Any experience with Woodside Credit? | FerrariChat

Any experience with Woodside Credit?

Discussion in '360/430' started by RedNeck, Jul 14, 2016.

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  1. RedNeck

    RedNeck F1 World Champ
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    #1 RedNeck, Jul 14, 2016
    Talked to a guy from there today that said they would finance a 360 for 10! years...Now I don't know if I would go that route, but the kicker is, he said the APR was 5.99%! I haven't paid a rate like that in years. I have a 3.25% loan right now and my dad financed his XKR at 1.99%, shorter (not by much) term loan. I expected a little higher APR on a longer term loan, but didn't expect that, especially with a car that is starting to increase in value. Btw, my score is just south of 800...
     
  2. ar4me

    ar4me F1 Rookie
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    #2 ar4me, Jul 14, 2016
    Lots of threads around on financing terms on F-cars - don't recall the location of the latest, but you can probably find it with a search.
     
  3. vrsurgeon

    vrsurgeon F1 World Champ
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    #3 vrsurgeon, Jul 14, 2016
    I used Penfed at 3% for mine. If I had gotten lucky I'd have the 1.99%.
     
  4. ar4me

    ar4me F1 Rookie
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    #4 ar4me, Jul 14, 2016
  5. RedNeck

    RedNeck F1 World Champ
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    #5 RedNeck, Jul 14, 2016
  6. gsworld2014

    gsworld2014 Formula 3

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    #6 gsworld2014, Jul 14, 2016
    I had to use Woodside. I would have preferred lightstream but they only would loan me 85k and I needed more. Wood side was good but they just sell the loan to a bank.

    The issue I had with lightstream was I hadn't taken out a car loan in 8 years and it was like 60k but woodside came through. My score is north of 800. I would have preferred lightstream but I don't keep loans for long so it will be paid off next year and at that point interest rate didn't matter
     
  7. BrettC

    BrettC Formula 3

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    #7 BrettC, Jul 14, 2016
    I got the 1.99%...not sure if Penfed still has it but worth looking into...almost free money

     
  8. gsworld2014

    gsworld2014 Formula 3

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    #8 gsworld2014, Jul 14, 2016
    That's awesome!! 👍🏻👍🏻
     
  9. LightGuy

    LightGuy Three Time F1 World Champ
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    #9 LightGuy, Jul 16, 2016
    I'm not a happy camper with Woodside.
    They have a 2 year pre-pay penalty and most of your payment is interest.
    My credit union screwed around so long that I had to use Woodside or my deal would have evaporated.
    They then sold the loan.

    Sounds like a great business to be in though.
     
  10. RedNeck

    RedNeck F1 World Champ
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    #10 RedNeck, Jul 16, 2016
    Ouch....a prepayment penalty is almost a dealbreaker, depending on what it is...If APR's are similar I tend to take out the longest term loan I can and then pay extra, just in case there's a month or so with unexpected bills..
     
  11. BrettC

    BrettC Formula 3

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    #11 BrettC, Jul 16, 2016
    Looks like Penfed has the 1.99% but now for only 36 months...2.49 for 48 upto 3.49% for 72 months. They were easy to deal with...
     
  12. Alcav5

    Alcav5 F1 Rookie
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    #12 Alcav5, Jul 16, 2016
    Last edited: Jul 16, 2016
    supply & demand

    Woodside serves a purpose

    I have not used them but spent a decent amount to get even qualified and have funds in place (they get it multiple ways) :)
     
  13. sburke

    sburke Formula 3

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    #13 sburke, Jul 16, 2016
    You can easily get 2.9% for 72 months through a credit union, usually up to 100k.
     
  14. gsworld2014

    gsworld2014 Formula 3

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    #14 gsworld2014, Jul 16, 2016
    Not sure on pre payment penalty I have to look at that. Honesty I pay a bit extra each month and the loan isn't structured any different than any of the other loans out there. When your balance is higher interest is higher, as you pay down interest less principal part more...

    Standard.
     
  15. ICULUKN

    ICULUKN Formula Junior

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    #15 ICULUKN, Jul 17, 2016
    Easy to work with... There is a prepayment penalty if you pay it off before 2 years... 5.99% is high, but you only have to put down 15% of the sale price, and they do all the paperwork at the DMV..... I had them and they sold my loan in its 1st month.

    Overall good experience, but you pay for it.
     
    Matthew F likes this.

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