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Made Noteworthy 11/2011
CHOICE Motor Credit, LLC: Short-Term Equity Loans for Your Classic Car

Need some cash from your collectible?

Choice Motor Credit, LLC provides large short-term private equity loans for owners of classic, muscle, vintage and hot-rods as well as luxury cars and exotics.

“Based upon our research in the marketplace, there is not a similar or competitive financing product available for owners of these specialty automobiles,” says company founder and Scottsdale resident James Grdina, who recently opened the company’s corporate office in Phoenix.

Not a walk-in office, it provides a private environment to conduct business with clients on an “appointment-only” basis, he notes. The facility also has a warehouse rivaling the finest car garages. A safe haven for fine automobiles, it is climate controlled, monitored and secure 24/7.

Many classics and contemporary collectible cars are owned without liens or encumbrances, giving their owners the opportunity to pull some needed cash out through Choice’s equity loan program, which provides financing at a minimum of $10,000 per loan.

“We can lend more than $100,000 per automobile depending on its current market value, and we can provide equity loans to individuals that have multiple automobiles or car collections,” he says. Most loans are for a 90-day term but may vary by state and by the client’s needs. Under most circumstances, loans that are in good standing may be renewed for like terms.

While Choice can provide loans outside of Arizona, logistically it’s easier to manage the transaction if the owners of the vehicles are in state, he says.  At the same time, Choice is opening up a branch office in Concord, California, just south of San Francisco. In addition, James has scheduled to open two offices in Los Angeles and another in Dallas by the first quarter of 2012. “Our long-term plan is to have a CMC office in each of the metropolitan cities to meet the expected demand for our program,” he says.

With the recent stringent credit restrictions, banks and other financial institutions currently do not provide equity loans on specialty automobiles, he explains. “Though most title loan companies provide equity financing, it is usually for late-model cars; the loans on average are in the amount of $500–$1,500, and there are credit requirements of the borrower. We do not do credit checks or require any bank statement or tax return verification.”

For more information on CHOICE Motor Credit, call 602.992.4000 or toll free, 855.564.5678. The office is at 20830 N.25th Place, Suite 112, in Phoenix.

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