Question about Woodside Credit

[Young Gun]

I thought I would ask here to see if anybody has had any luck with this company. Now that I am working (thank god) Ive got the cash to spend and was looking to pick up a completed ride as everybody knows its cheaper that way. I was looking at options for buying and woodside credit came up and I have heard some good things but thought I would ask anyways. Good? Bad? Anything? Go



http://www.woodsidecredit.com/

[Mkelcy]

I thought I would ask here to see if anybody has had any luck with this company. Now that I am working (thank god) Ive got the cash to spend and was looking to pick up a completed ride as everybody knows its cheaper that way. I was looking at options for buying and woodside credit came up and I have heard some good things but thought I would ask anyways. Good? Bad? Anything? Go

http://www.woodsidecredit.com/

I would not borrow money to buy a toy, no matter how good the deals may seem. Don't know anything about Woodside.

[steelerguy]

I would not borrow money to buy a toy, no matter how good the deals may seem.

Completely agree.

[Young Gun]

Well put, now this was going to be a daily driver as well, does this change any opinions on the subject?

[Mkelcy]

Well put, now this was going to be a daily driver as well, does this change any opinions on the subject?

Different question. Will it really be a DD in Illinois weather? Have you looked into insurance costs for having a collectible car as a DD? How will you feel when it gets beaten up on the road and in parking lots?

If you need a DD and want a collectible car, I'd get the cheapest, serviceable car I could find as a DD, and save for the car I want as a second car.

[Jim Nilsen]

Since you are in northern Il. there is a banker in Poplar Grove Il. at what I think is still called Poplar Grove bank that has always had the right mindset about classic cars and their value. They are also a small town bank. You might find them as a good way to meet more of your needs too !

Never hurts to give them a call.

Goodluck

[6'9"Witha69]

I agree with Mike on this one.

[Jim Nilsen]

Different question. Will it really be a DD in Illinois weather? Have you looked into insurance costs for having a collectible car as a DD? How will you feel when it gets beaten up on the road and in parking lots?

If you need a DD and want a collectible car, I'd get the cheapest, serviceable car I could find as a DD, and save for the car I want as a second car.

I drove my 67 Camaro around for 10 years in Ill as a daily driver and just ran normal everyday insurance and just lived with what might happen. It was a rolling restoration to start and as it progressed it changed in value but it was the least expensive car I ever owned overall.

If he gets a car that he can get all of the parts he ever needs like a 1st gen can he will be just fine. He can get a rider policy to cover the value if it gets stolen. The cost of everything else is no different than any other car if something happens and probably a lot less for what he will get IF he gets the right car even if he gets a loan for it.

I wouldn't have one bit of fear about getting a loan for a 1st gen if he can get it at the right deal and it really does drive down the road. Starting with a primered car is what I started with and some thought it would never be a nice car. It was never off of the road more than 2 weeks and that was when I painted it.

If he is getting a loan for a car to get around it might as well be one that can appreciate with his talent,time and money instead of one that will be a detriment to his dreams and keep from ever having enough funds to do both.

There is a catch 22 here in the philosophies and getting the right car is key. The right car is one that he can always get all of the parts to fix it if it gets wrecked by someone else and all other choices make it go bad no matter if it is a brand new car or one that is impossible to get parts for.

He will probably have to rule out a Nova again but a 1st gen Camaro or an early Mustang would be a great choice for him. I really think with the deals out there right now he could do really well in finding someone to finance him for it and follow his dreams for less $$$.If he gets the right policy it will protect him and still cost less than trying to do 2 cars and have 2 policies

[Jim Nilsen]

Completely agree.

He is not buying a toy, he is buying a daily driver.

The cheapest servicable car he can find could still be a classic !

If you guys are cool with a person getting a loan for a car and then think he will ever have enough money to get a toy, it will never happen for him. I have seen a few kids in my time try to do both and it always broke their wallet. Especialy if they find the wrong girlfriend. Storage is always a problem for 2 cars and renting too.

Now if he could find a girl with a nice new car and lots of money to help him fulfill his toy car dreams he would then be golden.

[Mkelcy]

I drove my 67 Camaro around for 10 years in Ill as a daily driver and just ran normal everyday insurance and just lived with what might happen.

You can't run "normal everyday insurance and just live with what might happen" when the car is financed. Lenders like to get repaid when their collateral is damaged or destroyed, so it's got to be insured for at least the amount of the loan, if not full value.

I'd also be concerned about needing every project to fit easily into a weekend, so you don't end up thrashing at 11pm on Sunday to get the DD back on the road.

It apparently worked for you, Jim, I just have my doubts about how well it will work with a financed classic car as a DD.

[MonzaRacer]

Ah well every car I have had except the current car, which was given to me for free to help me get in better shape after bad employer i worked for ,for 2 yrs. has been a rolling project. Only car that ever came close to being done was my yellow 77 Monza aqnd it was totaled thanks to blown tire.
Big thing is if you have special car buy stated value policy with no mileage restrictions, ya gotta have full coverage so get it right and every 6 month re-evaluate the value.
Then if you have to pick up $500 beater, slap good tires, brakes and battery in it and service fluids and have as a backup severe weather car.
also works as parts runner when dd is down.

[Jim Nilsen]

You can't run "normal everyday insurance and just live with what might happen" when the car is financed. Lenders like to get repaid when their collateral is damaged or destroyed, so it's got to be insured for at least the amount of the loan, if not full value.

I'd also be concerned about needing every project to fit easily into a weekend, so you don't end up thrashing at 11pm on Sunday to get the DD back on the road.

It apparently worked for you, Jim, I just have my doubts about how well it will work with a financed classic car as a DD.

At the time I did it I had actually borrowed money and had the car up as collateral, the loan guy looked at the car and actually took the risk because he really would have been happy to take the car. As for wrecking it, most companies out there will go with a STATED value policy not AGREED value to cover the loss and in most cases if he gets hit.
With the amount he would be financing he could damn near get an unsecured loan for it or use other property for the collateral. Were not talking over 5k if he buys the right car and if he goes near 10k it could get iffy. I fully agree with you if you are talking about the cost of a NEW car or something that is a very expensive.

The big thing here is to find the right place to finance it to begin with and that is tough to do these days depending on his credit. he could actually put it on a credit card if he got one with the right limit and it would be unsecured and noone would care about the loss even if it was totalled.

I really think in the long run with his desire to learn and the fact that he seems to be ambitious and open minded he would be able to have the car of his dreams a lot sooner by putting both the funds for a daily driver and his dreams into the same boat. I did it once and I don't think times have changed that much in reality.

He will never know until he really checks out all of the bases with the loan and the insurance to have his ducks in a row when he goes for it, knowing what the insurance will be and cover will also help when they ask questions for the loan.

And for the thrashing on a weekend to do the mods you want is what we all do most of the time anyway? That's most of the fun and with having to use it to get to work makes for better planning I always found. He really could get help from a girlfriend too if she was the right one and what better way to know than to let her see what she is getting into with the relationship. If she doesn't like the car he will know to ditch her quick!

Too bad he isn't close enough to hook up with the new girl on the sight with the Firebird. She picked that car up for a great deal and he could do the same.

[Jim Nilsen]

Hey there Colin, have you talked to them yet? Are you still here?