Just curious who you all use for your financing needs. I've talked to some people but wanted to see if there is someone out there that is the go-to that most people use.

Thanks

I haven't financed a plane (yet), but if I ever do it will be with First Pryority Bank out of Pryor, Oklahoma (yeah, haha). They will actually finance the type of planes we fly. They will call you back or email within a couple of hours of your inquiry, and their rates and underwriting criteria are very transparent. My experience with other banks is that unless you are looking to buy a new Cirrus, they aren't interested.

TxAgfisher wrote:Just curious who you all use for your financing needs. I've talked to some people but wanted to see if there is someone out there that is the go-to that most people use.

Thanks

try airloan.com (your welcome randy a.)

terry g

Felix wrote: but if I ever do it will be with First Pryority Bank out of Pryor, Oklahoma (yeah, haha). They will actually finance the type of planes we fly. .

My current plane is financed through them. Overall good experience. Have also used the AOPA route, no issues. My first plane, a piper PA-20 was through a local bank. RV-type loan.

$00000.02

Stay way away from interest only, and ballon payments. Go straight amortization with your final choice.

Red River State Bank in Halstead, MN. I think their website, www.airloan.com, was already mentioned. I've used them twice now.

I used my home equity line of credit to buy a couple of planes a few years ago. They were fixer uppers that when I finished them, I sold them and paid off the balance on the loan. Bought the last couple of planes with the cash I made on the first few planes.

My brother, Brian Macbean, is one of the main guys over at AOPA Finance. Let him know you're from BCP if you call - I get a commission. (j/k). They had a rough start a few years ago trying to get banks to trust them on our type and age of planes, but now they have a good network of trusted lenders they work with and can tailor the type of loan/plane to a specific lender that deals with that type. It may not work for everyone, but it's worth shot. Plus, he just bought a house and had another kid, he needs your support!

amacbean wrote:My brother, Brian Macbean, is one of the main guys over at AOPA Finance. Let him know you're from BCP if you call - I get a commission. (j/k). They had a rough start a few years ago trying to get banks to trust them on our type and age of planes, but now they have a good network of trusted lenders they work with and can tailor the type of loan/plane to a specific lender that deals with that type. It may not work for everyone, but it's worth shot. Plus, he just bought a house and had another kid, he needs your support!

Can he get away from VREF? I called AOPA this morning and they weren't even close on the value, as in half of what it is worth!

Felix wrote:I haven't financed a plane (yet), but if I ever do it will be with First Pryority Bank out of Pryor, Oklahoma (yeah, haha).

Another vote for First Pryority Bank. Had nothing but good experiences on several loans over the years.

88H wrote:

Felix wrote:I haven't financed a plane (yet), but if I ever do it will be with First Pryority Bank out of Pryor, Oklahoma (yeah, haha).

Another vote for First Pryority Bank. Had nothing but good experiences on several loans over the years.

I'm happy with my loan from First Pryority Bank. I would use them again!!

jmurtap wrote:

88H wrote:

Felix wrote:I haven't financed a plane (yet), but if I ever do it will be with First Pryority Bank out of Pryor, Oklahoma (yeah, haha).

Another vote for First Pryority Bank. Had nothing but good experiences on several loans over the years.

I'm happy with my loan from First Pryority Bank. I would use them again!!

Same thing with them, they were at $34k loan value. Someone tell me where all the M4 210's are for $34k fully rigged out with ABW's etc and I'll buy it! This is absolutely ridiculous.

I was happy with US Alliance (through AOPA). They're a credit union out of New York.

"Same thing with them, they were at $34k loan value. Someone tell me where all the M4 210's are for $34k fully rigged out with ABW's etc and I'll buy it! This is absolutely ridiculous."

The bank may be using an "aircraft & persons demographic" profile that shows an unusual risk for a model or a location of storage and flight for said model. Not saying in this case. But, third parties general give banks the numbers. Looks mistaken.

Did you get an insurance quote? If quote is super high or low it may tell you something also.

Not bad to look up ADs, SDR, SB etc. too for the serial number. Which can change values in short term. I.e. Cessna 421 spar AD.

8GCBC wrote:"Same thing with them, they were at $34k loan value. Someone tell me where all the M4 210's are for $34k fully rigged out with ABW's etc and I'll buy it! This is absolutely ridiculous."

The bank may be using an "aircraft & persons demographic" profile that shows an unusual risk for a model or a location of storage and flight for said model. Not saying in this case. But, third parties general give banks the numbers. Looks mistaken.

Did you get an insurance quote? If quote is super high or low it may tell you something also.

Not bad to look up ADs, SDR, SB etc. too for the serial number. Which can change values in short term. I.e. Cessna 421 spar AD.

Yes on the insurance quote - it was... Reasonable. Still high.

No recurring AD's and the crank upgrade was done at the last overhaul.

TxAgfisher wrote:

8GCBC wrote:"Same thing with them, they were at $34k loan value. Someone tell me where all the M4 210's are for $34k fully rigged out with ABW's etc and I'll buy it! This is absolutely ridiculous."

The bank may be using an "aircraft & persons demographic" profile that shows an unusual risk for a model or a location of storage and flight for said model. Not saying in this case. But, third parties general give banks the numbers. Looks mistaken.

Did you get an insurance quote? If quote is super high or low it may tell you something also.

Not bad to look up ADs, SDR, SB etc. too for the serial number. Which can change values in short term. I.e. Cessna 421 spar AD.

Yes on the insurance quote - it was... Reasonable. Still high.

No recurring AD's and the crank upgrade was done at the last overhaul.

Seems like you are on track. That loan cap is still too low in my opinion. Hum.

amacbean wrote:My brother, Brian Macbean, is one of the main guys over at AOPA Finance. Let him know you're from BCP if you call - I get a commission. (j/k). They had a rough start a few years ago trying to get banks to trust them on our type and age of planes, but now they have a good network of trusted lenders they work with and can tailor the type of loan/plane to a specific lender that deals with that type. It may not work for everyone, but it's worth shot. Plus, he just bought a house and had another kid, he needs your support!

Hello Allen, do you have a direct number for your brother?

I had excellent experience with my insurance through AOPA and would like to contact them again about an aircraft loan.

Thank you

58Skylane - PM sent.

If anyone else wants to talk to him, let me know or just ask for Brian when you call AOPA. He'll do whatever he can. I know that one of the things that really throws most people off is the amount of paperwork on most aircraft loans. Unfortunately, most banks still see airplanes as luxury items, even old 170's, and even if the price is low. They are getting better the more they work with them, and AOPA now has a bunch of different lenders they work with that are trusting AOPA more on the actual worth of airplanes. He tries to match the lender with the airplane loan that makes sense. Anyway, it's worth a shot.

amacbean wrote:58Skylane - PM sent.

If anyone else wants to talk to him, let me know or just ask for Brian when you call AOPA. He'll do whatever he can. I know that one of the things that really throws most people off is the amount of paperwork on most aircraft loans. Unfortunately, most banks still see airplanes as luxury items, even old 170's, and even if the price is low. They are getting better the more they work with them, and AOPA now has a bunch of different lenders they work with that are trusting AOPA more on the actual worth of airplanes. He tries to match the lender with the airplane loan that makes sense. Anyway, it's worth a shot.

Cool! Thanks!

The VREF for Maules are heinous. We used Pilot Bank and the VREF for the M5 180C was $29K. Fat chance to buy one for that money without a run out engine or picking it up off it's back. Not happy with Pilot bank either but since the plane is now paid for its water under the bridge. I suspect that since Maule has only built about 2600 aircraft that the numbers get skewed pretty good.