Automobile CollectablesFeaturedFor SaleLooking for a collector car

Financing a Collector Car

Until recently, if you wanted to purchase a collector car and you didn’t have a huge bank account you had to start with a less than perfect car. This meant you needed to find, at best, a driver quality car or more than likely a very rough project car. If you are blessed with mechanical skills the next step is to spend every available evening and the weekend in the garage working on the car. If you don’t have the skill set necessary then saving more money is the next critical step. A good trustworthy restoration shop must also be found. When you complete that step the car must be deposited with them for several years while you gather even more funds for the restoration. If your savings account goes dry they will stop working on your car. Years or sometimes decades later you can finally enjoy your pride and joy.

The Steve McQueen Mustang may be a little out of your price range but with collector car financing who knows.

In recent years some of this has changed. Especially with the popularity of auctions, buyers can now arrange for financing on their dream car. Such financing might have been available at some collector car dealerships but was never available on private sales.

Now, anyone with a good credit score can likely purchase a finished complete prize-winning collector car and finance it over a ten year period at reasonable interest rates. I am not an advocate of long term financing but sometimes it is the only alternative. While talking with some professionals in the field of financing collector cars I have learned that many new owners are quite capable of paying for the car in cash but prefer to finance their purchase to use the cash for other purposes. Neither do they own the car for the full 10 years. They often only retain the car for 2 or 3 years and then move on to different “must have” toy.

How does all this work? Woodside Credit is the official finance firm available to Barrett Jackson Auction purchasers. They have a variety of options and requirements depending on the borrower and the car being purchased. Regardless, the process is very quick with approval taking only hours and paperwork only slightly longer.

Currently, in February 2020, you can finance cars as cheap as $15,000 with prices going up from there. A minimum downpayment of 10% is required but 20% may be required depending on the price of the car. The car will need to be appraised and inspected which is actually gives you another layer of protection on the quality of the car you are lusting after.

If you would like to know more about how this finance option might work for you click on the link below and talk to Jeff Sparrow.

Email Jeff Sparrow and say you were referred by Legendary Collector Cars.

Tags
Show More

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.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close