RV Loans

[cdneal]

New to this forum, First order of business is to find out where I should look to obtain a loan. I have found a RV I would love to purchase but am having a hard time finding financing for XP aircraft. Any suggestions

[asav8tor]

HELOC, 401k, cash

[FresnoR]

If you are having a difficult time finding financing on the get-go, you may want to rethink the purchase of an RV. No, offense, but these things are a lot more expensive then you may think. Especially if you are buying, because you will be more limited in what you can do maintenece wise. There are a few threads out here that have from $60-$90 per hour operating costs, and that would not include the monthly payment from the financing.

I'm not trying to be a dream-killer here, and I have no idea about your personal financial situation. Just make sure you know what is involved.

[asav8tor]

True and wise words Fresno. However, in this market if he is going to get one and go all the way, it's cheaper to buy than build, all things considered.

Also with insurance, hanger, mx, gas, oil, etc, etc, I think your operating numbers are low.

[Mike D]

AOPA. - http://www.bankofamerica.com/vehicle...aircraft_loans
B of A aviation loans - http://www.bankofamerica.com/vehicle...aircraft_loans

Or just Google it.

Although I did not need to, I did get a loan to maintain my cash reserves. In this economy, cash is king and leverage is cheap. Opportunities can happen at any time. But I did not buy that $100K RV-7 with all the bells and whistles either.

I guess what I am saying is that just because you want to get an aircraft loan does not mean you can?t afford the plane. But you should know your own situation. Don?t let your enthusiasm for flight become a financial train wreck.

[madhun]

I can't think of the name of the company, but there is one that advertises on this site.

I can't find a link to a sponsors page, but if there is one you would certainly find it there. Might be a good place to start.

Is an equity withdrawal from your property an option if finance is unavailable elsewhere, not sure of your options in North America, but that could be a viable option here in Oz if you required finance to complete the purchase/build.

[John Clark]

Originally Posted by asav8tor

True and wise words Fresno. However, in this market if he is going to get one and go all the way, it's cheaper to buy than build, all things considered.

Also with insurance, hanger, mx, gas, oil, etc, etc, I think your operating numbers are low.

The important number isn't just the price of the aircraft, but rather the cost of owning (and flying) the aircraft. You need to calculate the cost of the loan (if you finance) and the associated costs like hangar space, maintenance, taxes, and insurance in addition to fuel. Every year I take an honest look at the real cost of having an airplane by simply adding up all the costs and dividing by the hours flown. The $60 to $90 per hour figure is very low for those of us in places with high hangar rent. For example, if your hangar rent is $500 a month and you fly 100 hours a year, that is $60 an hour. It is great fun and very rewarding, but proceed carefully and enter into the game with your eyes open.

John Clark ATP, CFI
FAA FAAST Team Member
EAA Flight Advisor
RV8 N18U "Sunshine"
KSBA

[panhandler1956]

Talk to Robert Gudierian at 1st Pryority Bank (rguderian@firstpryority.com or 918 825-2124 - call before you email).

They are great to work with! They are doing my building loan and I can't say enough good things.

[pierre smith]

...first. It is, after all, the individual they're financing, not the toys.

Mine has financed working airplanes as well as the RV toys.

Best,

[Auburntsts]

Another vote for 1st Pryority. I've got a construction loan through them for my RV-10. Once I receive my registration the loan will be converted into a conventional consumer loan.