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Helping You Purchase Your Collector Car

There is one thing that prevents many of us from purchasing that Legendary Collector Car of our dreams…MONEY. Until recently I believed no one would lend money to purchase a collector car or a classic car. That all came to an end when I became aware of Woodside Credit. When I sold our 1969 AMC AMX the buyer was able to borrow the money he needed to complete the transaction from Woodside Credit. The process, from the seller’s standpoint, was absolutely painless and in many ways made the entire procedure easier than dealing with a buyer direct. You never know for sure when you sell a collector car if the buyer really has the money; you never really feel safe that the bank check you are getting is legit and taking a stack of $100 bills is not a great idea either.

Even if the buyer could get a loan I imagined that the interest rate and terms for the loans would be “way out there” similar to the rates in the Peanut Farmer Jimmy Carter President days of high inflation. You would expect an interest rate similar to a credit card level of 16.9% or higher, right? Even if you could manage the rates you expect that the maximum term to be 24 to 36 months, right?  NOPE, not even close on either assumption.

Woodside Credit starts their rates out at 4.99% fixed! They require 20% down but with monthly payments you can take up to 12 years to pay it back. Let’s say you found that perfect collector car you have been dreaming about since high school but it will set you back $150,000. Here are the numbers; 20% down = $30,000; $120,000 for 12 years at 4.99% would be $1,109.00 a month.

Now that is still a big payment for most of us but if you are looking for a collector car at $50,000 then its $10,000 down and a payment of $370 per month.  The maximum loan is $500,000. Their minimum loan is only $10,000 which equates to a car price of $12,000 with $2,000 down.This puts the collector car market into the hands of almost anyone who has a little discretionary money left over at the end of the month.

When I was talking to a representative from Woodside Credit about how their program works he said that most borrowers pay off the loans early and many use it as a short term financing until they sell another car or what ever. Woodside Credit is also the Preferred lender for Barrett Jackson so you know they are a legitimate company!

If you are a seller or a buyer you should check out Woodside Credit and see how they can help you; just click here to visit their web site.

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Richard

I grew up and lived in Iowa for a good portion of my life before moving to Southern California. After 20+ years we now live outside Nashville Tennessee. I have been into cars since I was old enough to remember. I don't have a brand loyalty although I do prefer American Muscle especially the 1969/1970 NASCAR Aero Cars. (Check out our other web site at www.TalladegaSpoilerRegistry.com site) As long as it has four wheels and an engine I get excited. Few men are lucky enough to be able to share their passion for cars with the woman they love. Fortunately, my wife, Katriana, is also a gear head and many of our activities revolve around the cars. We have a small collection that includes at least one car from each of the Big Three. It includes a Best of Show winner, a survivor, a driver with lots of patina and several others. Katrina prefers all original cars while I like to modify them so we have a few of each. When we aren't playing with cars we are out working with or showing our miniature donkeys. You can see more about that part of our lives at http://www.LegendaryFarms.com.

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One Comment

  1. Richard
    I am writing you in reference to a 1960 thunderbird that I saw pictured that I believe you own. I am also an Iowa native as yourself.
    I also own a 60 that I purchased at the age of 14 with some help from my father. Over the next 4 years that was what most of my(and my fathers) spare time was spent. As it tends to do time has blown by. The car has been stored for the last13 years and still looks good. The last things needing done were brakes and wheels/tires. Recently my father passed away and this is no longer so much an ongoing restoration as it is a family heirloom I need to finish and enjoy.
    That being said I absolutely love the wheels and stance of your machine and wondered if you would be willing to chat about it. My email is dzcons@ gmail.com. Hope to talk to you soon
    Dan

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