Aircraft financing

[Pilot78]

For those who have used financing to purchase a plane who would you recommend? Found something interesting over the weekend and don't know yet if my Credit Union loans on planes. Thanks for any input....

Brian
T.F.# 1023

[Craig]

Re: Aircraft financing

I know you can do loans at Bank of America through AOPA

A internet search for aircraft loans brings up many choices but no way to tell if they are legit

Hopefully, your local credit union will help you out and treat it as a Recreational Vehicle. Mine did when I originally bought a 172. But, they have since stopped doing aircraft.

Good Luck

Craig

[vetdrem]

Re: Aircraft financing

When I bought a plane a few years ago, I went to my credit union for a short term loan to carry me through til I sold another plane. The credit union didn't know how to loan money for a plane, so I ended up using my wifes Grand Cherokee as collateral.

Louie

[Robert Lees]

Re: Aircraft financing

Put your mother up as collateral...

...they'll do anything for their darling boy.

[astjp2]

Re: Aircraft financing

Beehive credit union would 10 years ago or wells fargo locally or us bank...Tim

For those who have used financing to purchase a plane who would you recommend? Found something interesting over the weekend and don't know yet if my Credit Union loans on planes. Thanks for any input....

Brian
T.F.# 1023

[Craig]

Re: Aircraft financing

Just read an article concerning a new AOPA Program. They have created the AOPA Aviation Finance Company and it will operate as a brokerage matching members with lenders. Here is the website http://finance.aopa.org/
Craig

[dalijohn]

Re: Aircraft financing

I've done home equity loan in the past with my credit union. Interest rates are usally lower then standard loans. (Currently 2.75% vs 5.25%)

[runon]

Re: Aircraft financing

The age of the aircraft (46 T-Craft) had me calling NAFCO (others I called don't want to finance "old" planes)
I filled out the application (which will have you doing a lot of looking in your financials and running the calculator for half an hour)
I had to email them my Paystub, 2 years W-2, 2 years Tax returns and an E-statement for a property my wife and I rent out.
It's a little bit of a pain, but not too big a deal.
Give them a try if you're still having trouble.

[runon]

Re: Aircraft financing

And MAN is this a long process (especially with the Govt Shutdown

[runon]

Re: Aircraft financing

It's definitely been a LOT more work, and more frustrating than I thought it would be.
To anyone looking to buy (and I'm sure it's well known by many) there is much more to the cost of buying a plane than just the purchase price.
Keep in mind that you'll still need to save a bit of money for more than just the down payment.

[M Towsley]

Re: Aircraft financing

State taxes, insurance, hangar, ferry pilot, up-front maintenance to get it home, on and on.

[Robert Lees]

Re: Aircraft financing

The cheapest part of owning an aeroplane is buying it.

[runon]

Re: Aircraft financing

And.... We have a closing (whew). Yesterday she became mine.