Craig23

Craig23

Well Known Member
Hello Everyone,

I'm looking ahead to the time when I'll have to go into some serious debt with my project, and I wanted to find out what banks or companies people are using to finance their kits. Have you been happy with these lenders? What kind of rates and terms can I expect to find? Thanks in advance for your help.

Craig Schwartz
Santa Rosa, CA
RV-8 Wings
 
Good Luck

I got a equity line of credit against my home and drew on it when needed. I simply did not want to go out looking for finacing each time I had to buy something and I certainly had no money as a working man to just do it without financing. I did this many (started in 1996) years ago so the rate information would be meaningless to you now.
 
Bob Axsom said:
I got a equity line of credit against my home and drew on it when needed. I simply did not want to go out looking for finacing each time I had to buy something and I certainly had no money as a working man to just do it without financing. I did this many (started in 1996) years ago so the rate information would be meaningless to you now.
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Do what Bob says if you have a home and any equity whatsoever. Take out a home equity loan. Your interest rate will almost certainly be lower AND all of the interest will automatically be tax deductible in most cases.

Still on the pay-as-you-go basis... for now. Good luck.

Steve
 
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HELOC for me

I'm one of those lucky homeowners who bought 8 years ago in a booming market. So my house is helping me buy my airplane, which is appropriate because I chose it based on the excellent workshop space.

I got a home equity line of credit in 12/2004. Prime plus zero, so it's quite affordable right now. Plus, the interest is tax deductible if you meet some conditions, which I do.

Whenever I have a big expense (QB kit, shipping it to my home are the two big ones for now) I write a check on the HELOC. It's sort of like a credit card...a revolving line of credit. You have to make a minimum payment of 1.5% of the outstanding balance every month. We also have the option of writing a check for a fixed term loan. Every time you write a check, you can choose which of the two ways you want to pay for it. So far, we've been using the revolving line of credit.

Of course, having that wide-open credit cuts two ways: I don't have to go to the bank every time I want to buy a big part of the kit, but my wife doesn't have to either when she wants to buy an upgrade for the house!
 
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