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  #1  
Old 05-26-2019, 02:22 PM
cwilkins cwilkins is offline
 
Join Date: May 2011
Location: Camp Lejeune, NC
Posts: 87
Default Awesome Deal but Need Financing

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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Craig A. Wilkins

RV-8 N898R - Bought Flying
RV-7A N36HS - Bought Flying (sold)
Cherokee Six N5259S (Sold)

Last edited by cwilkins : 06-04-2019 at 04:31 AM.
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  #2  
Old 05-26-2019, 02:49 PM
redbaron redbaron is offline
 
Join Date: Aug 2013
Location: Lucerne,Ca
Posts: 272
Thumbs up 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.
rguderian@firstpryior.com
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  #3  
Old 05-26-2019, 02:52 PM
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blueflyer blueflyer is offline
 
Join Date: Nov 2008
Location: Shreveport, LA
Posts: 1,050
Default

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.
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  #4  
Old 05-26-2019, 03:00 PM
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thompsonbr87 thompsonbr87 is offline
 
Join Date: Jul 2015
Location: Smyrna, TN
Posts: 144
Default

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.
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Smyrna, TN - KMQY

RV-6A
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  #5  
Old 05-26-2019, 03:25 PM
cwilkins cwilkins is offline
 
Join Date: May 2011
Location: Camp Lejeune, NC
Posts: 87
Default

redbaron, thanks for the reply, but rguderian@firstpryior.com comes back as undeliverable.
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Craig A. Wilkins

RV-8 N898R - Bought Flying
RV-7A N36HS - Bought Flying (sold)
Cherokee Six N5259S (Sold)
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  #6  
Old 05-26-2019, 03:31 PM
cwilkins cwilkins is offline
 
Join Date: May 2011
Location: Camp Lejeune, NC
Posts: 87
Default

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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Craig A. Wilkins

RV-8 N898R - Bought Flying
RV-7A N36HS - Bought Flying (sold)
Cherokee Six N5259S (Sold)

Last edited by cwilkins : 06-04-2019 at 04:32 AM.
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  #7  
Old 05-26-2019, 03:32 PM
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1001001 1001001 is offline
 
Join Date: Dec 2014
Location: Just Minutes from KBVI!
Posts: 1,129
Default

Quote:
Originally Posted by cwilkins View Post
redbaron, thanks for the reply, but rguderian@firstpryior.com comes back as undeliverable.
https://www.firstpryoritybank.com/ab...ontact-us.html
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  #8  
Old 05-26-2019, 03:42 PM
sailvi767 sailvi767 is offline
 
Join Date: Sep 2010
Location: Charlotte NC
Posts: 1,295
Default

If you have a 401k you cab borrow up to 50,000 and pay the interest to yourself!
G
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  #9  
Old 05-26-2019, 03:46 PM
cwilkins cwilkins is offline
 
Join Date: May 2011
Location: Camp Lejeune, NC
Posts: 87
Default

sailvi767,

Unfortunately, no 401k. I'm active duty military.
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Craig A. Wilkins

RV-8 N898R - Bought Flying
RV-7A N36HS - Bought Flying (sold)
Cherokee Six N5259S (Sold)
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  #10  
Old 05-26-2019, 04:24 PM
Vol88 Vol88 is offline
 
Join Date: Jul 2018
Location: Elmhurst, IL
Posts: 27
Default 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.
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Drilling out rivets since 8/19
Adopted RV10 in pieces and parts
RV Assembly Workshop - KOSH 2018
Fiberglass for RVs Workshop - KOSH 2021
Next up: Electrical and Avionics Workshop - KOSH 2021
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