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Thread: Alaska Aircraft Financing

  1. #1

    Default Alaska Aircraft Financing

    I have decided to buy my first plane and sent out loan applications to several of the more popular aircraft finance companies. A majority of them have told me they don't "do" Alaska and do only the lower 48. They suggested I try local banks here in Anchorage. Does anybody know of any anchorage banks that deal with aircraft loans? Thanks

  2. #2
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    try Wells Fargo worked for me

  3. #3

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    AlaskaUSA Credit Union does aircraft loans.

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    Member AK-HUNT's Avatar
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    Aopa used to be the sweet deal. No idea if that is still the case but I'd call. They actually financed through Wells Fargo?? but they did a package deal with title search, accident reports, financing, etc.

    You can do all that yourself but their financing worked to be way better several years back. Good luck.

    Check out home equity loans/lines of credit. Sometimes a better route. Sometimes.

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    I talked with Greg with MVFCU recently. 7% for 12 years. Rates will vary depending on your credit history. They have a branch in Eagle River but you should be able to do all online. I have a home equity line of credit with Wells Fargo...5.6% for 30 years. Remember that with aircraft loans full coverage insurance is required. Float plane rates are very high.


    Quote Originally Posted by spamalot View Post
    I have decided to buy my first plane and sent out loan applications to several of the more popular aircraft finance companies. A majority of them have told me they don't "do" Alaska and do only the lower 48. They suggested I try local banks here in Anchorage. Does anybody know of any anchorage banks that deal with aircraft loans? Thanks

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    Member IndyCzar's Avatar
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    AOPA also includes free membership for the duration of the loan...They know all the requirements, and have specialist in A/C loans and are very competitive...

  7. #7

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    Thanks for the replies. Do you have to be a federal employee to join a federal credit union? Just curious

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    Member RocketRick's Avatar
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    I just pulled out some home equity at 4.75%. When you factor in the income deductions for home it ends up being ard 4.2%.

    You'll be a lot better off getting a re-fi or some other funding source then the plane itself as equity. Why? Well if you get the funds using the plane YOU WILL HAVE TO carry insurance till it's paid off. Paying that for 5-10-15yrs will be a lot of money.

    If you get the funds otherwise you can carry insurance say for the 1st 2-yrs then just carry liability.

    Just my 2-cents worth.

    Good Luck

    Rick

  9. #9
    Member ocnfish's Avatar
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    One other resource you might tap is a 401k if you have it, most plans allow you to take up to half out in a "loan" and you pay it back with most of the interest on the "loan" going back into your retirement. We used it along the way to finance an upgrade to a house and it also helped out on the purchase of two apartment buildings out of five.

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    No, you do not.

    Quote Originally Posted by spamalot View Post
    Thanks for the replies. Do you have to be a federal employee to join a federal credit union? Just curious

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    Member Sierra Hotel's Avatar
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    Quote Originally Posted by Zim View Post
    AlaskaUSA Credit Union does aircraft loans.


    They were (and always have been) great to work with.

  12. #12

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    Don't know if this would work for you or if things are still the same with credit card interest rates, but back around 2002 or 2003 I bought an old Cessna 140 paying for it through PayPal with a credit card that charged 4% interest. No where else could I find an unsecured loan for 4% for an aircraft. Eventually sold the plane and paid off the credit card; bought land with what was left over. Not sure what the going interest rates are now for credit cards.

  13. #13
    Member Sierra Hotel's Avatar
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    I think Alaska USA's rate for a used plane is less than 7% right now . . .

  14. #14

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    Thanks for all the advice. I was able to rearrange things and just pay cash for the airplane. Now the real fun part begins. Getting it up here from California!

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    I congratulate for your decision. You are looking for financial assistance then search in the internet to find people who provide financial help to people buying aircraft. They also provide aircraft for lease.

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