Press Release: Hagerty Launches Finance Program

TRAVERSE CITY, Mich. (May 2005) 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 is continuing to evolve to service the needs of collectors today; 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 revolutionary 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 a maximum of $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 dont think of financing a collector car, yet its 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 Finances 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 cars 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 dont understand the difference between a collector car and a used car, and wont 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 collectible vehicles in the United States, providing superior insurance coverage and related protection services to those who are passionate about vehicles. The Hagerty Network is the largest membership program serving the hobby and offers a variety of services and resources designed to enhance the collector car ownership experience. The company has been in the insurance business for five decades and in the specialty insurance field for nearly 25 years providing inexpensive coverage for antique and vintage autos, modified and custom cars, street rods, sports cars and exotics. For more information on Hagerty Insurance and the Hagerty Network, call 800-922-4050 or visit

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