2021 Loan Companies for Multi

Discussion in 'Flight Following' started by USAF-LT-G, Apr 5, 2021.

  1. USAF-LT-G

    USAF-LT-G Pre-takeoff checklist

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    Just what the topic says. I called airloan today and spoke with Larry expecting to start the process for a small loan for an aircraft I'd like to buy. I was surprisingly told that they're pretty much not giving any loans out on multi-engine piston aircraft right now, too many out there with the market, and a lot of defaults on aircraft right now of the multi type apparently.

    Does anyone have any recent experience or know of decent companies to go with in 2021. Wish my credit union did aircraft loans.... apparently they don't.
     
  2. WDD

    WDD Pattern Altitude

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    HELOC?

    On a related topic - defaults on loans? Maybe the rush of people buying airplanes last year is now entering a second phase? Hope it won't be like the 2008 housing loan over extension.
     
  3. USAF-LT-G

    USAF-LT-G Pre-takeoff checklist

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    HELOC at a credit union or bank are typically only 60 months max. I still want to do 15 year, and probably pay it off well in advance.
     
  4. WDD

    WDD Pattern Altitude

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    Probably a good idea anyway not to put your house at risk for an airplane.
     
  5. Sluggo63

    Sluggo63 Cleared for Takeoff

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  6. Gmonnig

    Gmonnig Pre-takeoff checklist

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    LightStream if you have excellent credit. I think their aircraft rates are in the low 4%. Not sure about how much you need but I believe if it’s under $100k you can get approved and have the money in the same day. A year or two ago I had an old friend’s 310D hit the market with a spare aircraft and tons of extra parts. Since I knew it would take a week or so to get the funds piled up, I just used LightStream. The cash hit my account in hours. I was trying to move quickly on the plane because I knew it would sell very fast. I backed out the very next day as I dropped the Comanche off at the avionics shop. The thought of feeding, sheltering, caring for two 310’s and a co-owned Comanche 250 was terrifying!
     
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  7. Doc Holliday

    Doc Holliday Pattern Altitude

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    Plus Lightstream won't lien your airplane.
     
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  8. Warlock

    Warlock Cleared for Takeoff PoA Supporter

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    USAA and Edwards FCU both do aircraft loans...may be an answer for you...