Skywarrior Posted June 18, 2010 Report Share Posted June 18, 2010 Hello, all - In need of a lender you folks like who will take a 10% down payment on an A/C loan (a Mooney, of course). Beacon? Somebody else? I just got left in a lurch due to Navy Federal Credit Union rejecting me (even though my credit and debt-to-income ratio are both great). Just finished an acceptable pre-buy, so the seller is understandably antsy. Thanx, Chuck in Atlanta Quote Link to comment Share on other sites More sharing options...
N6784N Posted June 18, 2010 Report Share Posted June 18, 2010 most regular banks and credit unions arent set up to deal with aircraft loans. I know NAFTA will only pay up to 85% maybe AOPA can help? you can also call a few brokers online and see who they reccomend. Quote Link to comment Share on other sites More sharing options...
Parker_Woodruff Posted June 18, 2010 Report Share Posted June 18, 2010 B of A with AOPA had no problem approving me once it got past a computer glitch. However I had a W2 employer I only made about $15,000/year from and had a much higher schedule C so it took a phone call because my application got kicked by the computer system. I went with a local credit union though. Quote Link to comment Share on other sites More sharing options...
jetmech1972 Posted June 18, 2010 Report Share Posted June 18, 2010 I dont have an aircraft loan but I do know that alliant credit union does aircraft loans. Current terms 180 months 6.75% look under vehicle loans. They are a good bank with good rates and minimal fees. www.aliantcreditunion.org Quote Link to comment Share on other sites More sharing options...
carusoam Posted June 18, 2010 Report Share Posted June 18, 2010 I'm with Parker on this one. I found B of A through AOPA. They have a few people that are very familiar with aircraft. The loans they offer are for 20 years, similar rate to what Jetmech quoted. If you are fortunate, you can pay it off early. I used them because of their experience, title search and overall responsibility. The process was all smooth soaring, no mistakes. Let me know if you can't find them and you need a contact. Best regards, - Anthony - Quote Link to comment Share on other sites More sharing options...
flight2000 Posted June 18, 2010 Report Share Posted June 18, 2010 I went with BoA through AOPA as well. Rates were a little higher last year, so they may have come down. I didn't have to put anything down for it, but the loan wasn't that much to begin with as I paid a portion directly to the seller. Brian Quote Link to comment Share on other sites More sharing options...
KSMooniac Posted June 18, 2010 Report Share Posted June 18, 2010 Try NAFCO and US Aircraft Finance too. Both had pretty competitve offers when I was shopping earlier this year. Quote Link to comment Share on other sites More sharing options...
231Pilot Posted June 18, 2010 Report Share Posted June 18, 2010 I bought my first Mooney using MBNA through AOPA, had no difficulties, loan was 20 years like the one with B of A. The interest rate was a bit high, the loan term a little long, so I paid it off after 6 years. On the long loans, you give the lender a whole lot of interest money on the front payments (just like a home mortgage) and not much principal. First Pryority Bank in Pryor, OK has had ads in the MAPA Log for years. Mike Jacobs (cell #918.497.9937) is the guy to call there.. Never used them, but they have been in the MAPA Log for at least 10 years. I would take the first loan I could get, then look for shorter term financing at a lower rate to convert to at the earliest opportunity. Quote Link to comment Share on other sites More sharing options...
RJBrown Posted June 18, 2010 Report Share Posted June 18, 2010 First Pryority Bank of Pryor Oklahoma lends. I talked to Robert Guderian there. I believe they loan 85% max though. Quote Link to comment Share on other sites More sharing options...
Immelman Posted June 18, 2010 Report Share Posted June 18, 2010 Try Red River State Bank (www.airloan.com). Quote Link to comment Share on other sites More sharing options...
howardld Posted June 18, 2010 Report Share Posted June 18, 2010 Jimmy Gips Aviation Credit Corporation 361-275-0304 361-275-3040 fax gips@aviationcredit.com I had great results with this group. Quote Link to comment Share on other sites More sharing options...
Skywarrior Posted June 18, 2010 Author Report Share Posted June 18, 2010 AOPA wants 15% down. That's my major stumbling block. Chuck Quote Link to comment Share on other sites More sharing options...
jmills Posted June 18, 2010 Report Share Posted June 18, 2010 I used AirFleet Capital. BoA underwrote the note, but I dealt directly with AirFleet. Not sure what their minimum % down was, as I did not use the minimum. However, I found them to be professional and fast. I also used the escrow company they recommended for my own peace of mind. Added about $600 to the cost of the transaction, but well worth it imho. Also give Dorr Financial a try, I've heard good things about them (again, not sure what their minimum % down is, but my guess is most lenders want at least 15%). Quote Link to comment Share on other sites More sharing options...
KLRDMD Posted June 19, 2010 Report Share Posted June 19, 2010 Quote: jmills Also give Dorr Financial a try, I've heard good things about them (again, not sure what their minimum % down is, but my guess is most lenders want at least 15%). Quote Link to comment Share on other sites More sharing options...
Mcstealth Posted June 19, 2010 Report Share Posted June 19, 2010 The acro in 'Mortgage/Loan' talk is LTV: stands for 'Loan to Value' $100,000 Value----10% down payment equals a 90%LTV (loan to value) of $90,000, and of course $10,000 down payment. The LTV and DP must equal the purchase price. We all love our abreviations so there is another for you. Thread wandering over. Quote Link to comment Share on other sites More sharing options...
aschardt Posted June 19, 2010 Report Share Posted June 19, 2010 I'll second the Jimmy Gipps recomendation. Great service, great rate, I put 25% down though. -AS Quote Link to comment Share on other sites More sharing options...
jwilkins Posted July 31, 2012 Report Share Posted July 31, 2012 Quote: howardld Jimmy Gips Aviation Credit Corporation 361-275-0304 361-275-3040 fax gips@aviationcredit.com I had great results with this group. Quote Link to comment Share on other sites More sharing options...
Seth Posted July 31, 2012 Report Share Posted July 31, 2012 Chuck- Give Brian Bourett a call 1-800-289-8443. He works with Van Bortel financing backed by the First Bank of Victoria (Texas). Depending on loan size and age of aircraft they are able to give as low as 10% down and 5.49 fixed on 20 year terms. if you need the 10% down, you may not get as good a rate or a shorter term, but Brian is class act and will let you know what they can do for you. I personally reccomend him and I know of at least one other Mooney driver that has used them and would also agree that they are a good organzation. I purchased my first aircraft with cash, and my second plane I did finance a piece of (and am paying that down now). I put down much more and only for a 15 year term so I got a good deal on the rate, but they look even better now. When you call, you may want to mention me (my Missile purchase 1165N from last year - he may remember me as I also looked at their repoed 1988 M20K 252). Good luck! -Seth WOW Brian - So Correct - Just saw the urgent in the line and posted. Disregard (or use if you need to finance). Quote Link to comment Share on other sites More sharing options...
flight2000 Posted July 31, 2012 Report Share Posted July 31, 2012 Hmmm, certainly hope Chuck completed the deal since this is a two year old thread... Brian Quote Link to comment Share on other sites More sharing options...
rbridges Posted July 31, 2012 Report Share Posted July 31, 2012 Quote: flight2000 Hmmm, certainly hope Chuck completed the deal since this is a two year old thread... Brian Quote Link to comment Share on other sites More sharing options...
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