Woodside financing
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Intermediate
Joined: Aug 2021
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Woodside financing
This thread is not a debate about financing vs cash for a toy. I’m well aware of this and making a decision to purchase a “toy”.
I have located a C7 zo6 that is exactly what I want. It’s at a dealer out of state. It’s a 1 owner low mileage car.
im putting about 50% down. I want to finance the rest. Woodside Credit has long terms that keep the monthly payment low.
my plan is to pay it off within 2-3 years. My W2 covers the payment easily and my side hustle nets 20-50k/per year. Commissions would go towards principal.
Im looking to see what you guys have used and your experiences. I’ve read mixed things in woodside. Lots of positive post on a Ferrari forum but other post about title and registration issues.
lightstream is another that pops up regularly. 750+ score wife is 800+ . Paid off home, no debt other than a leased DD and our suv that’s just about paid off.
I have located a C7 zo6 that is exactly what I want. It’s at a dealer out of state. It’s a 1 owner low mileage car.
im putting about 50% down. I want to finance the rest. Woodside Credit has long terms that keep the monthly payment low.
my plan is to pay it off within 2-3 years. My W2 covers the payment easily and my side hustle nets 20-50k/per year. Commissions would go towards principal.
Im looking to see what you guys have used and your experiences. I’ve read mixed things in woodside. Lots of positive post on a Ferrari forum but other post about title and registration issues.
lightstream is another that pops up regularly. 750+ score wife is 800+ . Paid off home, no debt other than a leased DD and our suv that’s just about paid off.
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I recently purchased my Grand Sport from a dealer out of town.
I put 50% down and financed the rest. I will pay it off in 2 years. My local credit union would loan at 6.25%. The dealer said he could beat it. They had me finance with BofA for 5.75%
Yeah, in the past I have paid cash for my toys, but this time we decided to finance half.
Sorry, I have no experience with woodside or lightspeed.
I put 50% down and financed the rest. I will pay it off in 2 years. My local credit union would loan at 6.25%. The dealer said he could beat it. They had me finance with BofA for 5.75%
Yeah, in the past I have paid cash for my toys, but this time we decided to finance half.
Sorry, I have no experience with woodside or lightspeed.
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No experience with Woodside (actually never heard of them), but you might want to check with a local
credit union - I have found they offer very competitive rates and at least 60 month financing.
credit union - I have found they offer very competitive rates and at least 60 month financing.
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What was the dealer offering?
With 50% down, the dealer should be able to get you out the door with a very nice rate and terms.
If you have a Credit Union, get their offer and send it to the dealer. They can usually get better rates than your other offers.
With 50% down, the dealer should be able to get you out the door with a very nice rate and terms.
If you have a Credit Union, get their offer and send it to the dealer. They can usually get better rates than your other offers.
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Safety Car
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Why get longer term if you plan to pay it off early??? I know, just in case. You haven't mentioned rates or years. Your bank will loan you the money easy. I borrowed $60k to close on my home on signature and I'm no biggie. Just do your shopping, we can't help you.
Burning Brakes
Joined: Nov 2022
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From: MN
This thread is not a debate about financing vs cash for a toy. I’m well aware of this and making a decision to purchase a “toy”.
I have located a C7 zo6 that is exactly what I want. It’s at a dealer out of state. It’s a 1 owner low mileage car.
im putting about 50% down. I want to finance the rest. Woodside Credit has long terms that keep the monthly payment low.
my plan is to pay it off within 2-3 years. My W2 covers the payment easily and my side hustle nets 20-50k/per year. Commissions would go towards principal.
Im looking to see what you guys have used and your experiences. I’ve read mixed things in woodside. Lots of positive post on a Ferrari forum but other post about title and registration issues.
lightstream is another that pops up regularly. 750+ score wife is 800+ . Paid off home, no debt other than a leased DD and our suv that’s just about paid off.
I have located a C7 zo6 that is exactly what I want. It’s at a dealer out of state. It’s a 1 owner low mileage car.
im putting about 50% down. I want to finance the rest. Woodside Credit has long terms that keep the monthly payment low.
my plan is to pay it off within 2-3 years. My W2 covers the payment easily and my side hustle nets 20-50k/per year. Commissions would go towards principal.
Im looking to see what you guys have used and your experiences. I’ve read mixed things in woodside. Lots of positive post on a Ferrari forum but other post about title and registration issues.
lightstream is another that pops up regularly. 750+ score wife is 800+ . Paid off home, no debt other than a leased DD and our suv that’s just about paid off.
In my case my CU offered 4.9% for 36-60 month loans. 72 month was at a higher rate, so I took the 60 month option, and then paid extra towards the principal so it'll only be a 2-3 year loan, but I have the option to pay less if I need to, which is appreciated when my savings and checking accounts are paying out more than 5%. It doesn't even make sense to pay extra on my mortgages either vs. stashing the cash elsewhere that gets better returns than loan rates and inflation.
There is also something to be said for getting stuff at today's dollars and paying for it with tomorrow's dollars.
