Has anyone had experience with any of the aircraft finance people regarding engine overhauls or upgrades? I feel like my O-300 is getting tired. Found two more bad exhaust valves today and it leaks like a pig. I'm getting tires of fixing cylinders and leaks constantly.

Could you get a personal line of credit from a bank? That gives you a lot of flexibility.

Ya personal line of credit or a home equity line of credit is your best bet, if you say airplane your banker will panick in my experience. Then screw a lycoming on the front of that thing so the oil stays on the inside!

River rat wrote: Then screw a lycoming on the front of that thing so the oil stays on the inside!

And also so you can clear the trees at the end of Johnson creek with more than a sleeping bag on board. that extra 60 cubic inches is the best thing to ever happen to a 172.

There are private lenders who will lean your plane if they are in 1st place. 10% APR Insurance is mandatory. No hoops that banks have. PM if this sounds interesting.

I've wondered the same thing.

Red River State Bank in Halstead, MN. www.airloan.com Don't know what the interest rates are, my 182 purchase was way below 10% and as the engine had 1150 hours on it when I bought it, we discussed an engine loan when the time came. Give them a call, the worst they can do is say no. I've bought two airplanes through them, pretty good to work with for the most part.

If you can get financing without having to put up the airplane as collateral, that's the best way. Most banks aren't attuned to the federal lien requirements through the FAA, and there are legions of horror stories which people relate trying to get a lien released after a bank sells the paper to a banking conglomerate. Best to do a 2nd mortgage on the house or other line of credit that encumbers something else.

On a related topic--can you imagine the average non-pilot banker's reaction to your request for a $20,000 loan for an overhauled engine for your 55 year old airplane????? $20K for some remodeling of the house, they can understand.

Cary

check out lightstream loans...

https://www.lightstream.com/rates-loan-calculator

Joewcasey wrote:Red River State Bank in Halstead, MN. http://www.airloan.com Don't know what the interest rates are, my 182 purchase was way below 10% and as the engine had 1150 hours on it when I bought it, we discussed an engine loan when the time came. Give them a call, the worst they can do is say no. I've bought two airplanes through them, pretty good to work with for the most part.

I also have had very favorable experiences with Red River State Bank.