Question about Woodside Credit

[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.