12 July 2005

Hagerty Launches Finance Program

TRAVERSE CITY MICHIGAN – Hagerty is helping collector car enthusiasts get into the drivers seat of their dream car with the Hagerty Finance plan. The program offers customers special collector car financing in the form of simple interest loans on collector vehicles as well as most late-model exotics. Hagerty continues to evolve and tailor its services it to the needs of today’s collectors and Hagerty Finance is one more step in that direction.

Designed with no prepayment penalties, Hagerty Finance offers simple interest, competitive fixed-rate loans as low as 6.99 percent with flexible terms up to 12 years. This approach to buying collector cars allows customers to purchase their dream car with low monthly payments or to refinance a current vehicle loan in amounts from $10,000 to $500,000.

By taking advantage of Hagerty Finance, collectors now have an attractive alternative to the more traditional financing methods. Car enthusiasts no longer have to deplete cash reserves or leverage their homes as collateral.

“Buying a collector car just got easier,” says McKeel Hagerty, of Hagerty Insurance. “Most people don’t think of financing a collector car, yet it’s a great avenue to pursue. By introducing extended term financing to the collector car industry, people no longer need to rent their dream, they can own it – and finance their appreciating automotive asset just as they would their home.”

While leasing is popular with some collectors because it offers the borrower a low payment, Hagerty Finance’s extended-term financing also offers a low payment with the added advantage of allowing the collector to purchase the vehicle, rather than renting it with an option to own. Plus, depending upon the structure of a lease program, hobbyists may not benefit from any appreciation in the car’s value during the predetermined lease period.

Other collector car finance options, such as borrowing against stock portfolios, initiating an expensive line of credit or using a credit card, can involve a greater level of risk and expense. Even local banks and credit unions are unlikely to offer hobbyists anything other than short-term loans and higher interest rates, as many loan officers don’t understand the difference between a collector car and a used car, and won’t even consider financing an antique or classic vehicle.

Customers can also refinance existing collector car loans or vehicle purchases made with a home equity loan or unsecured line of credit under the new plan. In addition, Hagerty Finance also provides pre-approvals of credit that can be used for future purchases including collector car auctions. Hagerty has provided all the tools to make your next collector car purchase go seamlessly.

Current Hagerty Finance loans are serviced by Woodside Credit, a privately owned auto finance company headquartered in Newport Beach, Calif.

Hagerty is the leading insurance agency for collector vehicles and boats in the nation and host to the largest network of collector car owners. Hagerty offers collector car insurance, financing and roadside assistance, as well as a variety of useful information resources. The company works proactively on hobby legislation and supports the Collectors Foundation, a nonprofit organization dedicated to preservation of the hobby. For more information, call 800-922-4050 or visit www.hagerty.com.

 

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