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Awesome Deal but Need Financing

cwilkins

Active Member
So I have the opportunity to purchase an RV-8, and I’m looking for financing options. The plane was completed a few years back, and has around 200hrs on it. The builder, a friend of mine, passed away unexpectedly and his wife wants me to have the plane. She offered it to me for a great deal, and although I was not in he market for an -8, it was too good to pass up. The build quality is excellent (he was a repeat offender), it has been in a hanger so the paint is in great shape, the engine was field overhauled by the builder and a local A&P, and it has a decent glass panel with VFR experimental avionics. The catch is that the log books are missing, and the bank I used to finance my last 3 planes won’t touch it unless I find the logbooks. I can get a personal loan, but the interest rate is pretty high at 12%. Anyone recommend a bank that knows how good of a deal this is and would finance it with a better rate in spite of the missing logbooks?
 
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1st Pryiority Bank

Give First Pryiority Bank a call on Tuesday @ 918-825-2124 and let them know you are looking for a light sport aircraft loan. They are great to work with.
[email protected]
 
I would think AOPA would do it. You could also recreate the logbooks. I would think it would be doable since its such a new airplane.
 
Depending on loan term and your credit, LightStream looks like they could get you in for under 5%. They were super easy when I dealt with them. It's basically an unsecured personal loan, so the missing logs wouldn't be a factor in the loan process.
 
thompsonbr87,

I would gladly pay 5%. My credit is good, but I don't know if it's good enough for a 5% personal loan.
 
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EAA financing

Having just gone through a purchase for a non-equity flying club, I?d give NAFCO a call - EAA?s partner. Their rates and terms were much better than AOPA?s partner, but they require a personal guarantee, which was not feasible for our club.
 
great deal

Can't help on the financing, but just to say you're gonna owe that lady a lot of help around her yard and house for that great deal.
 
Have you checked with your credit union?. I financed my 1st rv through my federal (postal) employee credit union. They treated it like a loan on an... RV. Seriously. I had to get it appraised, and had to get hull insurance. That was all.
 
I have had good experiences with US Aircraft Finance. I don't know if they will consider an airplane without logs, but the worst they can say is no. It's worth a try, and they have been good to deal with for me.

Ask for Dave Savoie
Phone: (802) 434-4100
Toll Free (888) 654-USAF (8723)

http://www.usaircraftfinance.com/
 
Credit Union

A credit union will work with you. If your military, join Navy Federal. They worked with me and were good with a letter from a mechanic that the plane was worth more than I was borrowing.
 
Thanks

Thanks for all the replies and suggestions. I was approved today by LightStream for a loan at 4.5% interest. A completely pain-free application process and on holiday weekend at that. Now to go pick up my RV-8...Pics to follow.
 
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