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URGENT!! Need recommendation for A/C Loan lender

Skywarrior

By Skywarrior
in General Mooney Talk

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Skywarrior Proficient

Skywarrior

Posted
Posted

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

N6784N Enthusiast

N6784N

Posted
Posted

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.

Parker_Woodruff Grand Master

Parker_Woodruff

Posted
Posted

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.

carusoam Grand Master

carusoam

Posted
Posted

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 -

flight2000 Veteran

flight2000

Posted
Posted

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

231Pilot Proficient

231Pilot

Posted
Posted

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.

RJBrown Mentor

RJBrown

Posted
Posted

First Pryority Bank of Pryor Oklahoma lends. I talked to Robert Guderian there. I believe they loan 85% max though.

jmills Collaborator

jmills

Posted
Posted

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%).

KLRDMD Grand Master

KLRDMD

Posted
Posted

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%).

Mcstealth Grand Master

Mcstealth

Posted
Posted

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.

  • 2 years later...
Seth Grand Master

Seth

Posted
Posted

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).

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