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07-25-2013, 02:23 PM
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Join Date: Feb 2008
Location: Largo, FL
Posts: 1,029
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AOPA Aircraft Financing - No Experimentals
Been looking for financing to buy flying RV ----- just received reply from AOPA --- their lenders do not do experimentals! ---- Maybe another reason to put the membership money to better use?
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07-25-2013, 02:25 PM
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Join Date: Dec 2009
Location: Boulder, CO
Posts: 4,435
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Try your local bank or credit union.
Dave
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07-25-2013, 05:19 PM
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Join Date: May 2006
Location: Pocahontas MS
Posts: 3,884
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Quote:
Originally Posted by David Paule
Try your local bank or credit union.
Dave
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That's what I did (before swearing off loans for toys).
Charlie
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07-25-2013, 05:28 PM
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Join Date: Jan 2005
Posts: 963
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There may be others but NAFCO does loans for experimentals and kits. Most places that do loans for experimentals loves to hear the word 'Van's'...
Bob
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Bob Hassel
NM
Subscription Paid for 2020
Home is where the hanger is...
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07-25-2013, 06:02 PM
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Join Date: May 2008
Location: Brisbane Qld. Aust.
Posts: 2,271
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Quote:
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Maybe another reason to put the membership money to better use?
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Do you have membership with a financial institution or with AOPA? The problem you have is with the lender, not AOPA.
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David Brown
DYNON Authorised Dealer and Installer
The two best investments you can make, by any financial test, an EMS and APS!
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07-25-2013, 06:11 PM
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Join Date: Aug 2007
Location: Wichita Falls, TX
Posts: 2,182
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Last year when I was in the process of arranging financing for my RV-6, BoA (thru AOPA) was still willing to lend on an RV, Glasair or Lancair, but no other experimentals. Likewise, NAFCO was also still lending on RVs. I ended up getting financed thru a local lender though, at a slightly better rate and the interest money I'll be paying stays local which I consider important to me.
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Neal Howard
Airplaneless once again...
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07-25-2013, 06:17 PM
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Join Date: Sep 2006
Location: Stockton, CA
Posts: 1,207
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Call Airfleet Capital.
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07-25-2013, 06:22 PM
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Join Date: Mar 2006
Posts: 120
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NAFCO
I have financed 2 experimental Pitts through NAFCO...absolutely a positive experience all the way around. Don't know what they are lending on these days but I wouldn't hesitate to call them again.
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07-26-2013, 06:22 AM
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Join Date: Sep 2009
Location: Dublin, GA
Posts: 256
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Agree in part
Quote:
Originally Posted by RV10inOz
The problem you have is with the lender, not AOPA.
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But... AOPA is big enough that they could leverage something for experimentals if they wanted to. Obviously they don't. Must not be worth the effort. I can understand that position. Unfortunately for AOPA, it draws our attention since they have to spell out the exclusion.
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Maxwell Duke
Kitfox S6/TD/IO240/SteamIFR Built it
RV10 IO540/AFS5600x3 Bought it
CH750 O200/AFS5500. Built it with 7 friends. DAR-Vic Syracuse
Maule M7-235C Sold it(kind of miss it)
VAF paid 5/2017
Last edited by n981ms : 07-26-2013 at 06:35 AM.
Reason: clarification
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07-26-2013, 06:30 AM
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Join Date: Jan 2005
Location: St. Paul, MN.
Posts: 4,792
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It used to be Greentree (a Saint Paul firm) that did a lot of experimental financing (and also mobile homes). Then they got swallowed up by a bigger financial institution (I can't remember which one) that became the poster child for subprime loans and the financial meltdown.
I turned to AOPA this week for some help with my 3rd class medical renewal. Their response was that I'd have to pay for the advice with some program they're selling.
AOPA's third-party company relationships is the way AOPA makes more money, whether it's pitching term life insurance, financing an airplane, or getting a credit card. They're not innocent bystanders to those services.
That said, experimentals have never been AOPA's thing, so I'm not entirely surprised by your experience.
Still, there are opportunities for aviation organizations who claim to be working for aviation's future, to consider what role they can play with the idea of putting someone's tush in their own airplane.
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