If your model depreciates quickly enough, you could find yourself underwater on your loan.

Specialized lenders offer exotic car loans which can make your dream a reality. But with an exotic car loan, the purchase price of the car is so drastically different from the price of a standard car that the loan is going to look different too. … We work with dealerships, but we also write loans that involve private sellers.We are not about to stand in the way of you getting your exotic car perfection.Shopping for an exotic car should be fun. Let’s discuss this.Because exotic car loans are so large and feature such long repayment periods, exotic car lenders must carry a lot of risk over an extended period. Classic cars can go this route and buyers are looking more for cars in great condition.Horsepower is another factor that can contribute to the exotic status. Different circumstances, experiences, and tastes all play a part in whether or not a car is deemed to be exotic.Typically, the term is used to describe a car that is unique or rare. Owning an exotic or classic car can be difficult if you do not have enough savings to pay for the value delivered on some of these cars. That means that by the time you’d finished paying for your car, it could be worth half what you paid for it. It would be difficult to pay off your exotic car with the shorter loan terms and lower loan offerings offered by conventional lenders. However, sometimes that perfect car shows up in someone else’s driveway – and it has a For Sale sign in the window.Most lenders are hesitant to write loans that involve private sellers. Most car loans, new and used, have loan terms up to 60, 72, or even 84 months, however, some exotic-car lenders like Woodside credit offer ultra-long loan terms of up to 120 or even 144 months. If you need a loan to finance your purchase, seeking out a specialized exotic car lender may well be your only option.Although exotic car loans have their benefits, they’re not always the best option.Some specialized lenders have restrictions on which cars they’ll finance, especially if your exotic car is a high-production model. Cars with 600 hp tend to fall into that category.Of course, we have our list of what we typically consider to be exotic cars:At Woodside Credit we’ll not only help you identify that exotic car you’ve got your eye on, we’ll help you put it in your garage.Exotic dealerships are a great place to get a car. The benefits are simple: Some luxury car financing companies will only work with certain makes and models, so your options are still somewhat limited.

Now is your chance to make it happen.And with a little help from your friends at Woodside Credit, it’s a very real possibility.Loans made or arranged pursuant to the California Finance Lenders Law License If you’re interested in applying, you can do so online or by calling 1-800-872-1965.Before choosing a specialized lender, do your due diligence to make sure you get the best terms available.To find out what conventional auto lenders have to offer, check out SuperMoney’s Copyright 2020 SuperMoney, LLC. They prefer to work with dealerships.We believe that wherever you see your dream exotic, you should be able to buy it – and you should be able to get an exotic car loan to make it happen. And are standard auto loans ever a better option? By contrast, some exotic car lenders offer up to 144 months to pay off your exotic car. Consider these potential drawbacks before taking out an auto loan from an exotic car lender: Restrictions on car types. But how can you choose the right exotic car lender for you? And remember, lenders compensate for longer (riskier) repayment periods with higher interest rates — even if you have stellar credit.Working with a lender that offers exotic car loans offers several benefits.First, specialized lenders understand the market, more so than a conventional Taking on an exotic car loan also frees up your money for other financial goals.

If you are ready to take that next step, let us put you behind the wheel of the exotic car you’ve been dreaming about. These cars are usually high ticket items.Rarity is another factor that can take an ordinary car to exotic status.

Potentially higher rates. “I figured at the time that my options were limited, so I didn’t bother to check.”If you’re interested in getting an exotic car loan, here are two lenders to consider:J.J. Best Banc & Co. allows you to pre-qualify for your loan before formally applying. Even if you have the savings to purchase your exotic car upfront and in cash, the purchase will drastically shrink your nest egg. Last Updated on April 17, 2020.