Used airplane financing

[Mahoneymik]

I'm trying to put together some numbers on how much it will cost to purchase a used plane in the $50,000 range. Does anyone know how long financing companies finance planes for? The plane I'm looking at is a 1976 citabria. Do you have to pay a higher interest rate for aerobatic?
Thank you for any help.

 

[RMCN172RG]

Just purchased a 1980 172 RG in the low 40's range and could have went as long as 20 years.

Interest rate should be based on time period not type of aircraft.

Now type of plane and your experience will effect the availability, training requirement and cost of insurance.

 

[Steve]

Try www.airloan.com

 

[Ken Ibold]

Typically small loans have a shorter time, and often a higher interest rate. For a small loan like 50K I'd think about home equity. There are some aviation lenders who won't touch anything under 100K.

But a lender who will write the loan will almost certainly go 10 years on that size loan. Maybe 20.

 

[Shipoke]

I Financed my 1980 Piper Warrior with Sovereign Bank. It sold for $32 K and my payments are $283 a month. Give them a try. I Think they financed mine for 15 Years.
Dave G.

 

[mikea]

My bank does a 5 year with a 15 year amortization. You can roll over the balance at each 5 year interval.