Aircraft financing

[Will Kumley]

Other than AOPA, what do you all recommend for financing aircraft?

 

[FPK1]

I used Airfleet to finance my new airplane and I take delivery late this month, early next month. Here is my agent:

Greg Renna
AirFleet Capital, Inc.
O: 480-634-6043
M: 760-717-9727
www.AirFleetCapital.com
Loan Application Portal: http://www.airfleetcapital.com/apply-for-an-aviation-loan

 

[WannFly]

Some banks do as well. I haven’t used any but recently saw Sun Trust have an option for aircraft, boat etc

 

[Salty]

https://www.lightstream.com/

Unsecured

 

[kujo806]

I used airfleet capital as well. It was a very good experience.

 

[rtk11]

Wings Financial Credit Union. I think there is some qualification needed (having worked, or a relative that worked in Aerospace, aviation, etc.) But very good experience and rates.

 

[scottfromboston]

+1 for Airfleet Capital

 

[flyingron]

AOPA/MBNA/NationsBank/MNB/BOFA has exactly one thing going for it: they'll finance anything they can get a bluebook value on.

They are a customer service nightmare. Even with AOPA intervention, we never got my loan straightened out until I paid if off early.

 

[SixPapaCharlie]

HELOC. That way you have a tiny interest rate if you fall on hard times and don't have to sell it.

 

[Jim_R]

I used a low-interest revolving credit option secured by investment accounts. Originally with Merrill Lynch but transferred to UBS when my financial advisor moved there. Didn't have to take assets out of the market, and got a better rate than I could get through other sources.

 

[Will Kumley]

Wow, thanks for all of the options everyone.

 

[Will Kumley]

AOPA/MBNA/NationsBank/MNB/BOFA has exactly one thing going for it: they'll finance anything they can get a bluebook value on.

They are a customer service nightmare. Even with AOPA intervention, we never got my loan straightened out until I paid if off early.

Sadly AOPA didn't like the fact that we recently moved due to military service and they used our previous duty station income info and not our current duty station numbers which are higher. This caused us to appear to have a high debt/income ratio as rent is higher here. Interestingly enough the rent is the only debt we have and we have enough cash in the bank to drop 1/3 the cost of the plane as a down payment if we wanted to empty our account.

 

[Will Kumley]

HELOC. That way you have a tiny interest rate if you fall on hard times and don't have to sell it.

Hmm, that could be an interesting option. Not sure how it would work for us though since we rent out our house.

 

[k9medic]

First plane was through Bank of Locust Grove (single engine airplanes only.) Second plane was through Dorr Aviation who found me a lender.

 

[MrAnderson]

AOPA lender backed out of my last purchase because there wasn’t 25 consecutive years of airframe logs. Only had 24, including a ground loop inspected and repaired by the factory. Ended up using a local bank. Was 100000% easier to deal with.