Bank or Lender preference?

Hello everybody! I'm posting this because I found a great deal on an RV and I'm looking for financing... I did not see any Lenders/ Banks as Sponsors listed so I'm asking for advice.(Maybe I missed it) No muss No fuss... just a credit check and a check for the seller.... and a bank that knows or is friendly to RV-_'s
Any reviews or perhaps a new thread could be started under reviews for Aircraft Loans?
Thank you so much!
Brian Wallis

The deal that I found is this one.....(FOR SALE 1997 RV6A , LYC. 0-320(160HP)419HRS Since New, IFR, Garmin 340 Audio panel, KX155 Radio, Glide Slope&Loc. Apollo GPS, KY76ATransponder, Electronics International engine Instruments, Remote oil filter, dual heat muff's, New Style Nose Gear 5/10/07, New paint 2005 & Glass, Leather interior )

Way back when (1996)

When we decided to build our RV-6A we gat an equity line of credit on our home from Wells Fargo just to make it possible. Buying a completed airplane is a different deal since you know the cost up front and don't need the ability to draw large amounts of cash on a totally unpredictable schedule. If you have sufficient equity in your home you might consider this approach for several reasons.

Bob Axsom

EAA's plan

http://www.eaa.org/benefits/airfleet.html

Try NAFCO (National Aircraft Finance Co.)

Several years back when I sold my RV, the buyer financed it through NAFCO . I also saw their business card on the counter at Van's Aircraft this week.

JT

NAFCO

NAFCO: they were easy to work with and familiar with RVs and other experimentals. I would recommend them also.

Local bank

Hi guys,
Maybe it's because I live in a small town where the banker knows everyone but I've financed several airplanes through my local banker over the years. Their rates are always very competitive and when times got tough, like no rain, droughts and little business and I had to pay only interest for the time being, they obliged.

Regards,
Pierre

Ditto on NAFCO.
I have financed 2 airplanes with them, very easy, good service, low cost, and they had the best rates around.

Plus, they were one of the few I could find that would finance a 60 year old fabric covered airplane. I'm guessing they would be OK with experimentals...


T.

I had a really good experience with First Pryority Bank of Pryor, OK (918) 825 2121, ask for Bob Guderian.

BTW ... NAFCO refused me because I wasn't a US Citizen ... go figure.

g

http://www.pilotbank.com/ 20 year loans. Good stuff.

Borrow from a rich Aunt.

I used NAFCO and as with any loan of this type. $287 of my $354 payment was interest on the first 18 months. Knowing that hurt so bad I just sold my first child and paid it off.

-Jeff

RV_7A said:

Borrow from a rich Aunt.

I used NAFCO and as with any loan of this type. $287 of my $354 payment was interest on the first 18 months. Knowing that hurt so bad I just sold my first child and paid it off.

-Jeff

Click to expand...

Congrats on the sale. I hope you got what you asked, it was an excellent deal.

another finance option

Greetings Brian;
From your description, I'm 'guessing' that you are referring to N747L.
Nice IFR RV6A, I looked into it a couple weeks ago as the $55K seemed pocket-friendly compared to present market average.
(as in any large purchase, a background and history report is wisely and respectively suggested)
As for financing, this may or may not apply to you. However, I will mention it as it may benefit other potential buyers.
Assuming you have a 401K retirement plan (typically, with your employer)
It can be financially beneficial to borrow against your balance.
The way it works is, your 401K provider advances you the funds from your account (typically, up to the non-matching portion of your balance) and increases your weekly/monthly contribution to 'repay' the advanced amount -plus- interest loss due to the reduction in your balance. In other words, you pay yourself the interest rather, than a bank. This does not effect your tax deferment as long as you repay within the guidelines setforth.
(also, be sure to include the amount of contribution you were already paying to the 'borrowed' amount)
Some fear utilizing their 401K with the worry that once they use it, they may be tempted not to repay it. (run into bad luck, lose job, health decline, etc)
My perspective is this.. in the event, I borrow money for a purchase and for whatever reason I can not repay the balance.. I'd rather deal with my concience than deal with a foreclosure. Most foreclosures are beneficial to the lender (and less flexible to terms) whereas I have years to recouperate from a glitch in the 401K balance. Anyway, just an option when considering investing $thousands in a plane.
Just my opinion, others surely vary.

How odd

mistergerf said:

I had a really good experience with First Pryority Bank of Pryor, OK (918) 825 2121, ask for Bob Guderian.

BTW ... NAFCO refused me because I wasn't a US Citizen ... go figure.

g

Click to expand...

That's really weird. I bought a house and two cars (all financed) before becoming a US citizen. The house, in particular, cost more than most RVs. The two cars together cost about as much as an RV. I guess we immigrants are not trustworthy, despite the FBI investigations, fingerprints, etc!