Financing

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Tommar98

Pre-takeoff checklist
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May 3, 2018
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Tommar98
Looking to finance a new (used plane) $60k range. I'm looking for suggestions on companies they've dealt with for funding and pros and cons. Thanks


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Lightstream is my preferred option. Unsecured, easy online application with nearly instant approval, funds wired directly to your bank account. No need to mess with telling the bank what you're going to buy, liens, paperwork, etc. Super easy, decent terms.
 
I used Wings Financial. 3.9%. Best deal I found when searching. Relatively easy to setup. Rates may have increased since then (2 years ago).
 
I used Aopa ,but their rates were high. Also haeused Dorr for smaller loans.
 
Red river state bank. Awesome to work with.
 
bradg33 said:
Lightstream is my preferred option. Unsecured, easy online application with nearly instant approval, funds wired directly to your bank account. No need to mess with telling the bank what you're going to buy, liens, paperwork, etc. Super easy, decent terms.
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Ditto this
 
I've used Lightstream before and probably one of the easiest loan processes I've dealt with. SOFI will also do unsecured loans. Rates are a little higher but you can have your money in less than 12 hours.
 
I used my bank account. This thread would not be up to PoA standards if someone didn't mention that if you have to finance the purchase of an airplane then you can't afford to own an airplane. ;) Good thing that's out of the way. Carry on.
 
I borrowed from my uncle Vinny Goomba.
 
I used AOPA's financing (I think they're BofA now, it's the same people but the bank that employs them keeps changing). They're pretty good on the acquisition side. They'll write anything that they can get a blue book value for.
The downside is their servicing is a complete disaster. I had small discrepancies that I was NEVER able to to get resolved over the course of the loan. It turns out after I finally closed the thing out that they were in my favor but darned if I could figure that out and despite countless calls to them and hitting the guys in the booth up at Oshkosh and the AOPA events who "promised" to get to the bottom of it, it never did.

The final straw came when I got the check for the insurance work after the engine failure. Of course it's made out jointly to me and the lien holder. They gave so much grief (to both me and the mechanic, who says he's never dealt with jerks like that before), that I pointed out that the check was for MORE than what was remaining on the note and they should just close out the loan with it. Of course, the morons sent me the check at that point for my endorsement and I noted when I went to sign it that THEY had already endorsed it, so I could have just deposited the thing at that point.
 
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