Plane Finance ??? Where do we go for it?

[davec]

Guys and Gals,

 

I'm thinking about purchasing a RA plane, more than likely secondhand and anywhere from $35k to $80K

 

Where best to go for it? and is it true that with plane finance you can get finance on 7 year terms?

 

Thanks

 

David

 

 

[davec]

Also, if anyone from Shepparton area (30-45mins) happy to go in shares for a plane..

 

 

[richo]

Hi David,

 

When i was looking, got a good quote via a broker. I was after 5 years, and that was no problem, but balloon was difficult to negatiate "due to the age of the aircraft". Mine was as 1971 cherokee, so if you're looking for a modern ra type, balloon or longer finance may very well be possible.

 

Not sure if i should mention names so PM me and i'll give you the broker. They have an office in Shepparton!!

 

Cheers

 

richo

 

 

[rdarby]

I have called finance companies and they will finance such planes for 5 to 7 years, but you may need security other than the plane. It's more or less a personal loan. You may want to look into equity on your mortgage instead, it's cheaper and you have longer to pay for it. $80,000 over 7 years is a lot per month compared to renting!

 

Ryan

 

 

[blueshed]

Hi Dave

 

When I bought mine in the late nineties I used Ken Flint in Adelaide, just recently got finance through him for our house we just purchased as well

 

 

[jetjr]

I got mine on 5 years that was the max for a equipment mortgage, also have to have fairly small baloon payment

 

Numbers are about the same as for a new car~ around 40% residual in five years

 

Things may be tougher now, I heard a few lenders are right out of aviation due to big losses.

 

 

[justinm001]

Not to go offtopic..... Cam if your saving that much money after 4 years you should put the money on a house :)

 

Assuming housing prices keep going up heaps in a few more years you could sell the house, buy a smaller house + have money left over for a plane.

 

*edit* plus if your living at home you could rent out the house for more $$.

 

 

[Guest disperse]

The way im going about it is by just having a high interest savings account with a bank, and just chucking money in each week... You dont need to be earning much... and working full time most people will get over $450 per week, so putting $350 or $375 into the account each week, its only going to take 4 years to save up $75-80,000 which is enough for a plane... and you get to fly it straight away (after the 4 years once you buy it) rather than having a bank loan and for 7 years, not beeking able to afford much fuel the whole time.... It may not be the most immediate option, but in the long run its cheaper and you can afford to fly alot each weekend.Also, if you earn $450 per week, and put in $375, your leaving $75 per week for yourself, if you live at home with parents, and dont have to pay for anything except your car fuel, then its easier, otherwise you might need to factor in other things, but still $250 per week is a very good amount to put in each week and then its only another 5-6 years, so your still ahead with cash...

Ummm ......... You don't have a mortgage do you, or kids, or wife.

 

But I do admire your ability to stash such a large slice of your wage. Excellent self control:clap:

 

But just so you know, if you were to borrow about 250k over 25yrs ..... you would have enough money left over to dine on rice and boiled water.....thats without paying insurance rates etc..

 

 

[airborne55]

David,

 

Have a look at the Airborne website finance section. AirBorne Australia

 

There are two brokers and both say they will use the aircraft itself as security.

 

Cheers,

 

Rob