Applying for a loan for any type of big purchase can seem intimidating at first. Even if a person has taken out plenty of loans in the past, there’s nothing quite like committing to a significant amount of money for months and potentially years.
At Woodside Credit, they work with clients who do not need loans in a traditional sense. Most of their loans aren’t need-based but instead focused on opening up cash flow for other purposes, like investments.
What does the entire process look like when applying for a loan through Woodside Credit? Is it the same as a traditional loan? While many similarities exist, there are a few differences that make the lender unique.
Specific Financing for Unique Cars
Woodside Credit typically finances certain types of cars. They traditionally fall under classic, collector, and exotic cars.
Their lending guidelines are straightforward and credit is reviewed on a case-by-case basis. Clients are recommended to have a 700 FICO score and good, established credit history. If they are approved, they can take a loan ranging from $10,000 minimum to over $1 million. At the bottom of the range from a purchase price perspective, Woodside Credit works with cars priced at $20,000 or more.
How Does the Application Process Work?
One way to get a loan from Woodside Credit is to seek pre-approval before heading to a Barrett-Jackson auction. This can be done by applying online or calling Woodside directly.
The great thing about pre-approval is that every person knows what they can spend when going to the auction. If someone goes over the pre-approved amount, that typically comes out of pocket. It is a straightforward way to have confidence while bidding and finance your collector car loan and have confidence while bidding.
That said, there are also ways to apply for a loan in-person at an auction, before or after the fact. This process works similarly and requires credit approval.
The whole process is built to be efficient. Woodside Credit works hard so that bidders aren’t sitting there waiting to see what type of approval they get. There are a lot of fast-moving parts when showing up at an auction and bidding for some of the rarest vehicles out there. Getting held up with the lending process is something no one wants to deal with.
More information on their entire process can be found on WoodsideCredit.com. They offer a no-obligation quick quote that can help estimate a payment before credit is pulled and an application begins. For more detailed information, there are always ways to reach out to the company and get someone on the phone during regular business hours.
What Do People Love About Woodside Credit?
Perhaps the biggest selling point is their low monthly payments. They are known for having the lowest monthly payments in America. Woodside Credit offers a lending program unmatched by any other lender. It’s the reason why so many of their clients are repeat borrowers.
Woodside Credit is one of the only lending companies specializing in this type of loan in the United States. They already cater to a specific market, making those looking to get a loan from them feel more comfortable overall.
There is also the overall flexibility people have with cash flow. If people are in the industry of collector cars, they might have several cars in their collection. Having funds tied up with a vehicle by paying outright can may not be the best option — especially if they know how to make their money work harder elsewhere.
Woodside Credit has no prepayment penalties, it’s great for those with fluctuating cash flows. A person might not want to necessarily pay for the whole car right away, but in a couple of months, there could be the opportunity to pay everything off. If that’s the case, there’s no extra fee to do so.
Official Partnership with Barrett-Jackson
Woodside Credit’s official partnership with Barrett-Jackson auctions ensures that everything is handled seamlessly when bidding for unique, exotic cars. Barrett-Jackson needs little introduction to car enthusiasts as they are known as the best exotic and classic car auction, and great flexibility with Woodside’s loan program helps tremendously.
At every Barrett-Jackson event, Woodside Credit has a strong presence ready to help those attending apply for a loan.
Is it Worth Taking Out a Loan for a Classic, Exotic Vehicle?
A loan from a company like Woodside Credit is one of the smartest ways to handle financing an exotic or classic vehicle.
They work with people who love their cars. They understand exactly what people are looking for with collector car financing.
Getting a person down to low monthly payments is crucial. They have a loan program that’s different than other lenders and includes features like no prepayment penalties. They do what they can to get you a loan that works for you.
Responsible borrowing is key for any type of financing. Lenders will look at your debt to income as a factor in a lending decision. It’s always important to understand how much a loan is going to impact your monthly budget.
Ultimately, a person needs to make their own decision as to whether or not taking out a loan for an exotic or classic vehicle is worth it. If the decision is made to go this route, it’s very hard to find a more tailor-made solution than Woodside Credit.
They are always going above and beyond clients’ needs, and they can make a lot of people feel much more comfortable when taking out a loan. It just makes sense to work with a lending company within the community of car enthusiasts.