Roadblocks in purchasing a plane. What can I do?

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EchoKilo said:
Found this http://www.planeboard.com/cessna/150/Btya4nTf
Click to expand...

Would family give you an interest free loan, or a low interest loan? If so, much better route than through a bank, unless you want to build credit.

Here's the best way to check your credit. Free, too.
https://en.wikipedia.org/wiki/Fair_and_Accurate_Credit_Transactions_Act
https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-a-copy-of-my-credit-reports-en-5/
https://www.annualcreditreport.com/index.action

Do you have a credit card or two? Use it to buy gas, pay it off in full each month. You've gotta start somewhere. But make sure to pay it off in full each month.
 
UngaWunga said:
Would family give you an interest free loan, or a low interest loan? If so, much better route than through a bank, unless you want to build credit.

Here's the best way to check your credit. Free, too.
https://en.wikipedia.org/wiki/Fair_and_Accurate_Credit_Transactions_Act
https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-a-copy-of-my-credit-reports-en-5/
https://www.annualcreditreport.com/index.action

Do you have a credit card or two? Use it to buy gas, pay it off in full each month. You've gotta start somewhere. But make sure to pay it off in full each month.
Click to expand...
I'll soon have enough money for about a 35% down payment for this plane. If he'd do $9000, I'd only need to borrow $6000. Not sure the bank would lend me that with no credit for my first loan. Might be able to put it all on a credit card, but that would likely ruin me for a good long time.
 
EchoKilo said:
I'll soon have enough money for about a 35% down payment for this plane. If he'd do $9000, I'd only need to borrow $6000. Not sure the bank would lend me that with no credit for my first loan. Might be able to put it all on a credit card, but that would likely ruin me for a good long time.
Click to expand...

If you put it on a credit card, you'll be paying 20% interest or more.
 
EchoKilo said:
I'll soon have enough money for about a 35% down payment for this plane. If he'd do $9000, I'd only need to borrow $6000. Not sure the bank would lend me that with no credit for my first loan. Might be able to put it all on a credit card, but that would likely ruin me for a good long time.
Click to expand...

If you don’t have $6000, you need to rent.
 
Whoa Nelly. Thread locked pending MC review.

Edit: Thread will remained locked. Some of you need to learn to play nice.
 
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