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Thread: aircraft financing

  1. #1

    Default aircraft financing

    Looking to purchase a used plane, any reccommendations? I went through Alaska USA but wouldnt mind seeing if there are better possible rates.

  2. #2
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    Many years ago I bought a plane using Ak-USA, I wouldn't do it again...Everytime you turn around some new hidden fee is being charged. Bunch of A-holes run the place.

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    Quote Originally Posted by pipercub View Post
    Many years ago I bought a plane using Ak-USA, I wouldn't do it again...Everytime you turn around some new hidden fee is being charged. Bunch of A-holes run the place.
    Hahah a man can buy Anything if has right amount of credit. Fact!!!


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  4. #4
    Member mit's Avatar
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    lesson #1. Never barrow money, ESPECIALY FOR AN AIRPLANE!
    Tim

  5. #5

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    Truth. I second that.

    Quote Originally Posted by mit View Post
    lesson #1. Never barrow money, ESPECIALY FOR AN AIRPLANE!

  6. #6
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    Well if you have to Borrow money for a plane, try Northrim. Angie in Wasilla has helped a few folks out. Very straightforward.

  7. #7

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    Quote Originally Posted by polardds View Post
    Well if you have to Borrow money for a plane, try Northrim. Angie in Wasilla has helped a few folks out. Very straightforward.
    I must be in the wrong line of work... I don't have 100k sitting in my bank account haha.

  8. #8
    Member SewellGT's Avatar
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    Advancial FCU in the lobby of the BP building. I've worked with them on two separate purchases, excellent experience both times. I've also directed a couple others there who said the same. Ask for Bre.

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    Borrow, beg, steal. Whatever it takes to get you in the sky. You only live once. Try AOPA. Even if you don't use them to finance, there is tons of information on buying a plane, especially for first time buyers. Also, I highly recommend using an escrow service. Protects both the buyer and seller and they take care of all the paperwork. Best $500 I've ever spent.

  10. #10
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    My Ak USA experience was not great as well.. I'd try someone else!

  11. #11
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    Quote Originally Posted by mit View Post
    lesson #1. Never barrow money, ESPECIALY FOR AN AIRPLANE!
    some of us would like to fly something nicer than that old junker you call a plane...

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    I don't borrow unless the item makes me more than it costs me. If I had to borrow? Borrow against home equity. Lower interest rates and interest is tax deductible.

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    Quote Originally Posted by Mr. Pid View Post
    I don't borrow unless the item makes me more than it costs me. If I had to borrow? Borrow against home equity. Lower interest rates and interest is tax deductible.

    Excellent advice.

  14. #14

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    That's what I did. I took out a HELOC from Key Bank in Anchorage. They are the home equity kings in town. My friend at AK USA Mortgage told me to go with KEY for the HELOC which was excellent advice. I don't bank with them but they had me approved in short order and I had an account set up and approved. The rate was 4% and the interest is tax deductible. It helped that I had good equity in our home.

    It's worth looking into if you are looking to finance. Also, since it is not an aviation loan, you have the choice to go with full coverage or just liability as the bank does not care what you use the HELOC funds for.

  15. #15
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    Yes, if you don't have the cash a home equity loan is the way to go. An aircraft loan will require full coverage insurance and in some cases the cost of insurance can be more than your monthly loan payment, especially for a float plane.

    That is a great rate from Key Bank.


    Quote Originally Posted by AkSnow View Post
    That's what I did. I took out a HELOC from Key Bank in Anchorage. They are the home equity kings in town. My friend at AK USA Mortgage told me to go with KEY for the HELOC which was excellent advice. I don't bank with them but they had me approved in short order and I had an account set up and approved. The rate was 4% and the interest is tax deductible. It helped that I had good equity in our home.

    It's worth looking into if you are looking to finance. Also, since it is not an aviation loan, you have the choice to go with full coverage or just liability as the bank does not care what you use the HELOC funds for.

  16. #16

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    Quote Originally Posted by AkSnow View Post
    That's what I did. I took out a HELOC from Key Bank in Anchorage. They are the home equity kings in town. My friend at AK USA Mortgage told me to go with KEY for the HELOC which was excellent advice. I don't bank with them but they had me approved in short order and I had an account set up and approved. The rate was 4% and the interest is tax deductible. It helped that I had good equity in our home.

    It's worth looking into if you are looking to finance. Also, since it is not an aviation loan, you have the choice to go with full coverage or just liability as the bank does not care what you use the HELOC funds for.
    House is paid off, don't want to get back into that. Won't finance unless it's over 35k, but hard to find a decent real four seater at that price without heading out of state. Will continue to keep an eye out though.

  17. #17
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    Quote Originally Posted by alaskan9974 View Post
    House is paid off, don't want to get back into that. Won't finance unless it's over 35k, but hard to find a decent real four seater at that price without heading out of state. Will continue to keep an eye out though.
    Find a different lender!


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