Aircraft financing company recommendations

[Pictreed]

Wing's was super easy.  I'll fund tomorrow. 2.99%

I make one recommendation, as soon as your loan is approved mail your downpayment immediately unless you want to wait for your plane.  I accidentally mailed my downpayment snail mail and it took almost an extra week.

[kpaul]

10 hours ago, Pictreed said:

I make one recommendation, as soon as your loan is approved mail your downpayment immediately unless you want to wait for your plane.  I accidentally mailed my downpayment snail mail and it took almost an extra week.

Mail?  Most banks/title companies allow electronic fund transfers (EFT).  It is nearly instantaneous, and no chance it will get lost in the mail.  And if your down goes directly to the seller, you can usually EFT directly into their account. 

[Pictreed]

It was a new account and I wasn't sure if that was all ready to go yet. 

[Brian Scranton]

On April 15, 2016 at 6:48 PM, Pictreed said:

I noticed you just have to have a drivers license to sign up for a Wings account but I just pulled up another page that says you must be/have been employees by an airline or aviation industry (something like that).  

What experience have you guys had?

I tried to sign up but they sent an email saying it failed and they sent me a paper application. 

Tim

I just tried it again and remembered I worked for gate security with a company called Ogden Aviation (if I remember right) at DFW airport 25 years ago so maybe that will be enough.  It seemed to work.  Totally different application this time. 

Just give them a call...you have to become a "member" of the credit union for $5. That's all! 

[Pictreed]

1 minute ago, Brian Scranton said:

Just give them a call...you have to become a "member" of the credit union for $5. That's all! 

I called them.  It was super easy.  

[StevenL757]

On 5/1/2016 at 0:31 PM, manoflamancha said:

USAF seems to have good rates at 3-4.5%

So now, Ben, all you need to do is determine whether you want a Mooney or a Socata, right?

[jwilcoxon78]

I used Dorr for my J.  Great to work with, competitive and very responsive.  I'd recommend avoiding BofA backed loans.  They can be very difficult to deal with in the event you have title/insurance issues i.e. insurance claims wherein they are a lienholder and must be included on any settlement check as it relates to the aircraft.

 

[BigAirHarper]

Just a quick update.  I've called all the finance organizations everyone recommended and Dorr, NAFCO, and AOPA seem the best options and were all very close in terms and rates.  Dorr included escrow/title work in their fee so I consider that a plus.  20yr fixed terms, 4.73-4.9% interest with 15% down is what I saw between all 3.  Other options that were listed at worse terms or interest.