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Your Exotic Car Loan Questions Answered

The global luxury car market was valued at around $410 billion in 2020 and continues to grow at a swift pace. Rising prices across all segments of the automotive industry are pushing exotic car values to new heights. To get your exotic car loan questions answered best, it is important to define what an exotic car is. They can be defined as street-legal, high-performance luxury sportscars. Automakers like Ferrari or Lamborghini usually come to mind, but the likes of McLaren, Aston Martin, and Porsche also fit into the category. Remember, each exotic car is unique, thus financing and loan terms can vary greatly.

How Does Exotic Car Financing Work?

Exotic car financing has similarities in the process to daily driver vehicles. It requires an approval process and a loan written by a licensed lender. Loan types typically have more flexible terms over daily driver cars, meaning loan terms and dollar amounts can vary greatly. Many loan providers will outline what qualifies as an exotic vehicle to build parameters around lending. These parameters typically include the price, make, model, and age of the vehicle.

Can You Get a 120 Month Car Loan?

Yes, for exotic, classic, and collectible vehicles of a particular value. Woodside credit has options with even longer loan terms (up to 180 months) to achieve the lowest monthly payments. Many borrowers appreciate the flexibility of low monthly payments, and frequently pay off loans before maturity. Taking on an exotic car loan instead of paying cash may free up money for financial goals. Like lenders who finance daily driver vehicles, credit score, income, and debt will all play a role in what a lender considers creditworthiness. Top-tier or second-tier credit is typically needed for exotic car loans.

How Many Years Can You Finance an Exotic Car?

Exotic car loans term lengths are typically much more flexible than daily driver vehicles. Most exotic car lenders will offer terms up to 7 years (84 months), and Woodside offers loan terms for up to 15 years (180 months). An example of financing is a loan for $200,000 at a monthly cost of $1,742. This example is based on a simple interest loan with an APR of 6.5% and a 180-month loan term. Note that the rate and terms are subject to change and not all applicants will qualify.

How Much is a Down Payment on an Exotic Car?

Down payments vary greatly on loan type and creditworthiness, but a starting down payment is 15% for an exotic car loan. Classic cars may require even less down, starting at 10%. Exotic car loans may have additional requirements over daily driver car loans, so be sure to find a trusted lender to help navigate these requirements. Whether it is your first exotic car purchase, or you made one in the past, weigh your options to get the right loan to fit your financial goals.

Do you have an exotic car in mind? Take the first step and give Woodside a call. We give customers an idea of what it would cost to get into the car of your dreams before pulling credit. If you are in a spot to move forward, apply online to get a quick quote.

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Woodside Credit Reaches $2 Billion in Lending for Classic, Collector, and Exotic Car Loans

Woodside Credit’s Latest Milestone Along with a New Corporate Headquarters Office Shows the Lender’s Continued Leadership Position in Collectible Car Lending

Newport Beach, CA June 28, 2021 — Offering the lowest monthly payment for clients, Woodside Credit has funded over $2 billion for classic, collector, and exotic cars. This milestone underscores the sustained and fast growth of the company. To keep up with demand in the last year, the company grew its team by 25%, spurring the move to a larger and modern headquarters location.

“We’re proud to have achieved the $2 billion milestone at an accelerated rate,” said Mitch Shatzen, President and Chief Operating Officer at Woodside Credit. “Our commitment to common sense lending, understanding our clients’ full financial picture, and providing the lowest monthly payments in America has allowed us to successfully grow our business.”

Woodside Credit has also built valued relationships with industry leaders in the collectible car space. The company offers convenient insurance options through Hagerty, the largest provider of specialty insurance for collectible vehicles, and is exclusively endorsed by Barrett-Jackson, the world’s greatest collector car auctions. With continued month-over-month growth of the portfolio and increasing demand for high-end and classic vehicles, the company continues a fast-growing trajectory.

In addition to providing its clients with the lowest monthly payments in America, the company’s commitment to technology allows it to effectively serve dealers and borrowers nationwide. With fast pre-approvals and convenient e-sign for executing loan documents, clients complete their car loans from anywhere, including the comforts of home.

Located in the vibrant business community of Newport Beach, Woodside Credit serves clients coast to coast. Visit Woodside Credit’s website for information and stay up to date by following us on Facebook.

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 $800,000, the company achieves an unparalleled level of quality and flexibility for clients through its commonsense lending practices. Visit for more information.

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Your Tax Law Questions About Collector Cars Answered

Collecting cars is a stellar hobby. Unfortunately, collector cars aren’t tax-free. There are a few things you should know about collector cars and taxes to keep you out of hot water with the IRS.

