Financing Recommendation - SoFi

[mikeyj350]

Hi guys, haven't really seen any buzz around the forums about this company so I thought I'd throw a quick recommendation out there for SoFi, Inc. I've posted a longer story on our blog with more details and links etc, and probably a few bad jokes... but thought I'd post a synopsis here if anyone is interested.

Throughout our RV-10 build journey so far, I've looked into aircraft construction loans but haven't really been satisfied with the terms and conditions of many of them, and I just haven't been able to make that route work for me. So, I've been funding our project in other ways (that I won't bore you with the details of here), but I've always been looking for a better solution. I recently discovered SoFi... they don't offer anything aviation-specific, but they do offer personal (unsecured) loans with astonishingly low rates and very high limits. Way off the charts better than your typical personal loans that I've seen offered elsewhere, and equal or better rates than what I was being offered at the aviation places. So it's kind of a win-win: better rates and no collateral necessary. I decided to bite.

My experience was incredibly simple and took about 10 minutes to apply... 48 hours later, I'm pleased to say our project has not only been successfully refinanced but now fully funded to completion and beyond. If you're at all unhappy with your current financing situation, I'd highly recommend you check them out. I would have done this a long time ago if I had known about them.

Cheers!
-Mike

[rdrcrmatt]

Thanks for the post.

As someone who is looking at starting to build soon, the costs are overwhelming after getting past the airframe.

[sbalmos]

Not to hijack, but I'll tag along. Another one to consider is LightStream. Same basic deal as SoFi. For my case, for the avionics, plug in the usual basic info, select an aviation loan type, and 24 hours later I had the approval. Very simple, very quick. No hoops, heavy paperwork, and stupid high interest rates that my brick-and-mortar corner chain bank was putting me through.