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  #1  
Old 07-02-2011, 10:01 AM
the4ork the4ork is offline
 
Join Date: Jun 2007
Location: california
Posts: 48
Default Ready to buy RV-4 - where do i start?

Hey all, this is kind of a story so bear with me, ill try to summarize.

im 26 - just got accepted into the army warrant program through the CA national guard, and im also a full time employee of L3 comm (gov contract through the navy)

the old man has had a C170 for me to fly over the last 4 or 5 years now, and ive accumulated about 250hrs of tailwheel time, 0 tricycle time (hah), and a pilots license.

now the old man is going through a divorce and the plane has been sold

but its a good thing, because now im forced to buy something i really want!




I have an -4 picked out, its a 1993 build, 0-320, wood prop, very clean in and out, nice paint, nothing fancy but in real nice shape. 7xxhrs TT for $35k

last night i applied for a $35k loan through aopa/bank of america.

can anyone else reccommend any other places to apply through? im only grossing just under $4,000 - no rent, and my only other debt is a motorcycle loan with $4300 left on it (about 125 a month), and my credit card has about 900$ charged on it.

id really like to pick the thing up without having to put any cash down as id have to pull it from investments, and i only have about $7k available.

Last edited by the4ork : 07-02-2011 at 10:03 AM. Reason: spelling/grammer
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  #2  
Old 07-02-2011, 11:39 AM
gbrasch gbrasch is offline
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Location: Arizona
Posts: 613
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I have always enjoyed the personal service I have gotten from my credit union, vs the poor service from B of A, just a thought if your a member of one......
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  #3  
Old 07-02-2011, 11:58 AM
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John Clark John Clark is offline
 
Join Date: May 2005
Location: Santa Barbara, CA
Posts: 1,324
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Quote:
Originally Posted by gbrasch View Post
I have always enjoyed the personal service I have gotten from my credit union, vs the poor service from B of A, just a thought if your a member of one......
I'll second that, I have had great service and rates from my credit union. I suspect that there is a way to join one with your military connection.

John Clark ATP, CFI
FAAST Team Representative
EAA Flight Advisor
RV8 N18U "Sunshine"
KSBA
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  #4  
Old 07-02-2011, 12:25 PM
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smokyray smokyray is offline
 
Join Date: Jan 2005
Location: TX32
Posts: 1,758
Default RV4U

Hi Rick,

Drop me an email, I think I can help you. Tell Slam Garrison Smokey sez hey!

Smokey
smokyray@rocketmail.com
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  #5  
Old 07-02-2011, 12:40 PM
the4ork the4ork is offline
 
Join Date: Jun 2007
Location: california
Posts: 48
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i have Navy Fed. but a friend of mine tried going through them and they do not do aircraft loans, and can offer a personal loan instead. However, the personal loan interest rates were about 2-2.5% higher than a loan specific to purchasing an aircraft.
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  #6  
Old 07-02-2011, 12:42 PM
the4ork the4ork is offline
 
Join Date: Jun 2007
Location: california
Posts: 48
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Quote:
Originally Posted by smokyray View Post
Hi Rick,

Drop me an email, I think I can help you. Tell Slam Garrison Smokey sez hey!

Smokey
smokyray@rocketmail.com
Hah, I would if I could. Im not out at the 144th anymore, I joined the Army national guard - got picked up to go to flight school under their warrant program.

hes a good **** tho, some real issues got fixed real fast when he took over maintenance

ill drop you an email!
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  #7  
Old 07-02-2011, 06:07 PM
lancef53 lancef53 is offline
 
Join Date: May 2007
Location: Portland, ND
Posts: 424
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Airloan.com at the red river bank in halstad, mm.
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RV-8 108LF
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  #8  
Old 07-02-2011, 10:31 PM
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Mark Albery Mark Albery is offline
 
Join Date: Jul 2007
Location: Fremont CA
Posts: 651
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Quote:
Originally Posted by the4ork View Post
Last edited by the4ork : Today at 08:03 AM. Reason: spelling/grammer
Couldn't let that one pass without comment!

Nothing to add, but my best advice is 'Fly the plane you can afford, less pain in the long run'
Rule 1 of aviation: It'll cost more than you think, even taking this rule into account.
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  #9  
Old 07-03-2011, 07:11 AM
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KevinL KevinL is offline
 
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Location: Lee's Summit, MO
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http://www.airloans.com/
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  #10  
Old 07-03-2011, 04:49 PM
the4ork the4ork is offline
 
Join Date: Jun 2007
Location: california
Posts: 48
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Quote:
Originally Posted by Mark Albery View Post
Couldn't let that one pass without comment!

Nothing to add, but my best advice is 'Fly the plane you can afford, less pain in the long run'
Rule 1 of aviation: It'll cost more than you think, even taking this rule into account.
Well I think a -4 on the lower price range will be pretty manageable. With the payments, insurance, and maintenance I should still have plenty left in the budget to fly 2-3 times a week.

I don't really have any other large expenses to worry about right now...
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