Glider Financing : Is Lea County State Bank still the only game in town?

Looking into buying a glider... I bought three aircraft in the past, the ones that have a fan strapped to the nose .

I been looking at the financing options and they seem limited LCSB seems to be the "only" out there advertising for glider pilots. Rates are not that great though...

is that the current state of affairs? Or I am missing something here?

==robert

On Monday, May 20, 2019 at 10:56:19 AM UTC-6, ripacheco1967 wrote:
Looking into buying a glider... I bought three aircraft in the past, the ones that have a fan strapped to the nose .

I been looking at the financing options and they seem limited LCSB seems to be the "only" out there advertising for glider pilots. Rates are not that great though...

is that the current state of affairs? Or I am missing something here?

==robert

I'd try a local bank or credit union. My local bank was willing to lend me $15,000 at about 5% for 5 yrs on a glider advertised on W&W. A lot would depend on your credit score though as well. You may get a better loan as well if you set up a LLC/business and have a way to justify doing it as a business.

That is good advice... maybe local lenders are more competitive.

Maybe a home improvement loan...

On 5/20/2019 12:51 PM, ripacheco1967 wrote:
That is good advice... maybe local lenders are more competitive.

--
Dan, 5J

On Monday, May 20, 2019 at 11:56:19 AM UTC-5, ripacheco1967 wrote:
Looking into buying a glider... I bought three aircraft in the past, the ones that have a fan strapped to the nose .

I been looking at the financing options and they seem limited LCSB seems to be the "only" out there advertising for glider pilots. Rates are not that great though...

is that the current state of affairs? Or I am missing something here?

==robert

Try a local Credit Union if you have one associated with your work or one that serves the general public. The Credit Union associated with my work lent me money to buy a glider. They had no idea about gliders so gave me an "RV" loan. Interest rates were not that great, but paid it off quick, so no big deal.

A Home Equity line of credit works very well.

I have a 100k line of credit for 4.25% and the
value of my house is only 150k.

It is paid off but I can write a check for anything
I want, anytime I want, they do not care what it is
as long as you make the payments!!!

And it used to to be tax deductible...

Ramy

On Monday, May 20, 2019 at 8:53:44 PM UTC-7, Ramy wrote:
And it used to to be tax deductible...

Ramy

Honey I got a bank loan for that new kitchen model....

On Tuesday, May 21, 2019 at 12:12:32 AM UTC-5, Darryl Ramm wrote:
On Monday, May 20, 2019 at 8:53:44 PM UTC-7, Ramy wrote:
And it used to to be tax deductible...

Ramy

Honey I got a bank loan for that new kitchen model....

My house got much nicer with the Nimbus 3 Addition! Oh, and I did use it for the new roof, too.

Steve

I believe AOPA has a financing arm.

Mark