Those who used First Pryority Bank to Finance

[Flyguytki]

I am considering using First Pryority Bank out of Oklahoma to finance the rest of the project. For those of you who used them and went the "Construction Plan" route what type of interest rates did you see? Understand if you don't want to discuss your finances but I'm just trying to get an idea of what to expect monthly payment wise.

Thanks for the help guys

-david

[rleffler]

Originally Posted by Flyguytki

I am considering using First Pryority Bank out of Oklahoma to finance the rest of the project. For those of you who used them and went the "Construction Plan" route what type of interest rates did you see? Understand if you don't want to discuss your finances but I'm just trying to get an idea of what to expect monthly payment wise.

Thanks for the help guys

-david

The rates are reasonable for an aircraft loan. Talk with April and/or Bob, they make the transaction very painless and can provide specific rate information.

bob

[CharlieWaffles]

I used them and was offered 8%.

[donoltman]

Had a loan with them for 6 years. 8%. First rate service.
Don

[Flyguytki]

So it sounds like 8% is pretty normal. Were any of these taken out within the past year or so?, was hoping to see something closer to 5%.

-david

[CharlieWaffles]

Mine is just a month old.

[Flyguytki]

Well i Guess that means 8% is what you get. thanks for the info.
-david

[Neal@F14]

In May of 2010, NAFCO offered me 7.25% on an RV-6. Dunno what their current rates are right now.

[bhassel]

Was the 8% on hte kit or completed aircraft?

Thanks,

Bob

[Flyguytki]

First Pryority will give you a "Construction Loan" to finish the project, during construction you will only be paying interest on what you are borrowing. Once you finish the project, it will go into a standard loan with monthly payment. I have gotten 6 responses in Private Messages now and all seem to right around the 8% mark.

-David