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What are your rates and terms? |
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We offer simple interest, fixed rate loans with terms up to
12 years. The actual interest rate
and term will depend on
the amount financed and
the individual's credit
worthiness. |
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Don't most people pay cash for these cars? |
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Not necessarily, and many more will choose to finance their purchases if an
attractive option exists. |
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Why would someone choose this plan over a lease? |
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Leasing is popular because it offers the borrower a low payment.
Extended-term financing
also offers a low payment, sometimes even lower, with the added
advantage of a purchase versus a rental. |
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Can't a borrower save on the sales tax with a lease? |
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The borrower will still pay sales tax with a lease; it will
simply be spread out over
the term of the lease.
If the borrower finances
the sales tax, the same
is true. |
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Can't a borrower take advantage of a write-off with a lease? |
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Both a lease and a financed purchase can be written off if the car is being
used for a business purpose. |
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Aren't lower rates available through home equity loans? |
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Most likely, but unfortunately the rate will probably be a variable one. Just
as important is the question of why people would want to use their home as
security for their car loan. |
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How does this program compare to other collector car lenders? |
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We offer the only extended-term finance program with terms up
to 12 years, and we make
our own loan decisions. |
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How does your program compare to credit card loans? |
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We offer an extended-term financing program as opposed to a high rate
short-term credit card plan, and our rates are fixed versus variable. Our
maximum loan amount is $500,000 compared to most credit card limits of $75,000. |
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How good does the customer's credit need to be? |
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We offer an excellent finance plan that does require a good credit rating. |
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Can the customer use this plan for a car auction? |
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Yes. Hagerty Finance provides pre-approvals for future purchases including
collector car auctions. |
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Can the customer refinance an existing collector car loan? |
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Yes. We will refinance an existing collector car loan or a purchase made with a
home equity loan or unsecured line of credit such as a credit card. |
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Is either Hagerty or Woodside Credit a subsidiary
of the other? |
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No, Hagerty has partnered with Woodside Credit
to offer the Hagerty Finance
plan. |
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Who is Woodside Credit? |
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Woodside Credit is headquartered in California and is the fastest
growing collector car finance
company in the nation. |
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Who will service the loans?
|
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Woodside Credit will initially service all Hagerty loans. However,
they may choose to sell
their highest quality loans
at a later time to one
of their contracted banks. |
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Do Hagerty customers get a special deal through this plan? |
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Yes, the partnership offers Hagerty customers the best rates and terms
available. |
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Would a Hagerty customer be better off going directly through Woodside
Credit? |
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No, Hagerty customers will always get the
best rates and terms available. |