Here are some of the most common tax questions about classics answered.

Can you write off a classic car?

As a collector car, you probably cannot write it off. However, if the car is used in your business or trade and it is subject to at least some wear and tear, or decline. If so, then it may be eligible to be written off.

What qualifies as a collector car?

Different people and different organizations have differing opinions about what vehicles qualify as collectibles. Many can’t even agree on the definition of a classic. A good rule of thumb to follow is if the car is 20 years old. Antique cars are more than 45 years old.

What are the deductions and taxes on collector cars?

Collector cars are considered property, so collector cars are often taxed. Capital gains tax on collectible cars have a flat 28% tax rate.

What happens when you sell a collector car?

You can write off some expenses associated with restoring a collector car that you are selling. You can deduct some of the money you put into the car as you restored it, but you need to keep exceptional records with receipts.

If you are unclear about any of the collector car tax laws, it is a good idea to talk to an attorney or financial advisor who specializes in that area. They can give you advice and guide to so that your best interests are served.

Are you looking for a great collector car to add to your collection? Woodside Credit can help you make it yours. Our low payments and easy terms mean you can have that cool collectible in your garage in no time. Contact us today to find out how we can help you.

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5 Exotic Cars that Will Break Your Wallet

There’s nothing quite like the way a sleek, sexy exotic car can quicken the pulse. If you are fortunate enough to slide behind the wheel, the adrenaline rush is absolutely epic. While some of these beauties are meant to be daily drivers, many clearly are not.

These are the limited editions, the exclusive customer selection, and the jaw-dropping price tag.

Let’s have a look at those cars, shall we?

1. Aston Martin Valkyrie

$3.2 million

The Valkyrie is Aston Martin’s very first hypercar. It has the honor of being the first ever to nearly match Formula One but still remain road worthy. Of course, it can tear it up on the tracks as well, but  with that price tag do you really want to risk it?

2. Lamborghini Sian

$3.6 million

We have to admit, the Italian carmaker has outdone themselves – again. The Sian (a Bolognese dialect meaning lightning) is Lamborghini’s very first hybrid supercar. It’s drop dead gorgeous body styling will get your motor running and the extravagant interior will ensure you ride in comfort. What a car!

3. Mercedes-Benz Maybach Exelero

$8 million

Sure, it’s a one-off car that was a collaboration between DaimlerChrysler and Stola, but that doesn’t take away any of its beauty or WOW factor. And in case you didn’t know, Mercedes-Benz is a division of Daimler and the V12 twin turbo engine that powered the Exelero was make by Maybach – which is part of Mercedes-Benz.

4. Rolls-Royce Sweptail

$13 million

Now you know we couldn’t talk about the most expensive exotic cars without having a Rolls show up at least once on the list. The Sweptail combines futuristic tech with old timey quality. They just don’t build them like this anymore. Then again, did they ever? It’s a Rolls Royce after all.

5. Bugatti La Voiture Noire

$18.7 million

An expensive Bugatti is nothing new, but this car leaves them all in the dust. The finish is carbon fiber in a rich, deep black while the interior is said to equal the comfort of a limo. The body style looks like something right out of a science fiction movie. But no, it’s real folks. It’s very real.

If you want to buy a multi-million dollar car, we can help. Then again, if you are looking for an exotic that has a little smaller price tag, we can help you get that one too. Contact Woodside Credit today and take advantage of our easy terms and reasonable payments. We’re the best in the business – and it shows.

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Secret Classic Car Museum in Florida Opens to the Public

After 20 years, a long-kept secret has finally been let out and classic car enthusiasts everywhere are grateful. Edward and Joanne Dauer have finally opened their classic car museum to the public.

The Dauer Museum of Classic Cars

The Dauer Museum of Classic Cars, a 30,000 square foot industrial building located in Sunrise, Florida, houses 70 vehicles. Most of those vehicles are classic cars that have been fully restored to authentic, top quality, condition. Each car only has what was available for its production year, including color, air conditioning, and other features.

The impressive collection includes gems such as a rare 1953 Oldsmobile Fiesta (there were only 458 ever produced), a 1953 Buick Skylark (original), and 1953 Cadillac Eldorado (first year of production). The museum also boasts the most expensive Cadillac of the 1956 production year. The Cadillac Imperial Limousine is a popular exhibit at the museum. It is the only known fully restored model in existence and has the original paint – Arlington green exterior paint with the gold grill that was an option for that year. It seats nine passengers.

The oldest vehicle on exhibit is a 1906 Cadillac delivery truck. It has kerosene headlights and is powered by a 10-horsepower, single-cylinder engine. Its former purpose was a flower delivery truck in Pittsburgh, Pennsylvania before it found its resting place in balmy Florida at the Dauer’s museum.

