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Ready to buy RV-4 - where do i start?

the4ork

Member
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.
 
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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......
 
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
 
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.
 
Hi Rick,

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

Smokey
[email protected]

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!
 
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.
 
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...
 
Wings financial

Try Wings Financial (wingsfinancial "dot" com). They are an airline employee credit union, so they probably won't work for you, but it's worth the call for the small chance they might help you. Their current loan rates for aircraft are unbeatable.

Rick

PS - you'll love the RV-4
 
Airloan and navco said they don't finance vans aircraft, and BofA gave me a big fat denial.

Going to try my credit union next, I've talked to a few people who have aircraft loans through them
 
I think conventional financing is a stretch

I'm an RV-4 owner. I spent 31 years of my life in the world of commercial banking. This is not 1970, 1980, or 1990, when you possibly could have gone to your local bank and borrow the money, provided you had a significant equity and were financing a reasonable amount. In 2011 banks are in a conservative mode, with some qualified applicants even having trouble financing a home with a good down payment.

Interest rates or lower than have been since I started in banking in 1956. My suggestion is to find someone in your family, or friends, just someone that trusts you that is getting 1 to 2% on their money in a certificate of deposit or savings account and offer them a reasonable rate to loan you the money to fulfill your dream. If you're a responsible person, there are people out there that would increase their interest earnings over money in a savings account. Of course you will have to have your loan secured by the airplane and probably a lien on your home or vehicle if you have something that is free and clear. Unless you have a knowledgeable person to prepare the promissory note and security documents that would filed with FAA on the airplane, you may have to get the services of a lawyer.

Jake Thiessen
Independence, OR
 
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