Any banks that will finance a flying Vans aircraft?

[CharlieWaffles]

Has anyone found better rates than 8% on construction and 7% on flying?

[X21RV6A]

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

[FlyinRhino]

Just curious, what is wrong with NAFCO? Their rates and terms se r med reasonable to me...

[Vansconvert]

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.

[bottlerocket]

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.

[FA50driver]

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.

[roofus4]

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.

[bkthomps]

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

[rv7charlie]

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

[DanH]

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.