"No can do" and "can do with a Personal Unsecured Loan at any reasonable bank" are contradictory statements. Is it you can't get a loan, or you just don't like the interest rate on offer?

I understand loan rates at LCB vary according to the type of glider. 2-seat trainers bought by clubs may qualify for lower interest rates.



On Thursday, June 6, 2013 2:32:59 PM UTC-6, noel.wade wrote:
Anyone know why US Banks & Aircraft Finance companies are so averse to

glider loans? I can get my Sonex aircraft _KIT_ (as a pile of parts on

the floor of my garage) financed through NAFCO or others... But when

researching loans for my next sailplane they all say "sorry, no can

do" as soon as they find out the aircraft doesn't have an engine!



Anyone have thoughts, or finance companies they'd recommend?



NOTE: I've contacted Lea County State Bank twice. Both times the "SSA-

glider-loan-guy" has been out of the office, and the terms their other

staff have quoted me haven't been all that impressive... 6% - 10% for

5-7 years is not much better than what I can do with a Personal

Unsecured Loan at any reasonable bank. Most collateralized aircraft

loans (even for small experimental kits) are on 7 - 15 year terms and

4% - 9%!



*sigh*



--Noel