Most traditional lenders will laugh at the notion of classic car financing, but have you ever watched the big screens at a Barrett-Jackson auction and noticed the low “Estimated Monthly Payment” down at the bottom of the screen as the cars cross the block? Many people don’t realize it, but you can actually get financing on the collector cars featured at Barrett-Jackson auctions.
Which would you rather have: a brand-new, top-selling, standard-cab pickup ‒ or a fully restored 1955 Ford F-100 custom pickup with a rockin’ body, power seats and windows, air conditioning and a 402ci V8? The going price for that new pickup is just under $30,000. Using a traditional bank loan, you can get that truck financed with a monthly payment of about $553. If the ’55 Ford is more your style, consider this: That very vehicle sold at the 2019 Barrett-Jackson Scottsdale Auction for $30,800. That fabulous ’55 Ford could have been yours for a low monthly payment of only $416 a month with Woodside Credit. That’s a whole lot less per month for a whole lot of cool that may appreciate in value.
Since 2003 Woodside Credit has loaned more than $1.8 billion to collector car enthusiasts. And for more than a decade, the nationwide collector car finance company has partnered with Barrett-Jackson to make it easier than ever to put great cars in the hands of auction bidders. It’s something Mitch Shatzen, president and COO of Woodside Credit, is pretty jazzed about. “We provide cash that allows car enthusiasts to enjoy the cars of their dreams,” he says. “They get to keep their money in the bank and use ours, as we deliver to them the lowest monthly payment in America.”
Here’s how it works.
If you’ve got your eye on a classic car, or perhaps a late-model exotic (Ferrari, Lamborghini, Aston Martin, etc.) or specialty vehicle (most Corvettes or Porsches, for example), just contact Woodside Credit. Ideally, reach out before the auction, so you can get pre-approved. That pre-approval is good for 60 days for amounts under $100,000, or 30 days for larger loans up to $600,000. Shatzen shared that each case is considered individually. “We are truly common-sense lenders with our eyes on every application,” he says. “A computer doesn’t approve loans.”
Woodside offers competitive fixed rates, loan amounts from $10,000 to $600,000 and flexible terms of up to 15 years. As an example, on a $50,000 loan, you’d be looking at a monthly payment of around $567 (as opposed to approximately $921 per month for a traditional bank loan). For a $100,000 loan, you’d pay about $1,001 per month through Woodside, but around $1,841 through a standard-term loan. They’ll even finance tax, title and license.
The collector car hobby is robust. As passionate enthusiasts descend on Barrett-Jackson auctions to buy and sell specialty vehicles, Woodside Credit is the place to go. They provide a personalized financing option with a proven track record. In addition, Woodside also provides the added convenience and security of electronic loan signing at the auction or in the comfort of your home. Barrett-Jackson clients say it best:
“Your program made it so easy. Without you I probably only would have bought one car.”
– Steven H., Greeley, CO
“I was so happy our program was available, so I didn’t have to tie up all of my own money.”
– Chad T., Downington, PA
You will find many more testimonials on the Woodside Credit website. For more information, visit www.woodsidecredit.com/barrett-jackson, call 800-717-5180 or visit the Woodside Credit folks in person at any Barrett-Jackson auction.
To find out how to become a bidder at a Barrett-Jackson auction or register to bid, click here.