does your program compare to credit card loans?
We offer an extended term finance program as opposed to a high rate short term credit card plan, and our
rates are fixed versus variable. Our maximum loan amount is $500,000 compared to most credit card limits
of $75,000. Credit card loans may also be considered by the major credit bureaus as fully utilized revolving
lines of credit.
» How good does my credit need to be?
We offer an excellent finance plan that does require that you have good credit.
» Who will service the loans?
Woodside Credit will initially service all loans; however we may choose to sell these loans at a later
time to one of our contracted banks.
|
|
| |
|
|
