Aircraft Financing

[Taylor Maid]

It's a crying shame...I've called about 30 aircraft financiers and only one wants to deal with an aircraft that is pre 1975!

Bank of America is the only one that will entertain the thought.

So I called the EAA Vinatage hotline and they are of no help in recommending a financier. I would think this is information they should have readily available.

What gives?? How are we suppose to get these airplanes in the air? I suppose if I were in the ghetto with 6 different baby daddies I'd get my house, cellphone and airplane paid for with all of your taxes.

Does anyone have any companies they can recommend?

Oh, and it's not a T-craft...and I'm not selling my Tcraft! Just building up my own personal Air Force!

Thanks,

Suzy

[Pearson]

Re: Aircraft Financing

Suzy,

Try to find something besides the airplane you want to buy to use as collateral. If you have equity in a home, that is usually the best way to go because you get lower rates and it is tax deductible. But with home prices beaten down the way they are, that may not be feasible. If you have a vehicle/boat/etc that is paid off, or has equity, use it's equity as the collateral. Or, if you have excellent credit, and don't mind the high interest rates, a signature loan can be the way to go.

I would also try calling back to the EAA and talk to a live person. If they can't help, try AOPA.

Good luck,

[Ron Greene]

Re: Aircraft Financing

Suzy,

I have never used them but have heard good things.

http://www.airloan.com/

[crispy critter]

Re: Aircraft Financing

Try Green Tree Finance

[Steve Green]

Re: Aircraft Financing

I used both my local credit union ('69 Citabria) and AOPA ('74-ish Cessna 172) and was happy with both, although it has been a few years. The credit union called it a "Recreational vehicle", like a motor home, since they didn't have any history of airplane loans.

[Rick Hadley]

Re: Aircraft Financing

I used my local, home-owned bank where I've banked all my life. They financed my Aeronca Chief without batting an eye. A personal relationship helps a great deal. If you don't have a locally owned bank, a local credit union might be a place to start.

[Taylor Maid]

Re: Aircraft Financing

Thanks for the help guys!

[rammon3]

Re: Aircraft Financing

The home equity loan or refi is an excellent way to go. Dealing with a smaller local bank usually will be more flexible assuming you have good credit. FWIW, I refuse to do business with B of A since they adopted a policy of issuing credit cards to people without SS numbers (read that illegals).

[NY86]

Re: Aircraft Financing

Did you try Dorr? I used them a while back to finance a Cessna 120, but they may have changed their policies in the last 15 years...

[AKbrew]

Re: Aircraft Financing

Hey Sistah! Try your local Credit Union that is 'airplane friendly'. If you can't find one, come to the Alaska Airmen's Trade Show...there will be 3 or 4 that have booths. I love Alaska!!!

[N95334]

Re: Aircraft Financing

OK Suzy, What are you trying to get???? A Pitts Special? A Stearman?
I gotta know