A Love Build on the Classics

While the couple shares a longtime passion for classic car restoration, Edward has been a car lover since he was a child. When they took their first ride together, it was in a 1941 Cadillac sedan. It was rather dilapidated with missing hubcaps and wires poking through the seat, soon their live – for each other and classic cars – grew and bloomed into a passion they would carry with them for the rest of their lives.

Edward purchased his first classic car in 1971. That was the impetus that launched their love affair and set the wheels, so to speak, in motion. There were many, many car restorations that followed. And they did them together.

Opening the Doors

Just before the pandemic of 2020 launched the year of a million shutdowns, the Dauers quietly opened their little museum to the public. Before that, it was by invitation only. Since 2001, there have been many charitable events and fundraisers held there. Organizations like the American Heart Association, the Boys and Girls Clubs of Broward County, and Nova Southeastern University have raised millions of dollars at events held among these gorgeous, historical vehicles.

You can view the collection, along with other historically important memorabilia, at 10801 NW 50th St., Sunrise, Florida. The museum is open Monday through Friday from 10 a.m. until 4 p.m. Viewings on weekends and nights are available by appointment. If you’re ever in the area, it is a must-see attraction. Then again, it is also well worth a trip to sunny Florida to catch a rare glimpse of our rich automotive history.

Whether you want to add to your collection or pick up a cool daily driver, Woodside Credit can help you make it happen. Contact us to find out about our great rates and unbeatable terms that will put you in the car you want today.

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Multi-Million Car Collection Donated to Cal State Fullerton

The College of Natural Sciences and Mathematics at Cal State Fullerton got a name change to Nicholas and Lee Begovich Center for Gravitational-Wave Physics and Astronomy after a very generous donation from the center’s namesakes. Nicholas Begovich and his wife Lee donated 14 classic cars from their own collection to the university. It is one of the largest donations in the school’s history.

The Begovich Collection

The 14 classics include such stunning beauties as:

  • 1952 Jaguar XK120
  • 1956 Mercedes-Benz 300SL Gullwing
  • 1962 Chevrolet Corvair Monza Spyder
  • 1969 Lamborghini Miura
  • 1970 Chevrolet Camaro SS
  • 1973 De Tomaso Pantera
  • 1975 Ferrari Dino 208 GT4

Begovich’s donation is testamentary, and the single largest cash amount ever given to Cal State Fullerton. It is also the largest gift ever given to the Center for Gravitational-Wave Physics and Astronomy. When he passed away on May 3, 2020, at the age of 98, it set the gift in motion with far-reaching benefits. In early March 2021, the college sold the collection for the benefit of Rhode Island’s Audrain Automobile Museum. The collection remained intact, honoring the generous donor’s wishes that the collection is kept together.

A Far-Reaching Gift

Approximately $7 million of the gift supports the center’s student and faculty gravitational-wave research which is globally recognized. It will fund several key needs, including an upgrade of the computational resources and funding a state-of-the-art laboratory that supports faculty and students as they pursue vital research and discoveries in gravitational waves.

The $3 million that remains will go to support interdisciplinary research at the College of Engineering and Computer Science in the area of sustainable energy and power. This was an area that Begovich, an engineer himself, was fascinated with and pursued a continued interest in the areas of engineering and computer science through his support of the school. And now he lives on in these closely held passions as students pursue education and research, paving the way for a greater tomorrow.

Woodside Credit makes it easy to add to your collection with our easy terms and great rates. Contact us today and let one of our industry experts help you discover the best way to get the car you want the way you want it.

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Your First Exotic Car: A Buying Guide

Once you’ve decided to take the plunge and purchase your first exotic car, there are a few things you can do to make the process go a little more smoothly. It will also help ensure that you get something you will be happy with (and no nasty surprises!). Our handy exotic car buying guide will tell you what you need to know.

Set Your Budget

This may seem like a no-brainer, but the fact of the matter is, many people rush into the car buying process without giving a thought to what their budget can handle. You have to consider the down payment, monthly payments, insurance, and maintenance. You need to know that there’s room in your budget for these expenses. Tools like our Quick Quote will help you determine monthly payments making budgeting a breeze.

Do a Little Research on Cars You Like

Not sure if you want a McLaren or an Aston Martin? Wondering if that Porsche 911 is something you’ll want to drive every day? How much does it cost to maintain a Lamborghini? Research exotic cars that interest you. Look at features, read reviews from other people who own cars like the ones you like, and watch a few YouTube videos on them (that’s the fun part!). Once you narrow it down to one or two models you’re ready to roll.

