Whether you just found the classic car of your dreams or are laying the foundation to purchase the collector car you’ve been eyeing, do not forget to research financing options. With a variety of different lending products in the marketplace, take your time to determine what option is best for you. Here’s the list of five different types with pros and cons.

Hobby Specific Financing (Classic Car Loans)

This type of financing is purpose-built for antique, classic, or collector cars. Lenders who specialize in these types of vehicles understand them better than a typical bank and therefore can put together a loan with more favorable terms than you would get elsewhere. Monthly payments are frequently low with low-interest rates and generous terms. Loans are secured auto loans and are usually fixed simple interest.

Woodside Credit falls into this category. Woodside is solely focused on classic, collector, and exotic loans. Strength comes from expert knowledge and understanding the true values of the vehicles, allowing for unmatched loan products.

Personal Loans

For lenders without hobby-specific financing, many offer unsecured personal loans in place of classic car loans. Loan amounts vary but are typically capped well below hobby-specific financing. This loan type lacks any sort of collateral and tends to exceed the prime rate. This choice has the upside of being convenient, but be cautious of high-interest rates, short terms, and loan risk.

Home Equity Loans

Low (and sometimes variable) interest rates for mortgages and the tax-deductible nature are why some opt for home equity loans. Disclaimer: Consult your tax advisor to confirm before going this route. There are big risks associated with home equity loans, so ensure you do your due diligence when choosing this route.

Local Banks

Many people have great relationships with their banks and often start there. Local banks tend to not differentiate between a typical used car and a collector car. This can mean a shorter loan term (up to 36 months), high-interest rates, and limitations to the age of the vehicle (most will not finance cars that are more than 10 years old). Additionally, the valuation of the vehicle can prove difficult in these situations as classic car values can be determined differently than used cars.

Leasing

Leasing is attractive for its low monthly payment. As you can see in this comparison though, it does not always achieve that. Some leases are close-ended or open-ended, so ensure the agreement you sign makes sense for the duration of the lease and what you want to do afterward. Additionally, be cautious about balloon loans, which could lead to a large payment in the end. Keep in mind you do not own the car in a lease.

Ready to learn more about Woodside? Let us help you navigate the classic car world. As the dedicated loan provider for Barrett-Jackson, our classic car knowledge runs deep.

Mascots, or hood ornaments, served as a pillar of design in the early days of the automotive industry. Sometimes installed at the factory or added on at the time of purchase as a deluxe accessory, these pieces of art were an important element for brands. With every generation of vehicles, mascots became more streamlined and eventually disappeared nearly altogether in the 1960s.

Today, mascots are reserved for high-end brands that value their heritage and lineage. Rolls-Royce’s Spirit of Ecstasy is the most noteworthy in the auto community today because of its enduring design, and of course, the anti-theft mechanism that makes it disappear instantly. Mercedes is another brand that consistently uses its star ornament on the front of high-end models.

The most iconic mascots came about during the pre-war era in the 1930s. With high attention to detail, unique design, and a bit of risk-taking, here is the list of the Top 10 Most Iconic Mascots.

Three-Pointed Star, 1934 Mercedes-Benz 500k

The Mercedes-Benz 500k was introduced in 1934 and was more opulent and supercharged than the 380 it succeeded. With a focus on performance and luxury, the 500k rocked gorgeous coachwork, 160 horsepower, and an electrical system to run windshield wipers, door locks, and indicators. Although it was not the first Mercedes-Benz to use the now-iconic Mercedes star as the mascot, it’s the vehicle the automotive community has adopted for its heritage and scarcity. The combination of chrome horns on the front, linear grill treatment, flowing body lines, and the iconic star make this vehicle a showstopper.

Gold Spirit of Ecstasy, 1929 Rolls-Royce Phantom II

The Spirit of Ecstasy has graced the front end of Rolls-Royce vehicles since 1911. It remains an iconic symbol throughout the world, even beyond the automotive community. It was created by Charles Sykes, based on a statuette commissioned by Lord Montagu of Beaulieu. In this Phantom, the Spirit of Ecstasy stands an incredible 7 inches tall and shines with a rose gold appearance that matches headlights and grill. Today the Phantom has a slightly smaller, updated appearance that gives a more modern look to the iconic sedan.

Flying Lady Mascot, Cadillac V-16 (Cadillac Sixteen)

Cadillac’s top-of-the-line model was launched in 1930 and was the first V16 powered car in the United States. Long, flowing hair was the feature of the mascot on the sixteen. Without the same commitment to design as Mercedes or Rolls-Royce, the woman mascot only stayed for about a decade, making it synonymous with the smooth V12 and V16 engines that Cadillac was known for. Without a reference to the mascot today, it remains a piece of history specific to the 1930s.

