Jump to content

financing and insurance for mooney purchase??

jessek

By jessek
in Miscellaneous Aviation Talk

 Share

Recommended Posts

jessek Newbie

jessek

Posted
Posted

I am a new newbe here. Been reading for a while doing research about buying a Mooney.  Through my research I have decided somewhere between a 1980's 201 and a 252.  I know thats pretty broad.  I had a question that I just cant seem to find guidance on and I was hoping someone here may have some experience.  I will be financing a large part of the cost (70-80%). What kind of interest rates and amoritizaation period can I expect?  I was thinking a bout 20 years to keep the payment down and just pay more when I can.  Also as for insurance I am 32 with military rotorywing background.  150hrs fixed wing-private SEL MEL INST, 3500 hrs rotorywing- COM, CFII.  Hoping someone out there has been in this similar situation.  Will having mostly RW time hinder my insurance rate?  I am curently deployed and will be intensifying my search when i get back.  Thanks in advance for any advise.

Becca Experienced

Becca

Posted
Posted

Quote: jessek

I am a new newbe here. Been reading for a while doing research about buying a Mooney.  Through my research I have decided somewhere between a 1980's 201 and a 252.  I know thats pretty broad.  I had a question that I just cant seem to find guidance on and I was hoping someone here may have some experience.  I will be financing a large part of the cost (70-80%). What kind of interest rates and amoritizaation period can I expect?  I was thinking a bout 20 years to keep the payment down and just pay more when I can.  Also as for insurance I am 32 with military rotorywing background.  150hrs fixed wing-private SEL MEL INST, 3500 hrs rotorywing- COM, CFII.  Hoping someone out there has been in this similar situation.  Will having mostly RW time hinder my insurance rate?  I am curently deployed and will be intensifying my search when i get back.  Thanks in advance for any advise.

carusoam Grand Master

carusoam

Posted
Posted

Jessek,


The route I took the first time...


If you are a member of AOPA, there are a few options of finance and insurance that you can get started with.


If you are not a member of AOPA, consider becoming one.


If you don't know where to look for or select the right Mooney for you, consider all american aircraft (.com). They have several of the best models to select from or compare against.


Then as you become more knowledgable on the topic, you will be educated enough to find the best deal to fit your situation.


Also start looking for a place to have a pre-purchase inspection done to best protect your bank account from your new acquisition.


Learn the search key here.  There is two years of data here regarding purchase, finance and inspection that you might appreciate.


Also be aware of sharks in the water.  They exist, and take advantage of those that don't ask questions.  So far you are doing well...


Welcome to Mooneyspace.


Best regards,


-a-

rbridges Grand Master

rbridges

Posted
Posted

I just refinanced the balance of my loan with AOPA which uses Bank of America.  Due to the age of my C model, it's only 10 years.  Since you're looking at a new and more expensive plane, you can probably get 15 or 20 year financing.  Right now, they're doing 5.75%.


As far as insurance, they wanted to know my total and complex time.  They also wanted to know where it was based and if it were being hangared.  Being closed hangared gave me 5% discount, and having an instrument rating will do the same.  Your best bet is to call some brokers and get some pricing.

PilotDerek Community Regular

PilotDerek

Posted
Posted

I used AOPA for finacing. They were great, although I am not a fan of BOA. As far as ins it seemed that complex time was the most important. Search the threads. I remember a forum on just ins. 

Kwixdraw Rising Star

Kwixdraw

Posted
Posted

I used AOPAs plan before it was BOA. I suspect that they are involved by absorbing MBNA but either way it worked well for me at the time. I got insurance via the EAA program and it ended up being placed through Falcon. They actually cut my rate in half this past year. No complaints there.

231Pilot Proficient

231Pilot

Posted
Posted

I used AOPA/MBNA for my first plane (M20C) and the interest was on the high side in 2000; paid cash for the second plane (M20J), and paid about 65% down and financed the rest with Airfleet Capital on the third plane (M20K).  Airfleet's interest was way lower than my bank and I went with a 10 year note.  They were easy to do business with.

Gilt Collaborator

Gilt

Posted
Posted

I think if your a CFI,FAA ,controller ,Military, etc or do anything in aviation you can join. Just give them a call.

carusoam Grand Master

carusoam

Posted
Posted

Consider refi house, pay cash for plane...


Best interest rates can be found with home loans.  Apparently gov't controlled...


This, of course, requires having a home with a few percent paid down already.


Best regards,


-a-

jacobwall Contributor

jacobwall

Posted
Posted

We used Falcon insurance for the M20C. I was the lowest time individual and for $73k hull value, PPL, 150 TT, 25 complex, 0 MM, it was around the high $1k if I remember correctly. This year it should be considerably less now that I've got a lot of time. I say just the first year, fly like crazy. 

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
 Share
Go to topic listing
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.