Financing a Car at an Auction
With many sellers in one place, auctions can be home to a variety of vehicles making it an excellent place for buyers to find that special vehicle. Many people assume they cannot finance a car at an auction, but Woodside Credit has pioneered a decade-long relationship with Barrett-Jackson, the World’s Greatest Collector Car Auctions®. With four auctions every year, representing hundreds of millions of dollars in sales, Woodside Credit has the experience to get you to the bidding block to secure the collector car of your dreams. Thinking about financing a car at an auction? Keep these tips in mind:
Do your Due Diligence on the Classic Car Auction
Every auction has its own set of rules for participating, so ensure you know the rules and deadlines for participation. Barrett-Jackson makes it easy to understand bidding as well as financing with Woodside Credit. Always at or next to the Bidders’ Office, Woodside Credit is on-site and ready to assist with any purchases made from a borrower.
Determine the Potential Costs and What You Can Afford
Many times the cars up for auction will be listed online before the event. It is a great spot to pick your favorites and determine which vehicles interest you. Using industry tools like NADAguides or Woodside’s payment calculator will help you determine how much a vehicle could sell for, and how much it will cost you monthly. Do your homework in determining how much you can afford and ensure your next classic or collector car fits within that budget.
Get Pre-Approved Before the Auction
A pre-approval allows you to go to an auction and confidently bid on a vehicle up to a specified amount. If attending Barrett-Jackson, Woodside Credit can provide pre-approvals over the phone or online. You select the amount of the pre-approval, allowing the flexibility to bid up to that amount–regardless of whether you bid in person, over the phone, or online.
Be Timely with Loan Documents
After your purchase, Woodside gets to work to generate your loan documents, which can be signed electronically or in person at Barrett-Jackson.