Financing

I'm in the process of purchasing my first airplane. A 1980 Piper Archer II.
Can anyone offer advice on where to go for financing. I filled out an
application on line and thought I had financing approved. It turns out all
I have is a quote with a lengthy approval process to follow. So I need a
bank that will works fast.

Thanks in advance,
VM

Check with those folks that advertise in TAP. ALso look at AOPA's
plan through MBNA. ZOOK seems to be a good workhorse for you as does
the Bank of Pryor. If you can possibly do it, look into using the
home as collateral as a second mortgage or home equity loan. The
interest will be tax deductible.


On Sat, 2 Aug 2003 02:28:58 -0500, "VM"
wrote:

I'm in the process of purchasing my first airplane. A 1980 Piper Archer II.
Can anyone offer advice on where to go for financing. I filled out an
application on line and thought I had financing approved. It turns out all
I have is a quote with a lengthy approval process to follow. So I need a
bank that will works fast.

Thanks in advance,
VM

I wouldn't barrow money on a plane or a car for that matter. If you
can't save up the money for a plane, how are you going to be able to
afford the operational costs, inspections, upgrades and overhauls, and
make the payments.

I agree with justin, get a home equity loan, or refinance to otherwise
freeup cash for the airplane. My last airplane I did on a home
improvement loan, which is interest only for the first 10 years, and
the interest in deductable.

Why a 1980 archer, consider a '65 pa28-140 for half the money. Fly it
until you can trade up to a newer model.

Mitch


Justin Case wrote in message . ..
Check with those folks that advertise in TAP. ALso look at AOPA's
plan through MBNA. ZOOK seems to be a good workhorse for you as does
the Bank of Pryor. If you can possibly do it, look into using the
home as collateral as a second mortgage or home equity loan. The
interest will be tax deductible.


On Sat, 2 Aug 2003 02:28:58 -0500, "VM"
wrote:

I'm in the process of purchasing my first airplane. A 1980 Piper Archer II.
Can anyone offer advice on where to go for financing. I filled out an
application on line and thought I had financing approved. It turns out all
I have is a quote with a lengthy approval process to follow. So I need a
bank that will works fast.

Thanks in advance,
VM

In response to your inquiry, first I would tend to agree with the
consesus that if you can do it with a home equity line, that'd be
easiest and best. If you really want to do an aircraft loan, you might
try contacting Mark Baumgartner at JetDollars in FLorida at
800-971-9921. He's an aircraft loan broker who can get about the best
rates and terms, but expect to provide income verification and other
information usually associated with financing for the best terms and
rates. Also on low value loans, under $300K, AOPA has a program through
MBNA that is pretty good from what I've heard. Generally they will just
want employment verification or two years' tax returns and a simple
financial statement and to pull a credit report. Bear in mind, however,
that each and every time someone pulls your credit report, it drops your
score by 2-5 points for some unfathomable reason.

Tom Legg

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Bear in mind, however,
that each and every time someone pulls your credit report, it drops your
score by 2-5 points for some unfathomable reason.

Most financial institutions count report pulls for a loan within a 30
day window as a single inquiry from what I have seen and get told by
most of the big lenders around here. My wife's report has a pull on
it virtually every month or so by the one credit card company that she
has a card with. When we've loan shopped, they ignore that one.

Craig C.