Elephant Mascot, Daimler Double Six 40/50 Walter Sport Saloon

The art deco Elephant mascot perched on the Daimler Saloon was designed by Frederick Bazin. Sharing more similarities to the Mack truck bulldog, the elephant brought another level of presence to the long front end of the vehicle. Custom-built for every owner, each one was unique to meet the specific demands of the buyer. With production ending in 1937, this vehicle remains ultra-exclusive due to its ultra-long front end design and short run.

The Pelican, 1937 Packard 1701 One-Twenty Convertible Victoria by Darrin

Without much-documented history, the Pelican was a shorter-lived mascot that lived on the convertible. With rumors out that Darrin (convertible builder) loathed the Pelican design, it remains iconic for this version. With a drooping neck reminiscent of a swan and wings stretch straight towards the sky, the design was beautiful and controversial. Packard also had the Packard Goddess among other mascots that adorned the front end of its cars during the era.

Greyhound, 1934 Ford Model 40

Ford’s son Edsel initially commissioned the design for the greyhound hood ornament, which was shared with Lincoln after bankruptcy and purchase by Ford. Ford adorned many of its models with the Greyhound including models 40, 48, and DeLuxe Fordor. Although the Greyhound was relatively short-lived during this era, much of the look and feel seems to influence Jaguar’s hood ornament throughout the years.

Torpedo Phaeton Hood Ornament, 1924 Isotta-Fraschini Tipo 8

The automobile was first introduced in 1919 and like many auto manufacturers at the time, the Tipo 8 was a bare chassis and engine, ready for coachbuilders to complete. The company was an Italian manufacturer and specialized in luxury automobiles. Although the information on the snake itself is scarce, it was a unique departure from the traditional likes of other mascots of the era. The model later followed the industry with a winged bird in place of the open-mouthed snake.

1933 Duesenberg SJ Weymann 'Fishtail' Speedster

Dusenberg was an American manufacturer of race cars and luxury automobiles. Although successful from a racecar perspective, the manufacturer struggled to market their luxury vehicles during the 1930s and was ultimately undercut by the Depression. The vehicle mascot that did come out of this era was a sleek interpretation of a bird and provided a unique ornament for the vehicle and roadmap for more streamlined ornament designs.

Radiator Wings Mascot, Ford Model A

Form and function meet on the front of the Model A. The wings were designed as a mascot but also served as the radiator cap with a thermometer to measure pressure. The wings span over 9 inches, making them a focal point. Going a different route than every other automaker made the radiator wings unique and a rare collectible today.

Flying B Mascot, 1930 Bentley 8 Litre

Adorned on the hood of Bentley’s most successful racing car, the Flying B mascot had the icon letter in an otherwise bland market of winged mascots. The Bentley 8 Litre was a completely new model and showed off iconic looks and a smooth engine. The Flying B mascot design has come and gone a few times throughout the years. Most recently, making a comeback in 2019, the Bentley Flying B mascot is now on all Bentley models.

Looking to purchase a classic or vintage vehicle with an iconic mascot? Contact us to learn about our classic car loan program with the 'Lowest Monthly Payments in America'.

Photos by Scott Williamson/Photodesign Studios

Newport Beach, CA, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Woodside Credit, the leader in collector car loans, teams up with Hagerty®, a leading insurance provider for collectible vehicles. This relationship brings insurance into the Woodside Credit loan process, making it easy for customers to select from the suite of insurance products through Hagerty. This underscores Woodside Credit’s commitment to providing clients an unparalleled loan experience.

“Financing collector vehicles require a high level of touch and collector knowledge, which our customers have come to expect,” said Mitch Shatzen, President and Chief Operating Officer at Woodside Credit. “Hagerty has the insurance and classic vehicle know-how to provide our clients with the exact insurance options they need.”

Woodside Credit clients benefit from insurance products through Hagerty with premiums around 34% less than daily driver insurance1. In the event of a claim, clients choose the repair facility—or even have the option to repair the vehicle on their own. With Guaranteed Value®, clients provide the collector car’s worth and Hagerty agrees upon that value. In case of a covered total loss, they receive a check for the full value2.

In addition to Hagerty, Woodside Credit has built valued relationships with industry leaders throughout the collectible car space. The company is exclusively endorsed by Barrett-Jackson as their sole loan provider for auctions nationwide. Additionally, the company has a partner network of hundreds of classic, collector, and exotic vehicle sellers.

