Classic Car Financing???

[PrisonHack]

 Anyone ever used Woodside or JJ Best to finance a car??

[Aero426]

I went through part of the process with JJBest several years ago.   Wound up not buying the car, but it was a straightforward process.   They have been around a while. 

[Ghoste]

Never heard of Woodside but Best always seem to be hovering around the high profile auctions and have been for a while so I tend to think if they were notorious in some way I would have heard stories or they would have been sent packing.  

[Troy]

Yes, I have used JJ Best in the past. It's super easy. The only sticking point for some sellers is that it isn't cash and they don't want to hand you the car and title in the hopes that they'll get money "some day". It is a 2-party check so you and the seller have to sign it before any money will transfer. In one instance the seller's bank required me to be there before they'd accept the deposit so you may want to ask about that before buying a car on the other side of the country. JJ Best will get you a qualifying answer almost immediately, sends everything overnight, and walks you through the whole process. You are required to have the car inspected (they'll set it up) - primarily to validate that it's a real deal and to get some pictures for the file. The interest rates are going to be higher than a typically loan (not unusual for collectibles, motorcycles, boats, planes, etc.) and you're expected to have at least 10% down. You'll also be responsible for some fees (overnight document delivery, inspection, etc.).

Just some background: I wouldn't normally condone borrowing money - but especially not to buy toys. I have done it three times as a way to "float" a loan between buying one car and selling another. It's a way to hedge against bad timing! Waiting until your car sells may cause you to miss a car that you really want - or waiting to even start looking until yours is sold may mean you spend the money on something else by the time you find the right car to buy. Also, as I get older and (hopefully) wiser, it makes a lot more sense to buy a finished car than to try to build one over the course of several years. It's almost certainly cheaper in the long run! You also don't need a large amount of garage/shop space and a boatload of specialty tools. I could have purchased a couple nice cars for what I've spent on storage, work space, utilities, tools, and materials! Without having to build one, you also get several more years of enjoyment out of the car - unless you like the building experience more than the driving experience.  Naturally, don't buy more than you can afford.

Troy