For those of you that have financed airplanes...

If under $20,000, probably 10 years is the most you can get. Interest rate varies depending on your credit history. If you figure 10%, that should give you and idea of what you will be looking at. If you are an AOPA member, BoA has a financing program and will pre-approve for you.
 
I used a home equity line of credit. $60k, 15 yrs, 3.25% (adjustable, but hasn't adjusted in 4 years) and tax deductible and no prepayment penalty. My fuel cost more than the payments.
 
Clark1961 said:
No, not if you play by the rules...
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Granted, "some restrictions apply":

http://www.bankrate.com/brm/news/loan/19990203.asp

"For home equity, you can deduct the interest on a loan up to $100,000 regardless of where you use the money," says Thomas Langdon, a certified financial planner and tax professor at The American College in Bryn Mawr, Pa. "Let's say your children are going to college and you need extra cash. You can take a home equity loan of up to $100,000 and deduct the interest payments on the Schedule A."
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Tax restrictions
Tighter tax restrictions apply to borrowers who take out home equity loans that, along with a first mortgage, raise the debt to a level above the value of the property.
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In my case the loan is legitimately tax deductible.
 
Thanks for the info. I am assuming more money borrowed can equate to longer terms like 15 or 20 years?
I have no equity in my home:(

Well, I do, it just has a big minus sign in front of it.
 
Jeremy, I think your statement is generally true -- the more money borrowed the longer the term. If you are an AOPA member, call the aircraft financing number on the back of your card. They are generally friendly folk and can explain a lot to you that will be far more reliable than what you can get here. Good luck!
 
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