Aircraft Finance

SkyHog

SkyHog

Touchdown! Greaser!
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Feb 23, 2005
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Everything Offends Me
Can anyone give a good recommendation for a place to get preapproved for an aircraft loan?

Not looking for "DON'T FINANCE!" advice, just banks/lenders that are decent to work with from y'alls experience. Thanks!
 
Bank of America, I got great service and the best rate after shopping around. My contact was Ken Johnson.
 
I believe I was approved through MBNA (pre BoA) for my airplane. It was the AOPA vendor at the time. Because of other financing, I never closed on it. The rate at the time was okay, speedy service, and would have been closed in days.
I don't know if the EAA has a lender but the AOPA does have Financing on their member page. It appears you deal with them directly and they farm out the loan.
Oh, but then, you do have to be a member.
Contact either to find out.
You might also check with your local credit union or bank. They may be able to help.
 
Doug Pendleton at Piper Financial Services is great to work with. They work with Bank of America, and I don't know if they do used or just broker.

Best bet would be to go directly to BofA. Great rates, really easy to work with.
 
Red River State Bank of Halstad,MN
 
jesse said:
Never talked to these guys - but they sound like they could be decent:
http://airloan.com/
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The owner of the bank flies a Bonanza, what could possibly go wrong :) .

The main advantage is that you will deal with Perry Kolnes on anything involved with the loan, never a call-center in faroutistan.
 
just make you sure you buy an expensive airplane. they wont loan you money on a cheap one. well, bank of america would, but i could've gotten a better rate by putting the plane on my credit card.
 
tonycondon said:
just make you sure you buy an expensive airplane. they wont loan you money on a cheap one. well, bank of america would, but i could've gotten a better rate by putting the plane on my credit card.
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How expensive?
 
jesse said:
How expensive?
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at least 30K I think. I had this crazy idea that i actually wanted to be able to afford the payments and have enough money left over to fly the plane. BoA would loan me ~20-25K for a 150 or similar at 12%. I can get 20K at 9% on my credit card. So now I just spend all my money on gliders and enjoy my super cheap flying club.
 
I have always found the best deals/least hassle at smallish local banks.
 
my local hometown bank laughed at me. i graduated high school with the bank presidents son and they own a couple of my dads houses, his business, and at least 2 or 3 of his cars.
 
Anyone finance a plane for a club here recently? We are trying to line up a lender for a new club plane, and so far the national lenders have all wanted a personal guarantee.
 
taters said:
I have always found the best deals/least hassle at smallish local banks.
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Yepper. My local bank, where I have a lifelong relationship, financed my Chief without a blink. Good rate too...
 
tonycondon said:
at least 30K I think. I had this crazy idea that i actually wanted to be able to afford the payments and have enough money left over to fly the plane. BoA would loan me ~20-25K for a 150 or similar at 12%. I can get 20K at 9% on my credit card. So now I just spend all my money on gliders and enjoy my super cheap flying club.
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Wow.....:eek: 6.7 back in october.
 
tonycondon said:
I can get 20K at 9% on my credit card.
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For a while at least - but then they'll do their damnest to figure out a way to jack your interest rate out of nowhere.
 
tonycondon said:
my local hometown bank laughed at me. i graduated high school with the bank presidents son and they own a couple of my dads houses, his business, and at least 2 or 3 of his cars.
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That's your problem right there. He knows you are up to no good ;) .
 
My local bank that financed two of my airplanes will no longer do "Luxury items" ie, boats, planes, RV's, motorcycles etc.
 
A motorcycle is a luxury item? Interesting.
 
jesse said:
A motorcycle is a luxury item? Interesting.
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Our credit union charges the same rate for street motorcycle loans as they do for auto loans. Recreational stuff (RVs boats, 4-wheelers, dirt bikes, etc.) is a lot higher rate.
 
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