hamer wrote:

Kodiakmack wrote:

CParker wrote:I went through Red River State Bank out of Minnesota, they have been great to work with. http://www.airloan.com. I attempted to work financing through AOPA but the broker was a complete jerk and kept trying to tell me what plane I needed rather than focusing on providing financing options for the plane I selected.

Also, you'd be surprised how many local banks will finance aircraft, don't overlook credit unions.

I had the same experience last year with a bank recommended by AOPA. The guy would only go off of Vref, kept telling me I didn’t want the airplanes I wanted, and would not take the market on backcountry birds/mods into account.

Ha!! I must have dealt with the same guy. Here I was trying to buy a C120 and he kept telling me the only plane worth buying is a $100k maule. Sorry dude that’s quadruple my budget. I missed out on so many sales because he kept dragging his feet on everything! I finally told them to kick rocks and told AOPA they should drop that bank. What a PITA. I believe it was Bank of Locust Grove or something like that.

What I ended up doing is selling my truck and buying the airplane cash, saved up another down payment for a truck and got another truck 1.5 years later. Financing and airplane is a royal PITA, if you can come up with the cash do that and refinance your car/truck whatever.

Yep, sounds like we all talked to the same guy! He kept trying to get me to buy a Maule. I kept telling him no, I couldn't afford the payment or the insurance... want a 182.... but he just wouldn't shut up. I complained to AOPA and told them I'd never use their finance services.

Like said on other forums, if you can’t afford it you shouldn’t buy it. But, what fun is that.

I was an auto repair shop manager when I bought my first plane more than 20 years ago. An ugly Cessna 140, purchased for $10,500 with a 10% interest credit card check. Knew nothing about planes and had no instructor. Traded all my instruction for car work and did all the repairs and upgrades myself, with help from the guys on the field. The best 600 hours of learning and experience I could ask for.

Built an RV8 cash over three years. Then sold the 140.

Bought a PA12 cash from selling our house, after building a house in an airport community with a home equity loan. Was debt free when we moved.

Bought my Cessna 180 with a home equity loan. Paid off early.

Bought 1/2 into a fantastic V-Tail Bonanza with my neighbor. He financed over a 3 year period and was a great partner. He sold out to another neighbor, but is now a partner again on another plane. The new partner is great too.

Have a Cessna 150 at my disposal. My brother in law’s which sat for seven years. Got it going and an employee earned his license with it for less than $3,000. We fly it for $20.00 an hour plus fuel. One of my neighbors is going to train his wife in it. Cheap fun.

Just bought another PA12, last week, with the employee and two neighbors. $8,000 each. Two of us are AI’s, one built two RV’s, the other an auto mechanic. Already fixing some stuff, but a solid plane. Easy with four knowledgeable partners. Insurance and repairs split four ways, plus cost of 7.5 gph fuel.

There are many ways to do it. If comfortable, there is no reason to not go deep and have some debt, just realize that buying the plane is only part of the cost. Get a partner or find a neglected plane on the field and help get going again in trade for flying. LearnIng to work on it will save you a fortune. Do owner assist work or make true friends at the airport who will guide and support. Can get liability only insurance, but realize you have no safety net. Get a partner who loves planes, but chose wisely. Work hard in building a career that will help support you, your family, and your airplanes.

The only regret I have is that I did not start flying earlier.

George

I ended up using red river state bank and purchased the -12. Larry was super helpful and everything wen smoothly. Can’t recommend them more.

pburns wrote:Try 1st Pryority Bank In Pryor, OK. I financed the Champ since I bought it before I sold the Cessna. Easy to work with and no pre-payment penalty if you pay off early. I have to look, but I think we financed $16,000+-. I will try to find the name of the person I worked with.

Pete

These guys did the loan for my C182 last year. The guy I dealt with was named Doug Smith out of Pryor Oklahoma. As Pburns said, they are super easy to deal with. I think my interest rate was 6.25%. I ended up paying that plane off a month or so ago and had no prepayment penalties, etc, and they even filed the lien release like they should have. The cost on this loan was about $800 between an origination fee and some title work.

All in all, I would definitely use them again.

Kodiakmack wrote:I ended up using red river state bank and purchased the -12. Larry was super helpful and everything wen smoothly. Can’t recommend them more.

Yep, them's the folks if you want a loan on an airplane. A good friend was the boss there for years, some of management now is done by his kids.....flying family.

That's who a friend in AK went through on his 185.

Good folks, and down home types, small town America. They identify.

MTV