Drive Some Cars You’re Interested In

If you’re still not sure which cars you want, take a test drive to get some behind the wheel experience to help you make your decision. If you have found a car you are interested in buying, a test drive is definitely in order. This gives you the opportunity to get a real feel for the car, how it handles, how comfortable it is, and how quiet – or noisy – the cabin is, among other things. Be honest. Don’t jump on the purchase just because you want that car. Really take the time to assess it and decide if it is a good fit for you.

Inspect Before Buying

It is best if you can see the car in person before you buy. Look at the condition of the paint. Has it ever had paintwork done? Are there places where the paint doesn’t quite match? That could be old damage and filler could have been used then painted over. If you tap that area, it will sound different from the rest of the car body if filler was indeed used. Also check under the wheel wells and look underneath the car for signs of rust.

Review the Car’s History

This is important! Both private sellers and dealers should be able to provide you with information on the car’s history. Ask for:

  • Autocheck Report and Carfax Report
  • Documents on any warranty repair
  • All maintenance documents/receipts

If something doesn’t look quite right, question it. If you aren’t satisfied with the answers, move on.

Be on the Lookout for Red Flags

If you see any of these red flags, at the very least probe deeper. But if your Spidey senses say run, then say thank you and walk away:

  • Seller wants you to buy the car sight unseen or can’t seem to coordinate with you to view the car
  • Seller wants a deposit from you before you see the car
  • Excessive service records
  • Car has had paintwork
  • The car has had more than two owners
  • Service records show that the car went in more than once for the same problem
  • No records on annual maintenance or service
  • Accident (look for body or frame damage)

If any of these issues pop up, question them. If you aren’t satisfied with the answers, then the car probably isn’t for you no matter how great it is or how right the price tag.

Have a Mechanic Check it Out

It never hurts to have a mechanic give the car a good once over. After all, you are shelling out a lot of money for it. It never hurts to make sure you are getting what you are paying for. The mechanic will check the overall condition of the car including the brakes, transmission, tires, clutch, and engine as well as other parts of the system. If you aren’t the gearhead type, then putting it in the hands of a pro will help you make a more secure purchase.

Because once you drive her home, she’s yours.

Woodside Credit can help make your first exotic car purchase go smoothly. Contact us today to learn more about our low rates and easy terms. Exotic, classic, and collector car financing are all we do. We’re pretty good at it. Let’s get started.

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Classic Car Museum Raffles Off One of Its Cars to Keep Staff Employed

The COVID pandemic has turned our world upside down. Amid the many closures of businesses, the cut backs, layoffs, and downsizing, museums have taken a particularly hard hit. In many areas, they have ping-ponged back and forth, opening one week and closing several weeks later. Many have been faced with the inability to pay staff.

That is where the San Diego Automotive Museum found itself recently. The museum, along with numerous other businesses in the area were struggling to find the necessary funds to pay employees and stay afloat.

So, the leadership got creative.

In March 2020, the museum closed, reopened in June only to close once more in July. In September it closed once more. As we moved into 2021 with the hope of a brighter tomorrow, the museum remained closed. The lack of ticket sales left the museum in a shortfall of around $500,000 and no opening on the immediate horizon.

In an amazing act of generosity and commitment to their employees, the leadership of the museum selected one of their classic cars for an incredible raffle.

A 1968 Dodge Coronet was the car selected for the raffle and James Schaeffer was the lucky winner. At the prompting of his daughter, he took the plunge. One ticket, $100 and now he’s driving an awesome muscle car with a modified 440 V8 along with some other super cool upgrades.

And the San Diego Automotive Museum? Well, it made out pretty good too. From the raffle alone, they raised $57,000. That takes care of their payroll for two months so in this story, everyone’s a winner.

Are you looking for another classic to add to your collection? Maybe you want a vintage ride for your daily driver. Whatever you have your eye on, Woodside Credit can help make it yours. Our easy terms and low payments means putting that classic in your garage is as simple as filling out a Quick Quote, so let’s get started.

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5 Best Daily Driver Exotic Cars

When it comes to the car you drive every day to go to work, get around town, shop for groceries, and take on the occasional road trip, there are the run-of-the-mill, garden variety cars that are everywhere, and then there are the sleek, hot, head-turning exotics that rule the road. Which one catches your fancy?

There are some people who want daily driven exotics for their everyday life. Here’s a list of exotic favorites as daily drivers.

Aston Martin DBS Superleggera

Estimated Monthly Payment: $1,815.34

Aston martin daily driver

This is a somewhat new kid on the block, and it is blowing the DB11 out of the water. This looker will get you where you want to go in a hurry, thanks to its V-12 twin-turbo which kicks out 715 horses. Climbing behind the wheel gives you a great reason to get up and go to work each day.

