Loans to buy an airplane
02-22-2017, 03:24 PM
#3
Gets Weekends Off
Joined APC: Apr 2008
Position: Sleeping in the black swan’s nest.
Posts: 5,725
Take a look at AOPA. They will finance any airplane including experimentals. If it's an experimental there needs to be at least 14 flying examples or they wont finance it.
But honestly for only 30K I'd look real hard at LightStream. They offer fairly low interest rate unsecured loans. I used them once to short term finance an experimental aerobatic airplane for about the amount you are talking. They did 84 months @ 4.8% fixed, nothing down. They came in at a lower interest rate and with WAY less BS than any of the traditional aircraft financing companies. They just offer shorter terms. So your payment is going to be higher than stretching it out.
https://www.lightstream.com/
But honestly for only 30K I'd look real hard at LightStream. They offer fairly low interest rate unsecured loans. I used them once to short term finance an experimental aerobatic airplane for about the amount you are talking. They did 84 months @ 4.8% fixed, nothing down. They came in at a lower interest rate and with WAY less BS than any of the traditional aircraft financing companies. They just offer shorter terms. So your payment is going to be higher than stretching it out.
https://www.lightstream.com/
02-28-2017, 07:05 PM
#4
Gets Weekends Off
Joined APC: Apr 2016
Posts: 376
AOPA will give your info to a couple of banks depending on the price. I would expect referral to First Pryority Bank and Bank of Locust Grove both of which are in OK.
For a 30K airplane, you can expect around 6-8% APR and a loan that is 80% of either the sale price or appraised value...whichever is lower.
Loan process is straight forward but takes a few days. I worked with Pam and Shelly at Bank of Locust Grove and highly recommend them for small aircraft loans.
Airplane usually has to be airworthy.
For a 30K airplane, you can expect around 6-8% APR and a loan that is 80% of either the sale price or appraised value...whichever is lower.
Loan process is straight forward but takes a few days. I worked with Pam and Shelly at Bank of Locust Grove and highly recommend them for small aircraft loans.
Airplane usually has to be airworthy.
02-28-2017, 08:48 PM
#5
Gets Weekends Off
Joined APC: Mar 2011
Posts: 209
My rule is no loans for toys. I saved until I had the money to buy my bug smasher with cash. Education, house and some cases automobiles - yes to borrowing money. Boats, planes, motorcycles etc. can wait until you have the cash.
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