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I agree with looking at Credit Union financing. One thing about the credit unions I have used is they tend to be flexible in working out loan arrangements. When I purchased my 97 C5 the local credit union loan officer worked out a deal where it was financed as an RV with a long-term loan with reasonable (for the time) interest rates. The other thing is if you are banking with a credit union a small part of your interest payments are fed back to you as income/benefits from the credit union. A HELOC can be a good way to finance a purchase. If you don't have a HELOC right now you could go with dealer financing and once the HELOC is available write a check to pay off the loan the dealer provided.
As for Woodside I never heard of them until I saw your post. I looked them up on the web and they seem to focus on Collector Car financing. Not sure how that works with a C7 which is not considered a collector car by a longshot. When I looked up reviews of Woodside I noticed that 27% of the reviews were very negative.
https://wallethub.com/profile/woodside-credit-15081972i
Scan down the list of reviews and make sure you read the one star reviews. That will let you know the kinds of problems people had with them. Several of the ones I read were focused on Vehicle Registration problems.
Bill
As for Woodside I never heard of them until I saw your post. I looked them up on the web and they seem to focus on Collector Car financing. Not sure how that works with a C7 which is not considered a collector car by a longshot. When I looked up reviews of Woodside I noticed that 27% of the reviews were very negative.
https://wallethub.com/profile/woodside-credit-15081972i
Scan down the list of reviews and make sure you read the one star reviews. That will let you know the kinds of problems people had with them. Several of the ones I read were focused on Vehicle Registration problems.
Bill
Thread Starter
Intermediate
Joined: Aug 2021
Posts: 36
Likes: 19
Appreciate the feedback guys. I ended up just going through the dealer with conventional financing. The horror stories about woodside and some buyers never being able to register the cars for months scared me off of going that route.
pending an in person viewing we’ll be wrapping up the deal Friday. Have to fly down. still have to figure out shipping open vs enclosed or flying down and driving back.
pending an in person viewing we’ll be wrapping up the deal Friday. Have to fly down. still have to figure out shipping open vs enclosed or flying down and driving back.
Melting Slicks
Joined: Aug 2007
Posts: 3,213
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From: Indianapolis IN
Appreciate the feedback guys. I ended up just going through the dealer with conventional financing. The horror stories about woodside and some buyers never being able to register the cars for months scared me off of going that route.
pending an in person viewing we’ll be wrapping up the deal Friday. Have to fly down. still have to figure out shipping open vs enclosed or flying down and driving back.
pending an in person viewing we’ll be wrapping up the deal Friday. Have to fly down. still have to figure out shipping open vs enclosed or flying down and driving back.
Safety Car
Joined: Apr 2020
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From: Northeast
I agree with looking at Credit Union financing. One thing about the credit unions I have used is they tend to be flexible in working out loan arrangements. When I purchased my 97 C5 the local credit union loan officer worked out a deal where it was financed as an RV with a long-term loan with reasonable (for the time) interest rates. The other thing is if you are banking with a credit union a small part of your interest payments are fed back to you as income/benefits from the credit union. A HELOC can be a good way to finance a purchase. If you don't have a HELOC right now you could go with dealer financing and once the HELOC is available write a check to pay off the loan the dealer provided.
As for Woodside I never heard of them until I saw your post. I looked them up on the web and they seem to focus on Collector Car financing. Not sure how that works with a C7 which is not considered a collector car by a longshot. When I looked up reviews of Woodside I noticed that 27% of the reviews were very negative.
https://wallethub.com/profile/woodside-credit-15081972i
Scan down the list of reviews and make sure you read the one star reviews. That will let you know the kinds of problems people had with them. Several of the ones I read were focused on Vehicle Registration problems.
Bill
As for Woodside I never heard of them until I saw your post. I looked them up on the web and they seem to focus on Collector Car financing. Not sure how that works with a C7 which is not considered a collector car by a longshot. When I looked up reviews of Woodside I noticed that 27% of the reviews were very negative.
https://wallethub.com/profile/woodside-credit-15081972i
Scan down the list of reviews and make sure you read the one star reviews. That will let you know the kinds of problems people had with them. Several of the ones I read were focused on Vehicle Registration problems.
Bill
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Just thought I would chime in.
I used them when I bought my vette.
i had no issues at all with them, I thought the saleperson I dealt with was very responsive and honest. I personally would use them again. Not sure how you get hosed on a loan. If you know the rates and terms of the loan, and understand the early pay off minimums.
here is the contact for the salesmen I usedArt Varela
AVP - Direct sales
Woodside Credit
PO Box 12379
Newport Beach, CA 92658
P: (949) 783-7464
F: (800) 717-5177
avarela@WoodsideCredit.com
I used them when I bought my vette.
i had no issues at all with them, I thought the saleperson I dealt with was very responsive and honest. I personally would use them again. Not sure how you get hosed on a loan. If you know the rates and terms of the loan, and understand the early pay off minimums.
here is the contact for the salesmen I usedArt Varela
AVP - Direct sales
Woodside Credit
PO Box 12379
Newport Beach, CA 92658
P: (949) 783-7464
F: (800) 717-5177
avarela@WoodsideCredit.com
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