How to Secure Financing for Classic & Collector Car Auctions

Car auctions, like Barrett-Jackson, focused on celebrating classic and exotic vehicles, are exciting events for collectors. From rare gems to iconic models, these high-value auctions can require financial preparation.

Securing financing before bidding not only enhances your confidence but also ensures you’re ready to act when the perfect car rolls across the block (without tying up your own cash). Here’s how you can secure financing for classic and collector car auctions with Woodside Credit, ensuring you have the best buying experience.

Why Auction Buyers Seek Financing

At prestigious car auctions like Barrett-Jackson, vehicles can sell for five, six, or even seven figures, making financing an attractive option for many bidders. Classic and collector car buyers often turn to financing at auctions for several reasons:

• Preserve liquidity: Instead of tying up a significant amount of cash in a single purchase, financing allows buyers to spread payments over time.
• Low monthly payments: With the right financing, buyers can secure lower monthly payments, giving them flexibility for future investments or other financial needs.
• Quick access to capital: For those who don’t want to miss out on a rare opportunity, financing allows immediate access to collector cars without waiting to save up the full amount.

Step-by-Step Guide to Applying for Financing with Woodside Credit

Securing financing with Woodside Credit is a straightforward process designed to help you bid confidently at auctions. Here’s a step-by-step guide:

1. Pre-Approval: Start by applying for pre-approval on Woodside Credit’s website or by phone. This allows you to know your purchasing power with Woodside before entering the auction and makes registering for the auction straightforward.
2. Letter of Credit Approval: Woodside Credit will review your application and when approved, can send a letter of credit approval to Barrett-Jackson to provide proof of funds. A $195 cost is assessed for the letter of credit approval ($295 if the auction has already commenced).
3. Register for the Auction: Register for the auction and choose Woodside Credit on your bidder paperwork.

The Benefits of Financing with Woodside Credit

Woodside Credit stands out for several reasons when it comes to financing high-value cars at auctions:

• Low Monthly Payments: With long terms, Woodside offers the lowest monthly payments available for classic and exotic cars.
• Flexible Financing Options: Whether you’re purchasing at an auction or a private sale, Woodside’s financing is tailored to the needs of car enthusiasts collectors.
• Fast Approvals: Auctions move fast, and Woodside’s quick approval process ensures you don’t miss out on a vehicle due to financing delays.
• First-class Service: Experience personalized service from start to finish, with dedicated experts guiding you through every step of the financing process, ensuring a seamless experience.

Tips for Preparing to Bid at Classic Car Auctions

1. Set a Pre-Approval Amount: Determine how much you’re willing to spend and get pre-approved for that amount. Knowing your budget before the auction helps prevent overspending.
2. Understand Your Financing Limits: While Woodside Credit offers flexibility, it’s important to understand the maximum amount you can finance. Stick within those limits can ensure a low monthly payment.
3. Research the Auction: Major auctions like Barrett-Jackson feature a wide range of vehicles, from muscle cars to rare European classics. Research the auction listings and dockets ahead of time to identify which cars align with your interests and budget.
4. Have a Strategy: Auctions can be fast-paced. Set a bidding strategy ahead of time, including knowing when to walk away if bids go beyond your financing capacity.

Have Confidence In Your Bid!

Securing financing before attending a classic or exotic car auction is key to making confident, successful bids. With Woodside Credit’s pre-approval process and low monthly payments you can focus on the thrill of the auction without worrying about the logistics of payment. Whether you’re heading to Barrett-Jackson or another prestigious auction, Woodside Credit can help ensure you have the resources to secure the car of your dreams.

Ready to bid at the next major auction? Get Pre-approved today!