How many times have you seen the perfect car for you at a reasonable price but the funds were just not in the bank when you needed them? Until recently, if you wanted to purchase a collector car and you didn’t have a huge bank account you weren’t able to take it home. 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 use every available evening and weekend in the garage working on the car. If you don’t have the skill set necessary then even more money had to be saved. A good trustworthy restoration shop has to be found. That means you have to give them your car and even more money. As you collect more dollars over the next several years for the unexpected restoration problems they continue to work on your car as you can afford to pay them.
In recent years some of this has begun to change. Especially with the popularity of auctions, buyers can now arrange for financing their dream car. Such financing may also available at some collector car dealerships.
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, financeing is available to everyone for collector cars as low as $15,000 with prices going up from there. A downpayment of a minimum of 10% is required depending on price this can go up to 20%. 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 purchasing.
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.