Plane Financing?

[Socalfmf]

Where is the best place to go? local credit union? banks? Just starting to get info because we want to buy in the next 12 months....

want to have as much info as we can, to make the best decision?

also what is a decent amount to put down? we will do at least 20%...

thoughts and guildance?

Sam

 

[N2124v]

Here is a thread I started a few days ago. http://www.pilotsofamerica.com/forum/showthread.php?t=51044

I've been calling and talking to a lot of different banks (Red River, BofA, my local bank, etc.). It really depends on what you are looking for price wise. I had one bank that won't do less than a $50k loan (Airfleet), want engine less the hall TBO (Red River), and one that just won't do it (my local bank).

Everyone I talked to required 20% down at least, with varying terms. Also be ready to do the personal financial statement and have two years tax returns done. I'm scrambling because I filed an extension this year. Also, pull you credit report and look at it. I had a surprise on mine that is taking a little bit to get cleared up.

Start with your local banker, they will be your best deal.

 

[poadeleted21]

Here is a thread I started a few days ago. http://www.pilotsofamerica.com/forum/showthread.php?t=51044

I've been calling and talking to a lot of different banks (Red River, BofA, my local bank, etc.). It really depends on what you are looking for price wise. I had one bank that won't do less than a $50k loan (Airfleet), want engine less the hall TBO (Red River), and one that just won't do it (my local bank).

Everyone I talked to required 20% down at least, with varying terms. Also be ready to do the personal financial statement and have two years tax returns done. I'm scrambling because I filed an extension this year. Also, pull you credit report and look at it. I had a surprise on mine that is taking a little bit to get cleared up.

I walked in and said "Hey, I need some cash until I sell my plane" My banker replied "I've never done a plane loan, sounds interesting, you can spend XXXX". The whole thing took literally 10 minutes. A small farmers bank here in MT. I found that the plane I want in the price range I was looking were not going to be the best examples so I bumped up my budget a little to get a nicer example and my banker is going to finance that that budget bump of course he's only into the plane at 25% of the sell price so he didn't have much issue with it and ideally I'll have it paid off in under a year. My total combined debt outside of my house and the plane is $5,000 bucks so don't beat me up too much.

 

[Datadriver]

Airfleet can get you just 15% down in some situations

 

[lmars]

Just write the check and don't worry about a loan. Everyone knows if you're a pilot you are rich.