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Any banks that will finance a flying Vans aircraft?

Did some searching online and the only two places I've found that finance an already built RV is NAFCO and Wings Financial. Are these really the only two options for someone who isn't ready to pay cash for an already built RV?
 
Try a local bank

Our local bank has been financing airplanes since I moved down here in 1971 and currently holds the paper on my Air Tractor 402....paid the -10 off last year with them as well.

Best,
 
Are you a member of a credit union? My employees' credit union financed my 1st RV-4. They just wanted an appraisal by an a/c appraiser, & proof of hull insurance. The rate was the same as they charged for 'the other RV' 's at the time.

BTW, the same thing applies to insurance. If you're having problems, check with the agent that wrote you for any certified planes you've owned. For a while on that -4, I used the same agent that insured my Luscombe.

Charlie
 
Bank of America finances experimentals also. You can go through the AOPA or directly through BofA.
 
Pilot Bank

Plus 1 for Pilot Bank in Tampa FL. They are very helpful and closed within a week on a flying RV6.
 
Home Equity Loan

If you have a decent credit rating and some equity built up in your home, get a line of credit, which these days is going for under 4%. And the bank folks don't base the loan on what you are going to do with it, just what your credit history has been.
 
Thanks for the responses guys.

Nothing "wrong" with NAFCO, but I like having options when I finance. I'll check out PNC since they're local.
 
Financing

I used Bank of Locust Grove (sister to First Pryority) last year for my flying RV-6. They were great, a real person answers the phone, no endless recorded phone loop. Ask for Katherine Lawrence. Rates were reasonable, around 7%. They were very easy to work with on pre-buy, paperwork, etc. I had used BoA for a past aircraft, and tried them first, they were not writing experimentals. I tried Pilot Bank, but they were not very user friendly. YMMV.
 
I used LightStream (a division of SunTrust Bank) as suggested on the first page and so far am amazed. I filled out the online app yesterday. Anything they needed (ie pay stubs, 401k statements, W-2) I just took screen shots of on my iPad and then uploaded on their website. Today when I woke up and logged into their website, it asked me to review and then sign the loan agreement. After that it asked when I wanted the money, and what day of the month I want the payment to be auto paid every month.

So, if all goes well, I started the app yesterday, and should have the money tomorrow...

For me it came out to 4.59% APR, fixed rate, no app fee, no penalty for early payment/payoff, 84 month (that's the most you can do), no balloon payment, no closing cost, and the plane is not used for collateral. Seems very straight forward.

NAFCO asked for tons of paper work that I needed to print, fill out, then fax back. I never even bothered.
 
Try using a local small bank that knows you, consider offering the risk manager a life insurance policy payable to bank if anything happens to you
 
I try not to borrow money for toys, but last time I did (a little over 20 years ago), my credit union loaned me money for my 1st RV-4. They used their policies for loaning money for RV's. (Yes, they knew it was an a/c. They just had me get a written appraisal, which I got from a friend who did insurance appraisals/adjustments for aviation insurance companies.)

Charlie
 
For A+ borrowers, credit union money remains really cheap. For reference, I'm writing used car loans for a local CU as low as 2.45%, with terms up to 60 months.
 
FWIW, if you have a mortgage for your house and some equity in your house already, you might be able to use a line of credit. I used my line of credit for my RV-6, then when the mortgage was up for renewal I rolled the line of credit balance into the mortgage. Bank never asked or wanted to know what the money was for, and the interest rate wasn't jacked up because of what it was used for. In fact, the line of credit rate was lower than the mortgage rate when I started, and when I renewed the mortgage and put it all in one, the rate went even lower.
 
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