Financing

[truflite]

I have been building my 7A using the pay to play method. I get money, I buy a kit. I am at the point of needing everything firewall forward. My question is- how did you finance the expensive end of your aircraft? I would prefer answers from those that are not made of money as that is my situation but all are welcome. Any banks or aviation financiers that are experimental friendly? Have been turned down once "We don't do experimentals". Thanks in advance for the help.

[CharlieWaffles]

I know many of us have used 1st Pryority bank. They are very experimental friendly and finance kit phase as well as flying. Contact Bob Guderian at rguderian@firstpryority.com

[Auburntsts]

Another vote for First Pryority.

I used Bank of Locust Grove in Locust Grove, Ok Great to deal with. I found out about them from AOPA Finance group. Made the whole process real easy.

[pierre smith]

I've always used our local bank for all my airplanes and RV-10 purchase. Try them first.

Best,

[rv7charlie]

I hate owing money, especially for toys. But if I had to go there, I'd look at a line of credit on my house. In the past, I wouldn't risk the house as collateral for anything, but these days, the fine print in loan contracts lets them go after everything you own anyway. Home loans are almost free these days, but consumer loans can still clean your clock in interest.

A banker who knows you is much more likely to work with you than someone who doesn't.

Charlie

Edit: The 1st RV-4 I bought (long ago and far away), I financed through my local credit union. Told them it was a experimental RV-4 airplane; they financed it through their 'RV financing program'. (True story.)

[Captain_John]

Do you have any equity in your home?

Home equity lines of credit are very inexpensive and are tax deductible.

CJ

[engineerorange]

I am doing just what you have been doing. When I got some money, I bought an engine core. When I got some more money, firewall forward kit. More money, paid for machining the case and steel parts. More money, bought cylinders and bearings, etc. Engine is being assembled now.

If I ever get more money, I will buy the rest of the avionics.

I figure once it is flying I would rather buy av-gas than make a payment.

[Bevan]

Originally Posted by engineerorange

I am doing just what you have been doing. When I got some money, I bought an engine core. When I got some more money, firewall forward kit. More money, paid for machining the case and steel parts. More money, bought cylinders and bearings, etc. Engine is being assembled now.

If I ever get more money, I will buy the rest of the avionics.

I figure once it is flying I would rather buy av-gas than make a payment.

Agree. For toys, this is the prudent way to go and faster to have it paid for than with interest. Don't forget that once it's flying, you will have more time on your hands. That means money is being spent.

Bevan

[Raymo]

I tried getting a loan from AOPA financing. They were no help. Pay as you go is wise but I want to fly before I retire in 10 years so I did a HELOC with a nice low rate and get to write off the interest on my taxes.