Monthly payment of $1,815.34 based on a loan amount of $208,395, 20% down, and 6.53% APR financing for 180 months.

Maserati GranTurismo

Estimated Monthly Payment: $776.61

maserati daily driver

One of the key features of this car–from a daily driver standpoint–is that it is a four-seater, and there is a pretty good amount of legroom in the back. You don’t see that very often in the faster, sexier exotic breeds. This one scores some major points in the practicality department. The V-8 gives you some oomph and your daily commute just got very interesting.

Monthly payment of $776.61 based on a loan amount of $68,395, 15% down, and 6.63% APR financing for 120 months.

Ferrari 812 Superfast

Estimated Monthly Payment: $2,693.62

supeerfast daily driver

This two-seater grand tourer is fast and sleek but still good for daily use. If you are wondering about the 812, there is a method to the numerical madness. The 8 refers to 800 cavalli vapore which is the car’s power rating–in Italian. In the US that number translates to 788 horsepower. The 12 refers to the V-12 under the hood. That’ll get you to work on time.

Monthly payment of $2,693.62 based on a loan amount of $304,395, 20% down, and 6.77% APR financing for 180 months.

Porsche 911 Carrera GTS

Estimated Monthly Payment: $1,099.66

911 finance

The Porsche 911 is considered a great daily driver. With an incredible driving experience and 473 horsepower, it’s a perfect daily driver for those who want their daily dose of german engineering (with a bit of a punch). With a 7-speed manual transmission still available or an 8-speed auto, Porsche still gives you the choice of rowing your own. On the inside, these little firecrackers are packed with tech.

Monthly payment of $1,099.66 based on a loan amount of $109,755, 15% down, and 6.57% APR financing for 144 months.

McLaren Speedtail

Estimated Monthly Payment: $7,082.77

mclaren daily driver

At first glance, the Speedtail looks more like something out of a sci-fi movie than a car you would see on the road, but there it is. With more than 1,000 horsepower (twin-turbo V-8 with 746 hp and electric motor with 308 hp) your daily commute will be a breeze – while heads whip in your direction to catch a glimpse of your otherworldly wheels.

Monthly payment of $7,082.77 based on a loan amount of $800,395, 50% down, and 6.76% APR financing for 180 months.

Are you looking for your next daily driver but still want to stand out in the crowd? Woodside Credit can help put you in the driver’s seat of a cool exotic with easy terms and low payments. Call today and talk to one of our specialists and let us help you fill that space in your garage.

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7 Magazines for Classic Car Lovers

If you love classic cars, these magazines were made for you! Each of these publications focuses on certain types of classic cars, like hot rods, collectibles, and more. Some are online, others are in print and a few are available in both formats.

Take a look at our favorite picks and pick up some great reading material.

Collectible Automobile

Get to know the history behind your favorite classic cars with this engaging, educational magazine. With lots of color photos and sharp, quick writing, you will discover the best of the collectible cars as well as profiles on industry figures and future cars that will be sought after collectibles.

Hot Rod

If you love hot rode then you need Hot Rod Magazine. Cover to cover is filled with engine build ups, technical guides, industry information, and the hottest, newest trends surrounding American hot rods. To subscribe, visit Hot Rod Magazine.

Classic Motorsports

This print magazine is very info heavy with lots of technical articles, popular and obscure classic car features, and buying guides. If you provide your email address when you subscribe to the print version you will receive free access to their digital version as well.

Classic Driver

This is a digital classic car magazine, but you can also shop for cars or sell your car as well. The articles in the magazine are geared heavily towards the luxury lifestyle and you’ll see quite a few classic exotics featured within its pages. If you have a taste for the finer things, this will speak to you.

Car & Classic

This is a free online magazine with lots of interesting articles and tons of gorgeous pictures of breathtaking classic cars. There’s also an auctions section and you can check out classic bikes too. The site is pretty straightforward and easy to navigate so you can read articles to your heart’s content.

Vintage Motorsport

News about car shows and auctions as well as car spotlights. You’ll stay up to date with all the latest news and info on everything vintage automobile. This magazine is available in both print and digital formats.

Hemmings Classic Car

If you know cars then you know Hemmings. Their Classic Car magazine has the latest car news, highlights and more. You can get a free trial of the magazine before you begin your subscription. Gift subscriptions are also available in case you are looking for a gift for the classic car lover who has everything.

When you are looking for a collector car to add to your stable, Woodside Credit can help make it happen. Contact us today to learn more about our low monthly payments and great rates.

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