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  #1  
Old 08-06-2019, 02:05 PM
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UnPossible UnPossible is offline
 
Join Date: Jan 2008
Location: Granbury, TX
Posts: 530
Default Aircraft Kit Loans - other than First Pryority

Hey - I just spoke with Doug Smith at First Pryority bank and learned that they recently have elected to get out of the kit loan business.

I used them for my 7A project, and was planning on using them to finish up my 10... but I guess that I need to find an alternative.

Does anyone know of a similar bank that will help fund the kits/engine/avionics for ~24 months before they are flying?

Thanks,
Jason
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  #2  
Old 08-06-2019, 02:40 PM
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LightStream Lending has a category for the purchase or refinance of a Boat/RV/Aircraft. I used them for my avionics loan. Fully online and almost completely automated, so just play your kit purchases as the purchase of a plane.
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Old 08-06-2019, 03:12 PM
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Following....sad news!
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  #4  
Old 08-06-2019, 03:14 PM
Electrogunner Electrogunner is offline
 
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Default Financing

Pilot Bank. They are in Florida
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Old 08-06-2019, 08:31 PM
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UnPossible UnPossible is offline
 
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I've reached out to NAFCO, as they are listed on the EAA website as offering financing for experimental projects. The person that handles these loans was out by the time I called, but I'll report back once I speak with them and see how their program works.

https://www.eaa.org/eaa/eaa-membersh...ials-financing
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Paid for 2020
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  #6  
Old 08-07-2019, 08:46 AM
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joe gremlin joe gremlin is offline
 
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Location: Southwest Michigan
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Quote:
Originally Posted by UnPossible View Post
I've reached out to NAFCO, as they are listed on the EAA website as offering financing for experimental projects. The person that handles these loans was out by the time I called, but I'll report back once I speak with them and see how their program works.

https://www.eaa.org/eaa/eaa-membersh...ials-financing
I spoke to them at OSH. They definitely do projects. The guy I spoke with mentioned a 5 year loan/10 year amortization as being typical. Once you get an airworthiness cert, you refi as a regular aircraft loan.
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Old 08-07-2019, 03:43 PM
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I used NAFCO for my 12 loan. Back then they liked to have the whole kit (engine and avionics) included.

Bob
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