Woodside Credit is a licensed insurance broker offering Hagerty. This dynamic approach allows for products to be provided through Woodside’s world-class team. Let Woodside help provide tailored insurance solutions. Visit www.woodsidecredit.com/classic-and-collector-car-insurance/ or contact Insurance Specialist David Neff at 949-783-7446.

About Woodside Credit

With over $2 billion in loans, Woodside Credit is the leader in classic and collector car financing. Established in 2003, the company’s expertise is rooted in providing loans with flexible terms and the lowest monthly payments in America. Woodside Credit is the exclusively endorsed loan provider for Barrett-Jackson and is dedicated to the success of dealerships, automotive networks, and clients nationwide. With terms up to 15 years and loans up to $600,000, the company achieves an unparalleled level of quality and flexibility for clients through its commonsense lending practices. Visit WoodsideCredit.com for more information.

1Figure based upon 2020 consumer data collected by Hagerty on single car quotes, with premiums $5000 and under, from several daily driver (or “Everyday”) auto insurance carriers. 2Less any deductible and/or salvage value, if retained by you. Guaranteed Value includes all taxes and fees unless prohibited by state law. Hagerty and Guaranteed Value are registered trademarks of The Hagerty Group, LLC. ©2021 The Hagerty Group, LLC. All rights reserved.

Brian Trevisan
800.717.5180
[email protected]

There’s no getting away from new car prices and used car prices are continuing to go through the roof. With the average new car price in the US sitting at $41,263 in May 2021, high demand and a shortage of chips are causing price inflation at a rate we have not seen in more than a decade. Moreover, used car prices are still at record highs causing internet trolls to tout used Honda Civics as better investments than the stock market. (All jokes though, please don’t take it seriously)

Are classic car values booming like the rest of the market? Short answer: it’s complicated. There are some major outliers outside of Hagerty’s price guide that are increasing at a blistering pace. A sale price for a 1967 Chevelle SS 396 convertible at Barrett-Jackson in Las Vegas recently sold for a staggering $242,000, far above the Hagerty’s price guide of $88,300. We are seeing is specific models and vehicles becoming increasingly more valuable, but most classic car values are increasing at a regular trajectory—some prices even flatlining after an increase during the start of the pandemic in 2020. To provide a different perspective of values, below are some collector favorites, and how prices have changed over the past 10 years.

 1961 Austin-Healey 3000 Mark II Roadster BN7

This British sports car built from 1959 to 1967 was highly successful and known for winning many European rallies in its heyday. Car enthusiasts today appreciate it for its racing prowess and handsome looks. With prices of this vehicle steadily rising over the past 10 years, the past several years has seen some up-and-down fluctuations resting at $135,400 in 2021.

1957 Cadillac De Ville Coupe

The pillarless two-door hardtop was a popular and stylish coupe with an original asking price of $5,116. It’s popular with gearheads because of its revolutionary design. Its value peaked most recently at $44,800 in 2018 although showing a steady value through the past 10 years.

1960 Chevy Corvette Convertible

Lightly freshened for the 1960 model year, the Corvette had a starting price of just $3,872. Now synonymous with the American Dream, it took a while for it to resonate with people because of continued redesigns and improvements. The value has flatlined over the past three years at just under $100k, making it a good value for this piece of American history.

1970 Dodge Challenger RT 2DR HT

The first generation was built to take on the Mercury Cougar and Pontiac Firebird in the pony car segment. With a competitive original cost of $3,266, collectors appreciate the car today for being all-around awesome. Price increase swiftly last year to $84,300 and only time will tell if it stays or continues the trend.

1965 Ford Mustang Convertible

The first-generation fan-favorite Mustang has seen prices steadily increase to $62,000 in 2021. Leading this car segment in its heyday means it is still one of the most desirable classics. We don’t see much fluctuation in values with this vehicle and anticipate more straightforward value increases in the future.

What’s the verdict on classic and collector car values?

Like much of the economy today, it is difficult to get a full macro-picture of what’s happening in the collector car market. Moreover, individual car values are moving at quite different rates. Do your own research by model type and track values. Most gearheads already do this regularly, so understanding market conditions for a specific model can help you make the right decision at the right time. Second, when you do find a specific collectible, do your part to understand the condition. The condition of collector cars varies greatly, especially as they age, so ensure there’s an expert on your side to do inspections. Finally, if you do find yourself in competition for a classic car, ensure you are in a spot to pivot quickly. For those who are looking to buy with a classic car loan, it may be wise to get pre-approved.